<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0002042316</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000089759</seriesId>
        <classId>C000256491</classId>
        <classId>C000256492</classId>
        <classId>C000256493</classId>
        <classId>C000256494</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Victory Portfolios IV</regName>
      <regFileNumber>811-24019</regFileNumber>
      <regCik>0002042316</regCik>
      <regLei>25490054DPU07WNNLY79</regLei>
      <regStreet1>15935 La Cantera Pkwy Building Two</regStreet1>
      <regCity>San Antonio</regCity>
      <regStateConditional regCountry="US" regState="US-TX"/>
      <regZipOrPostalCode>78256</regZipOrPostalCode>
      <regPhone>800-539-3863</regPhone>
      <seriesName>Victory Pioneer International Equity Fund</seriesName>
      <seriesId>S000089759</seriesId>
      <seriesLei>29H3TYNS1ZUVYDCNHL80</seriesLei>
      <repPdEnd>2026-11-30</repPdEnd>
      <repPdDate>2026-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1916267586.21</totAssets>
      <totLiabs>2218223.60</totLiabs>
      <netAssets>1914049362.61</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>6899593.67000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000256491" rtn1="-10.50000000" rtn2="10.28000000" rtn3="2.93000000"/>
          <monthlyTotReturn classId="C000256492" rtn1="-10.43000000" rtn2="10.40000000" rtn3="3.01000000"/>
          <monthlyTotReturn classId="C000256493" rtn1="-10.43000000" rtn2="10.37000000" rtn3="3.01000000"/>
          <monthlyTotReturn classId="C000256494" rtn1="-10.47000000" rtn2="10.35000000" rtn3="2.99000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-3073421.98000000" netUnrealizedAppr="-192743317.11000000"/>
        <othMon2 netRealizedGain="29439338.24000000" netUnrealizedAppr="139664504.76000000"/>
        <othMon3 netRealizedGain="13404112.44000000" netUnrealizedAppr="25132176.57000000"/>
      </returnInfo>
      <mon1Flow redemption="85494785.23000000" reinvestment="0.00000000" sales="113641121.76000000"/>
      <mon2Flow redemption="34198092.81000000" reinvestment="0.00000000" sales="56546723.40000000"/>
      <mon3Flow redemption="29975078.01000000" reinvestment="0.00000000" sales="38715979.10000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ADVANCED MICRO DEVICES, INC.</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>ADVANCED MICRO DEVICES INC</title>
        <cusip>007903107</cusip>
        <identifiers>
          <isin value="US0079031078"/>
          <other otherDesc="Internal" value="007903107"/>
        </identifiers>
        <balance>119977.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61920129.70000000</valUSD>
        <pctVal>3.235033061820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>STANDARD CHARTERED PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004082847"/>
          <other otherDesc="Internal" value="0408284"/>
        </identifiers>
        <balance>702138.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74256000"/>
        <valUSD>18835680.87000000</valUSD>
        <pctVal>0.984074979357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASSOCIATED BRITISH FOODS PLC</name>
        <lei>GBQKSY6W7G0OHCQ8OQ72</lei>
        <title>ASSOCIATED BRITISH FOODS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006731235"/>
          <other otherDesc="Internal" value="0673123"/>
        </identifiers>
        <balance>651728.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74256000"/>
        <valUSD>15990879.26000000</valUSD>
        <pctVal>0.835447589407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERSIMMON PUBLIC LIMITED COMPANY</name>
        <lei>213800XI72Y57UWN6F31</lei>
        <title>PERSIMMON PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006825383"/>
          <other otherDesc="Internal" value="0682538"/>
        </identifiers>
        <balance>1017253.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74256000"/>
        <valUSD>15238867.86000000</valUSD>
        <pctVal>0.796158560885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARRICK MINING CORPORATION</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK MINING CORP</title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
          <other otherDesc="Internal" value="BNM23Q1"/>
        </identifiers>
        <balance>1267500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>54151343.71000000</valUSD>
        <pctVal>2.829150844686</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>BioNTech SE</name>
        <lei>894500UZJ5LG1F8J1U58</lei>
        <title>BIONTECH SE</title>
        <cusip>09075V102</cusip>
        <identifiers>
          <isin value="US09075V1026"/>
          <other otherDesc="Internal" value="09075V102"/>
        </identifiers>
        <balance>127187.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12203592.65000000</valUSD>
        <pctVal>0.637579828837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <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>GREAT BRITISH POUND</name>
        <lei>N/A</lei>
        <title>GREAT BRITISH POUND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="GBP"/>
        </identifiers>
        <balance>250909.03000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74256000"/>
        <valUSD>337897.31000000</valUSD>
        <pctVal>0.017653531648</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN DOLLAR</name>
        <lei>N/A</lei>
        <title>CANADIAN DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="CAD"/>
        </identifiers>
        <balance>774.40000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
        <valUSD>561.71000000</valUSD>
        <pctVal>0.000029346683</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEXICAN NUEVO PESO</name>
        <lei>N/A</lei>
        <title>MEXICAN NUEVO PESO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="MXN"/>
        </identifiers>
        <balance>13574596.39000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.33700000"/>
        <valUSD>782984.16000000</valUSD>
        <pctVal>0.040907208314</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DANISH KRONER</name>
        <lei>N/A</lei>
        <title>DANISH KRONER</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="DKK"/>
        </identifiers>
        <balance>8355.30000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.40775000"/>
        <valUSD>1303.94000000</valUSD>
        <pctVal>0.000068124679</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPANESE YEN</name>
        <lei>N/A</lei>
        <title>JAPANESE YEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="JPY"/>
        </identifiers>
        <balance>27044460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>169807.93000000</valUSD>
        <pctVal>0.008871658867</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWISS FRANC</name>
        <lei>N/A</lei>
        <title>SWISS FRANC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="CHF"/>
        </identifiers>
        <balance>3794.70000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78055000"/>
        <valUSD>4861.57000000</valUSD>
        <pctVal>0.000253993971</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOREAN WON</name>
        <lei>N/A</lei>
        <title>KOREAN WON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="KRW"/>
        </identifiers>
        <balance>10357872254.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1507.00000000"/>
        <valUSD>6873173.36000000</valUSD>
        <pctVal>0.359090705509</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLISH ZLOTY</name>
        <lei>N/A</lei>
        <title>POLISH ZLOTY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="PLN"/>
        </identifiers>
        <balance>379.03000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.62675000"/>
        <valUSD>104.51000000</valUSD>
        <pctVal>0.000005460151</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="EUR"/>
        </identifiers>
        <balance>5136821.77000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>5991580.67000000</valUSD>
        <pctVal>0.313031669247</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Financiero Banorte, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO BANORTE SAB DE CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
          <other otherDesc="Internal" value="2421041"/>
        </identifiers>
        <balance>1443500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.33700000"/>
        <valUSD>15052798.35000000</valUSD>
        <pctVal>0.786437311599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fomento Economico Mexicano, S.A.B. de C.V.</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>FOMENTO ECONOMICO MEXICANO SAB DE CV</title>
        <cusip>344419106</cusip>
        <identifiers>
          <isin value="US3444191064"/>
          <other otherDesc="Internal" value="344419106"/>
        </identifiers>
        <balance>80127.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9537516.81000000</valUSD>
        <pctVal>0.498290012593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LVMH MOET HENNESSY LOUIS VUITTON SE</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH MOET HENNESSY LOUIS VUITTON SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000121014"/>
          <other otherDesc="Internal" value="4061412"/>
        </identifiers>
        <balance>15252.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>8452005.81000000</valUSD>
        <pctVal>0.441577211910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPGEMINI SE</name>
        <lei>96950077L0TN7BAROX36</lei>
        <title>CAPGEMINI SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000125338"/>
          <other otherDesc="Internal" value="4163437"/>
        </identifiers>
        <balance>405124.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>48155291.74000000</valUSD>
        <pctVal>2.515885571223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KERRY GROUP PUBLIC LIMITED COMPANY</name>
        <lei>635400TLVVBNXLFHWC59</lei>
        <title>KERRY GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE0004906560"/>
          <other otherDesc="Internal" value="4519579"/>
        </identifiers>
        <balance>402503.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>34349392.39000000</valUSD>
        <pctVal>1.794592817771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DANSKE BANK A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANSKE BANK A S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010274414"/>
          <other otherDesc="Internal" value="4588825"/>
        </identifiers>
        <balance>624255.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.40775000"/>
        <valUSD>32885259.86000000</valUSD>
        <pctVal>1.718098838117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RWE Aktiengesellschaft</name>
        <lei>529900GB7KCA94ACC940</lei>
        <title>RWE AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007037129"/>
          <other otherDesc="Internal" value="4768962"/>
        </identifiers>
        <balance>889904.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>56626723.91000000</valUSD>
        <pctVal>2.958477718295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHNEIDER ELECTRIC SE</name>
        <lei>969500A1YF1XUYYXS284</lei>
        <title>SCHNEIDER ELECTRIC SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000121972"/>
          <other otherDesc="Internal" value="4834108"/>
        </identifiers>
        <balance>60958.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>19155815.01000000</valUSD>
        <pctVal>1.000800469632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAP SE</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007164600"/>
          <other otherDesc="Internal" value="4846288"/>
        </identifiers>
        <balance>80060.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>14484475.87000000</valUSD>
        <pctVal>0.756745157828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jungheinrich Aktiengesellschaft</name>
        <lei>529900PHZORTU6FSXE73</lei>
        <title>JUNGHEINRICH AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0006219934"/>
          <other otherDesc="Internal" value="5545670"/>
        </identifiers>
        <balance>863522.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>25070868.64000000</valUSD>
        <pctVal>1.309833964042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>thyssenkrupp AG</name>
        <lei>549300UDG16DOYUPR330</lei>
        <title>THYSSENKRUPP AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007500001"/>
          <other otherDesc="Internal" value="5636927"/>
        </identifiers>
        <balance>754477.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>10336784.41000000</valUSD>
        <pctVal>0.540047953408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANOFI SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000120578"/>
          <other otherDesc="Internal" value="5671735"/>
        </identifiers>
        <balance>482158.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>42200200.62000000</valUSD>
        <pctVal>2.204760307877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Siemens Aktiengesellschaft</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>SIEMENS AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007236101"/>
          <other otherDesc="Internal" value="5727973"/>
        </identifiers>
        <balance>160863.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>50626514.41000000</valUSD>
        <pctVal>2.644995233611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buzzi SpA</name>
        <lei>5299003DX5YLKSVJ6K59</lei>
        <title>BUZZI UNICEM SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0001347308"/>
          <other otherDesc="Internal" value="5782206"/>
        </identifiers>
        <balance>940911.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>50806150.15000000</valUSD>
        <pctVal>2.654380348933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>DEUTSCHE TELEKOM AG REG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005557508"/>
          <other otherDesc="Internal" value="5842359"/>
        </identifiers>
        <balance>681288.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>22924381.13000000</valUSD>
        <pctVal>1.197690173399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUJI ELECTRIC CO., LTD.</name>
        <lei>5299000HVNGZZTYYM906</lei>
        <title>FUJI ELECTRIC CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3820000002"/>
          <other otherDesc="Internal" value="6356365"/>
        </identifiers>
        <balance>722600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>69903772.56000000</valUSD>
        <pctVal>3.652140531249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUJIFILM Holdings Corporation</name>
        <lei>529900UBKMFM0ST6H474</lei>
        <title>FUJIFILM HOLDINGS CORPORATION</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3814000000"/>
          <other otherDesc="Internal" value="6356525"/>
        </identifiers>
        <balance>2269400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>47345807.17000000</valUSD>
        <pctVal>2.473593842190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOYA CORPORATION</name>
        <lei>353800X4VR3BHEUCJB42</lei>
        <title>HOYA CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3837800006"/>
          <other otherDesc="Internal" value="6441506"/>
        </identifiers>
        <balance>264500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>44914305.81000000</valUSD>
        <pctVal>2.346559429833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FINANCIAL GROUP INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3890350006"/>
          <other otherDesc="Internal" value="6563024"/>
        </identifiers>
        <balance>1489700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>54421264.63000000</valUSD>
        <pctVal>2.843252932400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Electric Corporation</name>
        <lei>549300TRXM9Y6561AX39</lei>
        <title>MITSUBISHI ELECTRIC CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3902400005"/>
          <other otherDesc="Internal" value="6597045"/>
        </identifiers>
        <balance>1759600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>72335617.31000000</valUSD>
        <pctVal>3.779192884104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nitori Holdings Co., Ltd.</name>
        <lei>N/A</lei>
        <title>NITORI HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3756100008"/>
          <other otherDesc="Internal" value="6644800"/>
        </identifiers>
        <balance>1538500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>25364626.23000000</valUSD>
        <pctVal>1.325181404695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co., Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <other otherDesc="Internal" value="6771720"/>
        </identifiers>
        <balance>287046.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1507.00000000"/>
        <valUSD>60478186.88000000</valUSD>
        <pctVal>3.159698389258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHIMAMURA CO., Ltd.</name>
        <lei>N/A</lei>
        <title>SHIMAMURA CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3358200008"/>
          <other otherDesc="Internal" value="6804035"/>
        </identifiers>
        <balance>1615200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>33408609.67000000</valUSD>
        <pctVal>1.745441383206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAISEI CORPORATION</name>
        <lei>529900TF7XJKIOWMLQ79</lei>
        <title>TAISEI CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3443600006"/>
          <other otherDesc="Internal" value="6870100"/>
        </identifiers>
        <balance>160500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>14125119.20000000</valUSD>
        <pctVal>0.737970476411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Company Limited</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFACTU</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <other otherDesc="Internal" value="6889106"/>
        </identifiers>
        <balance>698000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.32550000"/>
        <valUSD>52551953.97000000</valUSD>
        <pctVal>2.745590317395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Holcim AG</name>
        <lei>529900EHPFPYHV6IQO98</lei>
        <title>HOLCIM LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0012214059"/>
          <other otherDesc="Internal" value="7110753"/>
        </identifiers>
        <balance>257722.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78055000"/>
        <valUSD>25537152.10000000</valUSD>
        <pctVal>1.334195063035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lonza Group AG</name>
        <lei>549300EFW4H2TCZ71055</lei>
        <title>LONZA GROUP AG REGISTERED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0013841017"/>
          <other otherDesc="Internal" value="7333378"/>
        </identifiers>
        <balance>72709.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78055000"/>
        <valUSD>46441030.66000000</valUSD>
        <pctVal>2.426323561304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHELL PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>SHELL PLC</title>
        <cusip>780259305</cusip>
        <identifiers>
          <isin value="US7802593050"/>
          <other otherDesc="Internal" value="780259305"/>
        </identifiers>
        <balance>414840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34896340.80000000</valUSD>
        <pctVal>1.823168277771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <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 Limited</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>TECK RESOURCES LTD</title>
        <cusip>878742204</cusip>
        <identifiers>
          <isin value="CA8787422044"/>
          <other otherDesc="Internal" value="878742204"/>
        </identifiers>
        <balance>282382.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18682393.12000000</valUSD>
        <pctVal>0.976066421532</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>UNILEVER PLC</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>UNILEVER PLC</title>
        <cusip>904767803</cusip>
        <identifiers>
          <isin value="US9047678035"/>
          <other otherDesc="Internal" value="904767803"/>
        </identifiers>
        <balance>324640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18325928.00000000</valUSD>
        <pctVal>0.957442809887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UNITED STATES TREASURY BILL</title>
        <cusip>912797TZ0</cusip>
        <identifiers>
          <isin value="US912797TZ01"/>
          <other otherDesc="Internal" value="912797TZ0"/>
        </identifiers>
        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17985490.02000000</valUSD>
        <pctVal>0.939656540282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UNITED STATES TREASURY BILL</title>
        <cusip>912797UA3</cusip>
        <identifiers>
          <isin value="US912797UA31"/>
          <other otherDesc="Internal" value="912797UA3"/>
        </identifiers>
        <balance>27000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26959097.70000000</valUSD>
        <pctVal>1.408484975708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UNITED STATES TREASURY BILL</title>
        <cusip>912797UB1</cusip>
        <identifiers>
          <isin value="US912797UB14"/>
          <other otherDesc="Internal" value="912797UB1"/>
        </identifiers>
        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5986675.32000000</valUSD>
        <pctVal>0.312775387978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INPEX CORPORATION</name>
        <lei>353800VHYYADPR6MXQ47</lei>
        <title>INPEX CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3294460005"/>
          <other otherDesc="Internal" value="B10RB15"/>
        </identifiers>
        <balance>1048900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>23768879.61000000</valUSD>
        <pctVal>1.241811213143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco de Sabadell, S.A.</name>
        <lei>SI5RG2M0WQQLZCXKRM20</lei>
        <title>BANCO DE SABADELL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0113860A34"/>
          <other otherDesc="Internal" value="B1X8QN2"/>
        </identifiers>
        <balance>11687984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>39348330.08000000</valUSD>
        <pctVal>2.055763599865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KB Financial Group Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINANCIAL GROUP INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
          <other otherDesc="Internal" value="B3DF0Y6"/>
        </identifiers>
        <balance>257808.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1507.00000000"/>
        <valUSD>25792367.62000000</valUSD>
        <pctVal>1.347528863353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAGNIT PJSC</name>
        <lei>N/A</lei>
        <title>MAGNIT PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JKQU8"/>
          <other otherDesc="Internal" value="B59GLW2"/>
        </identifiers>
        <balance>21796.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="71.00000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROSNEFT OIL CO PJSC</name>
        <lei>N/A</lei>
        <title>ROSNEFT OIL CO PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0J2Q06"/>
          <other otherDesc="Internal" value="B59SS16"/>
        </identifiers>
        <balance>396947.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="71.00000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF IRELAND GROUP PUBLIC LIMITED COMPANY</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>BANK OF IRELAND GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BD1RP616"/>
          <other otherDesc="Internal" value="BD1RP61"/>
        </identifiers>
        <balance>2921708.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>59369786.77000000</valUSD>
        <pctVal>3.101789741150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMPASS GROUP PLC</name>
        <lei>2138008M6MH9OZ6U2T68</lei>
        <title>COMPASS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BD6K4575"/>
          <other otherDesc="Internal" value="BD6K457"/>
        </identifiers>
        <balance>1336183.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42983588.60000000</valUSD>
        <pctVal>2.245688613870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI ROTEM COMPANY</name>
        <lei>988400HB939UNHXTFY36</lei>
        <title>HYUNDAI ROTEM CO LTD</title>
        <cusip>Y3R36Z108</cusip>
        <identifiers>
          <isin value="KR7064350002"/>
          <other otherDesc="Internal" value="BFPM3C8"/>
        </identifiers>
        <balance>204540.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1507.00000000"/>
        <valUSD>27216260.23000000</valUSD>
        <pctVal>1.421920498063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXI SPA</name>
        <lei>5493000P70CQRQG8SN85</lei>
        <title>NEXI SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005366767"/>
          <other otherDesc="Internal" value="BJ1F880"/>
        </identifiers>
        <balance>8717700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>35605435.99000000</valUSD>
        <pctVal>1.860215137892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TESCO PLC</name>
        <lei>2138002P5RNKC5W2JZ46</lei>
        <title>TESCO PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BLGZ9862"/>
          <other otherDesc="Internal" value="BLGZ986"/>
        </identifiers>
        <balance>7459817.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74256000"/>
        <valUSD>43086549.29000000</valUSD>
        <pctVal>2.251067821534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hensoldt AG</name>
        <lei>894500686FYLLZD3M624</lei>
        <title>HENSOLDT AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000HAG0005"/>
          <other otherDesc="Internal" value="BN0SDX8"/>
        </identifiers>
        <balance>343913.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>35475038.86000000</valUSD>
        <pctVal>1.853402506381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FINECOBANK BANCA FINECO S.P.A.</name>
        <lei>549300L7YCATGO57ZE10</lei>
        <title>FINECOBANK BANCA FINECO SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0000072170"/>
          <other otherDesc="Internal" value="BNGN9Z1"/>
        </identifiers>
        <balance>2216518.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>53976857.71000000</valUSD>
        <pctVal>2.820034778852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
          <other otherDesc="Internal" value="BRJL176"/>
        </identifiers>
        <balance>225117.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78055000"/>
        <valUSD>10674690.87000000</valUSD>
        <pctVal>0.557701963101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TKMS AG &amp; Co KgaA</name>
        <lei>529900W81B194B0E0078</lei>
        <title>TKMS AG CO KGAA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000TKMS001"/>
          <other otherDesc="Internal" value="BS801X7"/>
        </identifiers>
        <balance>73856.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>7259547.39000000</valUSD>
        <pctVal>0.379276915831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNBELT RENTALS HOLDINGS, INC.</name>
        <lei>529900W4BQDNMAOSRA49</lei>
        <title>SUNBELT RENTALS HOLDINGS INC</title>
        <cusip>866966104</cusip>
        <identifiers>
          <isin value="US8669661048"/>
          <other otherDesc="Internal" value="BW5TBS0"/>
        </identifiers>
        <balance>713049.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74256000"/>
        <valUSD>56023535.28000000</valUSD>
        <pctVal>2.926963973573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNICREDIT, SOCIETA PER AZIONI</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UNICREDIT SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005239360"/>
          <other otherDesc="Internal" value="BYMXPS7"/>
        </identifiers>
        <balance>111028.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>9555762.07000000</valUSD>
        <pctVal>0.499243240883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BayCurrent, Inc.</name>
        <lei>N/A</lei>
        <title>BAYCURRENT INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3835250006"/>
          <other otherDesc="Internal" value="BYP20B9"/>
        </identifiers>
        <balance>1090300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.26500000"/>
        <valUSD>38488317.38000000</valUSD>
        <pctVal>2.010832015717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO GROUP NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0011540547"/>
          <other otherDesc="Internal" value="BYQP136"/>
        </identifiers>
        <balance>880289.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85734000"/>
        <valUSD>35006827.94000000</valUSD>
        <pctVal>1.828940706746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CRH PUBLIC LIMITED COMPANY</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH PLC</title>
        <cusip>G25508105</cusip>
        <identifiers>
          <isin value="IE0001827041"/>
          <other otherDesc="Internal" value="G25508105"/>
        </identifiers>
        <balance>475900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51773161.00000000</valUSD>
        <pctVal>2.704902078878</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios IV</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
