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                <currencyConditional curCd="HKD" exchangeRt=".127390158"/>
                <valUSD>26690677.43</valUSD>
                <pctVal>3.368390798960</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PROSUS NV</name>
                <lei>635400Z5LQ5F9OLVT688</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0013654783"/>
                </identifiers>
                <balance>547115</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.0220497"/>
                <valUSD>35936398.37</valUSD>
                <pctVal>4.535210240906</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>UNIVERSAL MUSIC GROUP NV</name>
                <lei>724500GJBUL3D9TW9Y18</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0015000IY2"/>
                </identifiers>
                <balance>1095290</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.0220497"/>
                <valUSD>24878904.96</valUSD>
                <pctVal>3.139743259617</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>SK SQUARE CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7402340004"/>
                </identifiers>
                <balance>458567</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000769764"/>
                <valUSD>15202699.03</valUSD>
                <pctVal>1.918596171503</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>BAYERISCHE MOTOREN WERKE AG</name>
                <lei>YEH5ZCD6E441RHVHD759</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0005190003"/>
                </identifiers>
                <balance>103090</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.0220497"/>
                <valUSD>8381570.2</valUSD>
                <pctVal>1.057762734444</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>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD</name>
                <lei>549300KB6NK5SBD14S87</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002330008"/>
                </identifiers>
                <balance>2449000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".033399018"/>
                <valUSD>41940290.57</valUSD>
                <pctVal>5.292907579142</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>JD.COM INC</name>
                <lei>549300HVTWB0GJZ16V92</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG8208B1014"/>
                </identifiers>
                <balance>558550</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".127390158"/>
                <valUSD>16632058.88</valUSD>
                <pctVal>2.098982846954</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JAPAN MATERIAL CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3389680004"/>
                </identifiers>
                <balance>832600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".007499063"/>
                <valUSD>12282995.95</valUSD>
                <pctVal>1.550126655652</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>CONSTELLATION SOFTWARE INC/CANADA</name>
                <lei>549300B6PYHMCTDWQV29</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA21037X1006"/>
                </identifiers>
                <balance>22416</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".780914451"/>
                <valUSD>38132144.59</valUSD>
                <pctVal>4.812315660343</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>COMPUGROUP MEDICAL SE  AND  CO KGAA</name>
                <lei>529900CUXZGOCJZR7O57</lei>
                <title>ORDINARY SHARES</title>
                <cusip>D193ZN100</cusip>
                <identifiers>
                    <isin value="DE000A288904"/>
                </identifiers>
                <balance>436478</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.0220497"/>
                <valUSD>18861352.63</valUSD>
                <pctVal>2.380321998999</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>BGP HOLDINGS PLC</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="PVT9978639A5"/>
                </identifiers>
                <balance>82319</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.0220497"/>
                <valUSD>0</valUSD>
                <pctVal>0.000000000000</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MT</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HANA FINANCIAL GROUP INC</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y29975102</cusip>
                <identifiers>
                    <isin value="KR7086790003"/>
                </identifiers>
                <balance>611474</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000769764"/>
                <valUSD>17478641.11</valUSD>
                <pctVal>2.205822390520</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>CAPGEMINI SE</name>
                <lei>96950077L0TN7BAROX36</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125338"/>
                </identifiers>
                <balance>120452</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.0220497"/>
                <valUSD>22985972.9</valUSD>
                <pctVal>2.900853296982</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>SONY GROUP CORP</name>
                <lei>529900R5WX9N2OI2N910</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3435000009"/>
                </identifiers>
                <balance>318500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".007499063"/>
                <valUSD>27263554.67</valUSD>
                <pctVal>3.440688492760</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ITOCHU CORP</name>
                <lei>J48DJYXDTLHM30UMYI18</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3143600009"/>
                </identifiers>
                <balance>816100</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".007499063"/>
                <valUSD>23820370.52</valUSD>
                <pctVal>3.006155130300</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>THOMSON REUTERS CORP</name>
                <lei>549300561UZND4C7B569</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA8849037095"/>
                </identifiers>
                <balance>219327</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".780914451"/>
                <valUSD>24627721.94</valUSD>
                <pctVal>3.108043705507</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>MINEBEA MITSUMI INC</name>
                <lei>353800CCB0CZ75YZ4010</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3906000009"/>
                </identifiers>
                <balance>702800</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".007499063"/>
                <valUSD>12661921.99</valUSD>
                <pctVal>1.597947509580</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>ICON PLC</name>
                <lei>6354008SRQGEMC4XFI67</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G4705A100</cusip>
                <identifiers>
                    <isin value="IE0005711209"/>
                </identifiers>
                <balance>92085</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>22215506.25</valUSD>
                <pctVal>2.803619617486</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>BAYER AG</name>
                <lei>549300J4U55H3WP1XT59</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE000BAY0017"/>
                </identifiers>
                <balance>510245</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.0220497"/>
                <valUSD>29735453.47</valUSD>
                <pctVal>3.752644650325</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>ASTRAZENECA PLC</name>
                <lei>PY6ZZQWO2IZFZC3IOL08</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0009895292"/>
                </identifiers>
                <balance>262180</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.21779985"/>
                <valUSD>34463549.23</valUSD>
                <pctVal>4.349335172563</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>SAMSUNG ELECTRONICS CO LTD</name>
                <lei>9884007ER46L6N7EI764</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7005930003"/>
                </identifiers>
                <balance>383479</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000769764"/>
                <valUSD>18186106.92</valUSD>
                <pctVal>2.295105299552</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>UNILEVER PLC</name>
                <lei>549300MKFYEKVRWML317</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00B10RZP78"/>
                </identifiers>
                <balance>565910</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.21779985"/>
                <valUSD>27565038.05</valUSD>
                <pctVal>3.478736003764</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>SK TELECOM CO LTD</name>
                <lei>9884003WEA1PHW006037</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7017670001"/>
                </identifiers>
                <balance>312463</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000769764"/>
                <valUSD>12921563.59</valUSD>
                <pctVal>1.630714545140</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>BERKELEY GROUP HOLDINGS PLC</name>
                <lei>2138009OQSSLVVHQAL78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BLJNXL82"/>
                </identifiers>
                <balance>602836</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.21779985"/>
                <valUSD>31191887.07</valUSD>
                <pctVal>3.936448060726</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>LONDON STOCK EXCHANGE GROUP PLC</name>
                <lei>213800QAUUUP6I445N30</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00B0SWJX34"/>
                </identifiers>
                <balance>154924</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.21779985"/>
                <valUSD>15119372.52</valUSD>
                <pctVal>1.908080280689</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>CI FINANCIAL CORP</name>
                <lei>549300M9W7JJQSVCEM78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA1254911003"/>
                </identifiers>
                <balance>2564357</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".780914451"/>
                <valUSD>29557541.15</valUSD>
                <pctVal>3.730191933519</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>CANADIAN NATURAL RESOURCES LTD</name>
                <lei>549300T15RIMIKZC5Q38</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA1363851017"/>
                </identifiers>
                <balance>524073</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".780914451"/>
                <valUSD>28938504.42</valUSD>
                <pctVal>3.652068864855</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>COGECO COMMUNICATIONS INC</name>
                <lei>549300XHH6LJM6IAXV57</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA19239C1068"/>
                </identifiers>
                <balance>334944</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".780914451"/>
                <valUSD>21680924.73</valUSD>
                <pctVal>2.736154882730</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>HOME CAPITAL GROUP INC</name>
                <lei>529900BYMJZJJLBC8L85</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA4369131079"/>
                </identifiers>
                <balance>712760</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".780914451"/>
                <valUSD>14549643.82</valUSD>
                <pctVal>1.836179935858</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>HDFC BANK LTD</name>
                <lei>335800ZQ6I4E2JXENC50</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y3119P174</cusip>
                <identifiers>
                    <isin value="INE040A01034"/>
                </identifiers>
                <balance>1403242</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".012616506"/>
                <valUSD>25628244.62</valUSD>
                <pctVal>3.234310691360</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ADMIRAL GROUP PLC</name>
                <lei>213800FGVM7Z9EJB2685</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00B02J6398"/>
                </identifiers>
                <balance>724780</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.21779985"/>
                <valUSD>16946159.47</valUSD>
                <pctVal>2.138622662769</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>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
                </identifiers>
                <balance>5420484</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>5420484</valUSD>
                <pctVal>0.684070626510</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912796XU8</cusip>
                <identifiers>
                    <isin value="US912796XU84"/>
                </identifiers>
                <balance>200000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>199582.33</valUSD>
                <pctVal>0.025187494239</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2022-09-06</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <explntrNotes>
            <explntrNote note="Monthly total returns provided exclude any applicable sales loads or redemption fees. " noteItem="B.5.a"/>
            <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="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"/>

        </explntrNotes>
        <signature>
            <ncom:dateSigned>2022-09-26</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
