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      <repPdEnd>2025-12-31</repPdEnd>
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          <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 SE EUR0.30</title>
        <cusip>F58485115</cusip>
        <identifiers>
          <isin value="FR0000121014"/>
          <ticker value="LVMHF"/>
          <other otherDesc="SEDOL" value="4061412"/>
        </identifiers>
        <balance>23265</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>12182722.84</valUSD>
        <pctVal>1.5920423308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAP SE</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP SE ORD NPV</title>
        <cusip>D66992104</cusip>
        <identifiers>
          <isin value="DE0007164600"/>
          <ticker value="SAPGF"/>
          <other otherDesc="SEDOL" value="4846288"/>
        </identifiers>
        <balance>52035</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>15821204.24</valUSD>
        <pctVal>2.0675203076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Erste Group Bank AG</name>
        <lei>PQOH26KWDF7CG10L6792</lei>
        <title>Erste Group Bank AG NPV</title>
        <cusip>A19494102</cusip>
        <identifiers>
          <isin value="AT0000652011"/>
          <ticker value="EBKOF"/>
          <other otherDesc="SEDOL" value="5289837"/>
        </identifiers>
        <balance>273153</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>23260343.33</valUSD>
        <pctVal>3.0396695136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Media Corp Del</name>
        <lei>549300ZKUTPIBZLWLL89</lei>
        <title>Liberty Media Corp Del COM LBTY ONE S C</title>
        <cusip>531229755</cusip>
        <identifiers>
          <isin value="US5312297550"/>
          <ticker value="FWONK"/>
          <other otherDesc="SEDOL" value="BPLYVN5"/>
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        <balance>308637</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32252566.5</valUSD>
        <pctVal>4.2147762712</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Rheinmetall AG</name>
        <lei>5299001OU9CSE29O6S05</lei>
        <title>Rheinmetall AG NPV</title>
        <cusip>D65111102</cusip>
        <identifiers>
          <isin value="DE0007030009"/>
          <ticker value="RNMBF"/>
          <other otherDesc="SEDOL" value="5334588"/>
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        <balance>6074</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>12855669.93</valUSD>
        <pctVal>1.6799832835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanofi SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi SA EUR2</title>
        <cusip>F5548N101</cusip>
        <identifiers>
          <isin value="FR0000120578"/>
          <ticker value="SNYNF"/>
          <other otherDesc="SEDOL" value="5671735"/>
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        <balance>229343</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>22206595.72</valUSD>
        <pctVal>2.9019654205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG NPV(REGD)</title>
        <cusip>D2035M136</cusip>
        <identifiers>
          <isin value="DE0005557508"/>
          <ticker value="DTE"/>
          <other otherDesc="SEDOL" value="5842359"/>
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        <balance>772313</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>28171268.27</valUSD>
        <pctVal>3.6814308416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mercadolibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>Mercadolibre Inc COM USD0.001</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
          <ticker value="MELI"/>
          <other otherDesc="SEDOL" value="B23X1H3"/>
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        <balance>5234</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13679739.42</valUSD>
        <pctVal>1.7876729625</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Fujitsu Ltd.</name>
        <lei>3538000246DHJLRTUZ24</lei>
        <title>Fujitsu Ltd. NPV</title>
        <cusip>J15708159</cusip>
        <identifiers>
          <isin value="JP3818000006"/>
          <ticker value="FJTSF"/>
          <other otherDesc="SEDOL" value="6356945"/>
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        <balance>554400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99"/>
        <valUSD>13533689.84</valUSD>
        <pctVal>1.7685871541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Resona Holdings Inc.</name>
        <lei>52990067JE75XZCYYT81</lei>
        <title>Resona Holdings Inc. NPV</title>
        <cusip>J6448E106</cusip>
        <identifiers>
          <isin value="JP3500610005"/>
          <ticker value="RSNHF"/>
          <other otherDesc="SEDOL" value="6421553"/>
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        <balance>2763400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99"/>
        <valUSD>25563225.22</valUSD>
        <pctVal>3.3406108959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nippon Sanso Holdings Corp.</name>
        <lei>353800F1K6653B4VPY57</lei>
        <title>Nippon Sanso Holdings Corp. NPV</title>
        <cusip>J5545N100</cusip>
        <identifiers>
          <isin value="JP3711600001"/>
          <ticker value="4091"/>
          <other otherDesc="SEDOL" value="6640541"/>
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        <balance>155900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99"/>
        <valUSD>5914867</valUSD>
        <pctVal>0.7729568150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heineken N.V.</name>
        <lei>724500K5PTPSST86UQ23</lei>
        <title>Heineken N.V. EUR1.60</title>
        <cusip>N39427211</cusip>
        <identifiers>
          <isin value="NL0000009165"/>
          <ticker value="HINKF"/>
          <other otherDesc="SEDOL" value="7792559"/>
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        <balance>287890</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>25098485.11</valUSD>
        <pctVal>3.2798785016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JANUS CAPITAL GROUP INC</name>
        <lei>N/A</lei>
        <title>Janus Henderson Cash Liquidity Fund LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="895"/>
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        <balance>13223612.4667</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13226257.19</valUSD>
        <pctVal>1.7284117517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Rentokil Initial PLC</name>
        <lei>549300VN4WV7Z6T14K68</lei>
        <title>Rentokil Initial PLC ORD GBP0.01</title>
        <cusip>G7494G105</cusip>
        <identifiers>
          <isin value="GB00B082RF11"/>
          <ticker value="RKLIF"/>
          <other otherDesc="SEDOL" value="B082RF1"/>
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        <balance>2937973</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72865"/>
        <valUSD>14196943.57</valUSD>
        <pctVal>1.8552613753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alstom SA</name>
        <lei>96950032TUYMW11FB530</lei>
        <title>Alstom SA EUR7.00</title>
        <cusip>F0259M475</cusip>
        <identifiers>
          <isin value="FR0010220475"/>
          <ticker value="AOMFF"/>
          <other otherDesc="SEDOL" value="B0DJ8Q5"/>
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        <balance>485698</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>11326698.86</valUSD>
        <pctVal>1.4801768283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AIA Group Ltd, Hong Kong</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA Group Ltd, Hong Kong NPV</title>
        <cusip>Y002A1105</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
          <ticker value="AAIGF"/>
          <other otherDesc="SEDOL" value="B4TX8S1"/>
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        <balance>2581600</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8497"/>
        <valUSD>23153068.27</valUSD>
        <pctVal>3.0256507726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dai-ichi Life Holdings Inc.</name>
        <lei>549300ZUFXI7JXZVTZ25</lei>
        <title>Dai-ichi Life Holdings Inc. NPV</title>
        <cusip>J09748112</cusip>
        <identifiers>
          <isin value="JP3476480003"/>
          <ticker value="DCNSF"/>
          <other otherDesc="SEDOL" value="B601QS4"/>
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        <balance>3003100</balance>
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        <currencyConditional curCd="JPY" exchangeRt="143.99"/>
        <valUSD>22858515.17</valUSD>
        <pctVal>2.9871584741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASML Holding N.V.</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding N.V. EUR0.09</title>
        <cusip>N07059202</cusip>
        <identifiers>
          <isin value="NL0010273215"/>
          <ticker value="ASMLF"/>
          <other otherDesc="SEDOL" value="B929F46"/>
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        <balance>28203</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>22508189.01</valUSD>
        <pctVal>2.9413777333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Contemporary Amperex Technology Co Ltd.</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>Contemporary Amperex Technology Co Ltd. 'A' CNY1</title>
        <cusip>Y1R48E105</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
          <ticker value="300750"/>
          <other otherDesc="SEDOL" value="BHQPSY7"/>
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        <balance>65640</balance>
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        <currencyConditional curCd="CNY" exchangeRt="7.1579"/>
        <valUSD>2312929.88</valUSD>
        <pctVal>0.3022544570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd. INR1</title>
        <cusip>Y3119P190</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
          <ticker value="HDFCBANK"/>
          <other otherDesc="SEDOL" value="BK1N461"/>
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        <balance>1159102</balance>
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        <currencyConditional curCd="INR" exchangeRt="85.755"/>
        <valUSD>27053147.37</valUSD>
        <pctVal>3.5353144251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC ORD GBP1.0769</title>
        <cusip>G6422B147</cusip>
        <identifiers>
          <isin value="GB00BM8PJY71"/>
          <ticker value="RBSPF"/>
          <other otherDesc="SEDOL" value="BM8PJY7"/>
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        <balance>3256706</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.72865"/>
        <valUSD>22857056.86</valUSD>
        <pctVal>2.9869679017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Davide Campari-Milano N.V.</name>
        <lei>213800ED5AN2J56N6Z02</lei>
        <title>Davide Campari-Milano N.V. EUR0.01</title>
        <cusip>N24565108</cusip>
        <identifiers>
          <isin value="NL0015435975"/>
          <ticker value="DVDCF"/>
          <other otherDesc="SEDOL" value="BMQ5W17"/>
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        <balance>1957166</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>13162416.21</valUSD>
        <pctVal>1.7200689909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6710735.560000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hexagon AB</name>
        <lei>549300WJFW6ILNI4TA80</lei>
        <title>Hexagon AB SER'B'NPV</title>
        <cusip>W4R431112</cusip>
        <identifiers>
          <isin value="SE0015961909"/>
          <ticker value="HXGBF"/>
          <other otherDesc="SEDOL" value="BNZFHC1"/>
        </identifiers>
        <balance>1914127</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.457"/>
        <valUSD>19260687.88</valUSD>
        <pctVal>2.5169931901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Recruit Holdings Co Ltd.</name>
        <lei>353800R2LRSMVVC4I806</lei>
        <title>Recruit Holdings Co Ltd. NPV</title>
        <cusip>J6433A101</cusip>
        <identifiers>
          <isin value="JP3970300004"/>
          <ticker value="RCRRF"/>
          <other otherDesc="SEDOL" value="BQRRZ00"/>
        </identifiers>
        <balance>130000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99"/>
        <valUSD>7705743.45</valUSD>
        <pctVal>1.0069891537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ryanair Holdings PLC</name>
        <lei>635400BR2ROC1FVEBQ56</lei>
        <title>Ryanair Holdings PLC ORD EUR0.006</title>
        <cusip>G7727C186</cusip>
        <identifiers>
          <isin value="IE00BYTBXV33"/>
          <ticker value="RYAOF"/>
          <other otherDesc="SEDOL" value="BYTBXV3"/>
        </identifiers>
        <balance>341325</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904"/>
        <valUSD>9656348.94</valUSD>
        <pctVal>1.2618949372</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>Aon PLC</name>
        <lei>635400FALWQYX5E6QC64</lei>
        <title>Aon PLC SHS CL A</title>
        <cusip>G0403H108</cusip>
        <identifiers>
          <isin value="IE00BLP1HW54"/>
          <ticker value="AON"/>
          <other otherDesc="SEDOL" value="BLP1HW5"/>
        </identifiers>
        <balance>19320</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6892603.2</valUSD>
        <pctVal>0.9007277115</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>Shin-Etsu Chemical Co Ltd.</name>
        <lei>353800PX8Q64N86H5W41</lei>
        <title>Shin-Etsu Chemical Co Ltd. NPV</title>
        <cusip>J72810120</cusip>
        <identifiers>
          <isin value="JP3371200001"/>
          <ticker value="SHECF"/>
          <other otherDesc="SEDOL" value="6804585"/>
        </identifiers>
        <balance>389900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99"/>
        <valUSD>12921750.12</valUSD>
        <pctVal>1.6886186650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsonite Group SA</name>
        <lei>549300UULS5HYFJSEL12</lei>
        <title>Samsonite Group SA USD0.01</title>
        <cusip>L80308106</cusip>
        <identifiers>
          <isin value="LU0633102719"/>
          <ticker value="SMSOF"/>
          <other otherDesc="SEDOL" value="B4Q1532"/>
        </identifiers>
        <balance>6870777</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8497"/>
        <valUSD>12779258.34</valUSD>
        <pctVal>1.6699977912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spotify Technology S.A.</name>
        <lei>549300B4X0JHWV0DTD60</lei>
        <title>Spotify Technology S.A. COM EUR0.000625</title>
        <cusip>L8681T102</cusip>
        <identifiers>
          <isin value="LU1778762911"/>
          <ticker value="SPOT"/>
          <other otherDesc="SEDOL" value="BFZ1K46"/>
        </identifiers>
        <balance>30349</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23288001.66</valUSD>
        <pctVal>3.0432839135</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>Janus Henderson Cash Collateral Fund</name>
        <lei>N/A</lei>
        <title>Janus Henderson Cash Collateral Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="896"/>
        </identifiers>
        <balance>5643325</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5643325</valUSD>
        <pctVal>0.7374716149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5643325.000000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Royal Bank of Canada</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="RBC SL TD"/>
        </identifiers>
        <balance>1410831</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1410831</valUSD>
        <pctVal>0.1843678710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.31</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1410831.000000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-14</ncom:dateSigned>
      <ncom:nameOfApplicant>JANUS ASPEN SERIES</ncom:nameOfApplicant>
      <ncom:signature>JESPER NERGAARD</ncom:signature>
      <ncom:signerName>JESPER NERGAARD</ncom:signerName>
      <ncom:title>VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
