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      <regFileNumber>811-09729</regFileNumber>
      <regCik>0001100663</regCik>
      <regLei>5493000860OXIC4B5K91</regLei>
      <regStreet1>400 Howard Street</regStreet1>
      <regCity>San Francisco</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94105</regZipOrPostalCode>
      <regPhone>800-474-2737</regPhone>
      <seriesName>iShares MSCI United Kingdom Small-Cap ETF</seriesName>
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      <repPdEnd>2026-08-31</repPdEnd>
      <repPdDate>2026-08-31</repPdDate>
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      <totLiabs>1489086.36</totLiabs>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BALFOUR BEATTY PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BRITISH LAND COMPANY PUBLIC LIMITED COMPANY(THE)</name>
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        <fairValLevel>2</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Games Workshop Group PLC</name>
        <lei>213800RP9QJQYGWHNT41</lei>
        <title>GAMES WORKSHOP GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0003718474"/>
          <other otherDesc="Internal" value="0371847"/>
        </identifiers>
        <balance>2978.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>738467.40000000</valUSD>
        <pctVal>1.697379147313</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>GOODWIN PLC</name>
        <lei>213800N4T1NMSJ57B322</lei>
        <title>GOODWIN PLC</title>
        <cusip>G39900108</cusip>
        <identifiers>
          <isin value="GB0003781050"/>
          <other otherDesc="Internal" value="0378105"/>
        </identifiers>
        <balance>271.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>67786.08000000</valUSD>
        <pctVal>0.155807390644</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>GREENCORE GROUP PUBLIC LIMITED COMPANY</name>
        <lei>635400GGBEWULJXM5868</lei>
        <title>GREENCORE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE0003864109"/>
          <other otherDesc="Internal" value="0386410"/>
        </identifiers>
        <balance>50700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>183287.69000000</valUSD>
        <pctVal>0.421289691278</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>HAYS PLC</name>
        <lei>213800QC8AWD4BO8TH08</lei>
        <title>HAYS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004161021"/>
          <other otherDesc="Internal" value="0416102"/>
        </identifiers>
        <balance>140315.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>146112.54000000</valUSD>
        <pctVal>0.335842013549</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>HILL &amp; SMITH PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>HILL SMITH PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004270301"/>
          <other otherDesc="Internal" value="0427030"/>
        </identifiers>
        <balance>7075.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>284832.95000000</valUSD>
        <pctVal>0.654693097891</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>PAN AFRICAN RESOURCES PLC</name>
        <lei>213800EAXURCXMX6RL85</lei>
        <title>PAN AFRICAN RESOURCES PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004300496"/>
          <other otherDesc="Internal" value="0430049"/>
        </identifiers>
        <balance>214098.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>389522.65000000</valUSD>
        <pctVal>0.895324050210</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>HUNTING PLC</name>
        <lei>2138008S5FL78ITZRN66</lei>
        <title>HUNTING PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004478896"/>
          <other otherDesc="Internal" value="0447889"/>
        </identifiers>
        <balance>11094.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>61407.26000000</valUSD>
        <pctVal>0.141145570701</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>ADVANCED MEDICAL SOLUTIONS GROUP PLC</name>
        <lei>213800HJP6OWOSZI1L74</lei>
        <title>ADVANCED MEDICAL SOLUTIONS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004536594"/>
          <other otherDesc="Internal" value="0453659"/>
        </identifiers>
        <balance>18788.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>71386.90000000</valUSD>
        <pctVal>0.164083933090</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>MITIE GROUP PLC</name>
        <lei>213800MTCLTKEHWZMJ03</lei>
        <title>MITIE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004657408"/>
          <other otherDesc="Internal" value="0465740"/>
        </identifiers>
        <balance>108563.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>306856.74000000</valUSD>
        <pctVal>0.705315131972</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>JOHNSON SERVICE GROUP PLC</name>
        <lei>2138004WZUPWV53KWV11</lei>
        <title>JOHNSON SERVICE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004762810"/>
          <other otherDesc="Internal" value="0476281"/>
        </identifiers>
        <balance>33299.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>66580.59000000</valUSD>
        <pctVal>0.153036552570</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>KELLER GROUP PLC</name>
        <lei>549300QO4MBL43UHSN10</lei>
        <title>KELLER GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004866223"/>
          <other otherDesc="Internal" value="0486622"/>
        </identifiers>
        <balance>6245.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>255090.25000000</valUSD>
        <pctVal>0.586329025537</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>KIER GROUP PLC</name>
        <lei>2138002RKCU2OM4Y7O48</lei>
        <title>KIER GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004915632"/>
          <other otherDesc="Internal" value="0491563"/>
        </identifiers>
        <balance>37435.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>131243.55000000</valUSD>
        <pctVal>0.301665401870</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>RENEW HOLDINGS PLC.</name>
        <lei>213800O3DC3V4WYA2E09</lei>
        <title>RENEW HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0005359004"/>
          <other otherDesc="Internal" value="0535900"/>
        </identifiers>
        <balance>7135.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>94147.75000000</valUSD>
        <pctVal>0.216400111388</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>HOWDEN JOINERY GROUP PLC</name>
        <lei>213800KC1LJOJTY3JP45</lei>
        <title>HOWDEN JOINERY GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0005576813"/>
          <other otherDesc="Internal" value="0557681"/>
        </identifiers>
        <balance>49480.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>525873.35000000</valUSD>
        <pctVal>1.208728318159</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>MORGAN ADVANCED MATERIALS PLC</name>
        <lei>I4K14LL95N2PHDL7EG85</lei>
        <title>MORGAN ADVANCED MATERIALS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006027295"/>
          <other otherDesc="Internal" value="0602729"/>
        </identifiers>
        <balance>24937.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>80616.38000000</valUSD>
        <pctVal>0.185298040704</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>4imprint Group PLC</name>
        <lei>213800G95T751RN2CT94</lei>
        <title>4IMPRINT GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006640972"/>
          <other otherDesc="Internal" value="0664097"/>
        </identifiers>
        <balance>2539.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>154127.54000000</valUSD>
        <pctVal>0.354264619430</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>OXFORD INSTRUMENTS PLC</name>
        <lei>213800J364EZD6UCE231</lei>
        <title>OXFORD INSTRUMENTS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006650450"/>
          <other otherDesc="Internal" value="0665045"/>
        </identifiers>
        <balance>4712.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>181327.28000000</valUSD>
        <pctVal>0.416783657492</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>BlackRock Funds III: BlackRock Cash Funds: Treasury; SL Agency Shares</name>
        <lei>N/A</lei>
        <title>BLACKROCK CASH FUNDS TREASURY</title>
        <cusip>066922477</cusip>
        <identifiers>
          <isin value="US0669224778"/>
          <other otherDesc="Internal" value="066922477"/>
        </identifiers>
        <balance>19263.81000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19263.81000000</valUSD>
        <pctVal>0.044278175843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares</name>
        <lei>N/A</lei>
        <title>BLACKROCK CASH FUNDS INSTITUTIONAL FUND SL AGENCY</title>
        <cusip>066922519</cusip>
        <identifiers>
          <isin value="US0669225197"/>
          <other otherDesc="Internal" value="066922519            00001"/>
        </identifiers>
        <balance>87783.35000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>87783.35000000</valUSD>
        <pctVal>0.201771436046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="87783.35000000" isCashCollateral="Y"/>
          <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>28949.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>457551.08000000</valUSD>
        <pctVal>1.051688486211</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>GB GROUP PLC</name>
        <lei>213800RBAFZIBCV7XR29</lei>
        <title>GB GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006870611"/>
          <other otherDesc="Internal" value="0687061"/>
        </identifiers>
        <balance>20478.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>45006.78000000</valUSD>
        <pctVal>0.103448804726</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>THE UNITE GROUP PLC</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE GROUP PLC THE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
          <other otherDesc="Internal" value="0692861"/>
        </identifiers>
        <balance>39383.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>269735.45000000</valUSD>
        <pctVal>0.619991252316</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>RENISHAW P L C</name>
        <lei>21380048ADXM6Z67CT18</lei>
        <title>RENISHAW PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007323586"/>
          <other otherDesc="Internal" value="0732358"/>
        </identifiers>
        <balance>3116.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>215542.40000000</valUSD>
        <pctVal>0.495427658853</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>M P Evans Group PLC</name>
        <lei>2138003IBXJUCR4SZG26</lei>
        <title>MP EVANS GROUP PLC</title>
        <cusip>G63363108</cusip>
        <identifiers>
          <isin value="GB0007538100"/>
          <other otherDesc="Internal" value="0753810"/>
        </identifiers>
        <balance>3211.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>78229.31000000</valUSD>
        <pctVal>0.179811322074</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>CLOSE BROTHERS GROUP PLC</name>
        <lei>213800W73SYHR14I3X91</lei>
        <title>CLOSE BROTHERS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007668071"/>
          <other otherDesc="Internal" value="0766807"/>
        </identifiers>
        <balance>13584.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>75944.51000000</valUSD>
        <pctVal>0.174559672677</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>ST. JAMES'S PLACE PLC</name>
        <lei>213800M993ICXOMBCP87</lei>
        <title>ST JAMES S PLACE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007669376"/>
          <other otherDesc="Internal" value="0766937"/>
        </identifiers>
        <balance>46642.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>735744.58000000</valUSD>
        <pctVal>1.691120701930</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>SENIOR PLC</name>
        <lei>5493002HQHWN5JQHKQ51</lei>
        <title>SENIOR PLC</title>
        <cusip>G8031U102</cusip>
        <identifiers>
          <isin value="GB0007958233"/>
          <other otherDesc="Internal" value="0795823"/>
        </identifiers>
        <balance>37803.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>150852.01000000</valUSD>
        <pctVal>0.346735761259</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>SERCO GROUP PLC</name>
        <lei>549300PT2CIHYN5GWJ21</lei>
        <title>SERCO GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007973794"/>
          <other otherDesc="Internal" value="0797379"/>
        </identifiers>
        <balance>88099.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>309179.19000000</valUSD>
        <pctVal>0.710653320497</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>MORGAN SINDALL GROUP PLC</name>
        <lei>2138008339ULDGZRB345</lei>
        <title>MORGAN SINDALL GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0008085614"/>
          <other otherDesc="Internal" value="0808561"/>
        </identifiers>
        <balance>3968.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>236572.28000000</valUSD>
        <pctVal>0.543765174880</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>ME GROUP INTERNATIONAL PLC</name>
        <lei>2138006YJ65EKBYYYX41</lei>
        <title>ME GROUP INTERNATIONAL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0008481250"/>
          <other otherDesc="Internal" value="0848125"/>
        </identifiers>
        <balance>20830.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>36635.61000000</valUSD>
        <pctVal>0.084207536396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAYLOR WIMPEY PLC</name>
        <lei>21380089BTRXTD8S3R66</lei>
        <title>TAYLOR WIMPEY PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0008782301"/>
          <other otherDesc="Internal" value="0878230"/>
        </identifiers>
        <balance>314492.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>359649.60000000</valUSD>
        <pctVal>0.826660366293</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>TELECOM PLUS PLC</name>
        <lei>549300QGHDX5UKE58G86</lei>
        <title>TELECOM PLUS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0008794710"/>
          <other otherDesc="Internal" value="0879471"/>
        </identifiers>
        <balance>6408.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>75974.89000000</valUSD>
        <pctVal>0.174629501594</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>VICTREX PLC</name>
        <lei>213800UYNPHAUNHPXL67</lei>
        <title>VICTREX PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009292243"/>
          <other otherDesc="Internal" value="0929224"/>
        </identifiers>
        <balance>7067.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>80532.39000000</valUSD>
        <pctVal>0.185104988343</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>VOLEX PLC</name>
        <lei>213800HBLQNH5FXXGE63</lei>
        <title>VOLEX PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009390070"/>
          <other otherDesc="Internal" value="0939007"/>
        </identifiers>
        <balance>11983.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>100161.45000000</valUSD>
        <pctVal>0.230222697162</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>WEIR PLC</name>
        <lei>549300KDR56WHY9I3D10</lei>
        <title>WEIR PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009465807"/>
          <other otherDesc="Internal" value="0946580"/>
        </identifiers>
        <balance>23399.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>893838.54000000</valUSD>
        <pctVal>2.054502201263</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>BABCOCK INTERNATIONAL GROUP PLC</name>
        <lei>213800TSKOLX4EU6L377</lei>
        <title>BABCOCK INTERNATIONAL GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009697037"/>
          <other otherDesc="Internal" value="0969703"/>
        </identifiers>
        <balance>22180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>313940.53000000</valUSD>
        <pctVal>0.721597336752</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>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>293001.58000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>397017.35000000</valUSD>
        <pctVal>0.912550738206</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>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>785.39000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.80835000"/>
        <valUSD>971.60000000</valUSD>
        <pctVal>0.002233238162</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>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>935.73000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>1086.90000000</valUSD>
        <pctVal>0.002498257059</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>MICHAEL PAGE PLC</name>
        <lei>213800JK5ZEQW4AB8G71</lei>
        <title>MICHAEL PAGE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0030232317"/>
          <other otherDesc="Internal" value="3023231"/>
        </identifiers>
        <balance>26657.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>79396.24000000</valUSD>
        <pctVal>0.182493529370</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>BURBERRY GROUP PLC</name>
        <lei>213800PE1KEFCNFR1R50</lei>
        <title>BURBERRY GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0031743007"/>
          <other otherDesc="Internal" value="3174300"/>
        </identifiers>
        <balance>32538.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>470982.57000000</valUSD>
        <pctVal>1.082560981115</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>ITV PLC</name>
        <lei>ZLECI7ED2QMWFGYCXZ59</lei>
        <title>ITV PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0033986497"/>
          <other otherDesc="Internal" value="3398649"/>
        </identifiers>
        <balance>324790.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>310526.16000000</valUSD>
        <pctVal>0.713749352617</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>CHESNARA PLC</name>
        <lei>213800VFRMBRTSZ3SJ06</lei>
        <title>CHESNARA PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B00FPT80"/>
          <other otherDesc="Internal" value="B00FPT8"/>
        </identifiers>
        <balance>20826.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>106104.36000000</valUSD>
        <pctVal>0.243882570988</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>GRAFTON GROUP PUBLIC LIMITED COMPANY</name>
        <lei>635400BE9SBAG61DJ963</lei>
        <title>GRAFTON GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B00MZ448"/>
          <other otherDesc="Internal" value="B00MZ44"/>
        </identifiers>
        <balance>15255.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>213273.80000000</valUSD>
        <pctVal>0.490213245416</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>ITM POWER PLC</name>
        <lei>21380042MB2JKZ6RRP12</lei>
        <title>ITM POWER PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0130H42"/>
          <other otherDesc="Internal" value="B0130H4"/>
        </identifiers>
        <balance>42064.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>58827.67000000</valUSD>
        <pctVal>0.135216341768</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="5905.98256000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAINGER PLC</name>
        <lei>2138007CEIRKZMNI2979</lei>
        <title>GRAINGER PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B04V1276"/>
          <other otherDesc="Internal" value="B04V127"/>
        </identifiers>
        <balance>60158.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>140239.13000000</valUSD>
        <pctVal>0.322341886587</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>IG GROUP HOLDINGS PLC</name>
        <lei>2138003A5Q1M7ANOUD76</lei>
        <title>IG GROUP HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B06QFB75"/>
          <other otherDesc="Internal" value="B06QFB7"/>
        </identifiers>
        <balance>29061.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>551287.45000000</valUSD>
        <pctVal>1.267143034080</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>SERICA ENERGY PLC</name>
        <lei>213800EZZOKA815VC426</lei>
        <title>SERICA ENERGY PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0CY5V57"/>
          <other otherDesc="Internal" value="B0CY5V5"/>
        </identifiers>
        <balance>23026.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>81517.42000000</valUSD>
        <pctVal>0.187369095576</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>Rockhopper Exploration PLC</name>
        <lei>213800IPXW6XRLVCL581</lei>
        <title>ROCKHOPPER EXPLORATION PLC</title>
        <cusip>G7609W102</cusip>
        <identifiers>
          <isin value="GB00B0FVQX23"/>
          <other otherDesc="Internal" value="B0FVQX2"/>
        </identifiers>
        <balance>75581.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>80758.27000000</valUSD>
        <pctVal>0.185624177141</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>HIKMA PHARMACEUTICALS PUBLIC LIMITED COMPANY</name>
        <lei>549300BNS685UXH4JI75</lei>
        <title>HIKMA PHARMACEUTICALS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0LCW083"/>
          <other otherDesc="Internal" value="B0LCW08"/>
        </identifiers>
        <balance>13244.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>288229.18000000</valUSD>
        <pctVal>0.662499386945</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>LANCASHIRE HOLDINGS LIMITED</name>
        <lei>5493002UNUYXLHOWF752</lei>
        <title>LANCASHIRE HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG5361W1047"/>
          <other otherDesc="Internal" value="B0PYHC7"/>
        </identifiers>
        <balance>20893.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>172590.26000000</valUSD>
        <pctVal>0.396701477077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QINETIQ GROUP PLC</name>
        <lei>213800S8OBDOZMCMUW34</lei>
        <title>QINETIQ GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WMWD03"/>
          <other otherDesc="Internal" value="B0WMWD0"/>
        </identifiers>
        <balance>39626.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>270644.41000000</valUSD>
        <pctVal>0.622080511436</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>COHORT PLC</name>
        <lei>213800WE61C73LZZNW11</lei>
        <title>COHORT PLC</title>
        <cusip>G2372R109</cusip>
        <identifiers>
          <isin value="GB00B0YD2B94"/>
          <other otherDesc="Internal" value="B0YD2B9"/>
        </identifiers>
        <balance>3094.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>50623.49000000</valUSD>
        <pctVal>0.116358902627</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="48087.40695200"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IP Group PLC</name>
        <lei>213800HG22UM138WFG43</lei>
        <title>IP GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B128J450"/>
          <other otherDesc="Internal" value="B128J45"/>
        </identifiers>
        <balance>77634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>76175.58000000</valUSD>
        <pctVal>0.175090790773</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>ASHMORE GROUP PLC</name>
        <lei>549300U3L59WB4YI2X12</lei>
        <title>ASHMORE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B132NW22"/>
          <other otherDesc="Internal" value="B132NW2"/>
        </identifiers>
        <balance>38544.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>115945.34000000</valUSD>
        <pctVal>0.266502221146</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>SAVILLS PLC</name>
        <lei>213800WXICGMBWHTA933</lei>
        <title>SAVILLS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B135BJ46"/>
          <other otherDesc="Internal" value="B135BJ4"/>
        </identifiers>
        <balance>12706.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>184218.04000000</valUSD>
        <pctVal>0.423428115655</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>CMC MARKETS PLC</name>
        <lei>213800VB75KAZBFH5U07</lei>
        <title>CMC MARKETS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B14SKR37"/>
          <other otherDesc="Internal" value="B14SKR3"/>
        </identifiers>
        <balance>8197.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>80202.21000000</valUSD>
        <pctVal>0.184346064325</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>JET2 PLC</name>
        <lei>I72RQ3PNLDPW8R7JIJ56</lei>
        <title>JET2 PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1722W11"/>
          <other otherDesc="Internal" value="B1722W1"/>
        </identifiers>
        <balance>8432.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>171339.39000000</valUSD>
        <pctVal>0.393826332346</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>INVESTEC PLC</name>
        <lei>2138007Z3U5GWDN3MY22</lei>
        <title>INVESTEC PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B17BBQ50"/>
          <other otherDesc="Internal" value="B17BBQ5"/>
        </identifiers>
        <balance>51876.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>461546.75000000</valUSD>
        <pctVal>1.060872597707</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>DUNELM GROUP PLC</name>
        <lei>213800WCOWEI3T5DUV19</lei>
        <title>DUNELM GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1CKQ739"/>
          <other otherDesc="Internal" value="B1CKQ73"/>
        </identifiers>
        <balance>11356.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>133627.30000000</valUSD>
        <pctVal>0.307144489427</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>MITCHELLS &amp; BUTLERS PLC</name>
        <lei>213800JHYNDNB1NS2W10</lei>
        <title>MITCHELLS BUTLERS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FP6H53"/>
          <other otherDesc="Internal" value="B1FP6H5"/>
        </identifiers>
        <balance>22984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>87668.49000000</valUSD>
        <pctVal>0.201507428496</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>HOCHSCHILD MINING PLC</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>HOCHSCHILD MINING PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FW5029"/>
          <other otherDesc="Internal" value="B1FW502"/>
        </identifiers>
        <balance>28980.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>256337.96000000</valUSD>
        <pctVal>0.589196906957</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>Polar Capital Holdings PLC</name>
        <lei>549300OXX7YE1947B825</lei>
        <title>POLAR CAPITAL HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1GCLT25"/>
          <other otherDesc="Internal" value="B1GCLT2"/>
        </identifiers>
        <balance>8089.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>96124.47000000</valUSD>
        <pctVal>0.220943633970</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>WHITBREAD PLC</name>
        <lei>21380099VMZKRMN3EX36</lei>
        <title>WHITBREAD PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1KJJ408"/>
          <other otherDesc="Internal" value="B1KJJ40"/>
        </identifiers>
        <balance>14741.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>484165.16000000</valUSD>
        <pctVal>1.112861375383</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>THE RANK GROUP PLC</name>
        <lei>213800TXKD6XZWOFTE12</lei>
        <title>RANK GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1L5QH97"/>
          <other otherDesc="Internal" value="B1L5QH9"/>
        </identifiers>
        <balance>16888.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>23615.52000000</valUSD>
        <pctVal>0.054280650981</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>SAFESTORE HOLDINGS PLC</name>
        <lei>213800WGA3YSJC1YOH73</lei>
        <title>SAFESTORE HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1N7Z094"/>
          <other otherDesc="Internal" value="B1N7Z09"/>
        </identifiers>
        <balance>19200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>151934.85000000</valUSD>
        <pctVal>0.349224686343</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>FRASERS GROUP PLC</name>
        <lei>213800JEGHHEAXIJDX34</lei>
        <title>FRASERS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1QH8P22"/>
          <other otherDesc="Internal" value="B1QH8P2"/>
        </identifiers>
        <balance>9078.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>102403.30000000</valUSD>
        <pctVal>0.235375625296</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>HILTON FOOD GROUP PLC</name>
        <lei>213800JY7VJFS2OOX355</lei>
        <title>HILTON FOOD GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1V9NW54"/>
          <other otherDesc="Internal" value="B1V9NW5"/>
        </identifiers>
        <balance>7105.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>61229.50000000</valUSD>
        <pctVal>0.140736986494</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>DRAX GROUP PLC</name>
        <lei>549300YPSNTXR4ZHSR98</lei>
        <title>DRAX GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1VNSX38"/>
          <other otherDesc="Internal" value="B1VNSX3"/>
        </identifiers>
        <balance>30337.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>318576.59000000</valUSD>
        <pctVal>0.732253394920</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>Sirius Real Estate Limited</name>
        <lei>213800NURUF5W8QSK566</lei>
        <title>SIRIUS REAL ESTATE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GG00B1W3VF54"/>
          <other otherDesc="Internal" value="B1W3VF5"/>
        </identifiers>
        <balance>143349.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>190353.24000000</valUSD>
        <pctVal>0.437529971126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PPHE Hotel Group Limited</name>
        <lei>2138003H1BZGR6KM5823</lei>
        <title>PPHE HOTEL GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GG00B1Z5FH87"/>
          <other otherDesc="Internal" value="B1Z5FH8"/>
        </identifiers>
        <balance>1654.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>34110.62000000</valUSD>
        <pctVal>0.078403806437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONY Group plc</name>
        <lei>54930016B7VO33FBE722</lei>
        <title>MONY GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1ZBKY84"/>
          <other otherDesc="Internal" value="B1ZBKY8"/>
        </identifiers>
        <balance>40151.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>110238.47000000</valUSD>
        <pctVal>0.253384889041</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>CVS GROUP PLC</name>
        <lei>213800J41XDQ2NX48O05</lei>
        <title>CVS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2863827"/>
          <other otherDesc="Internal" value="B286382"/>
        </identifiers>
        <balance>6213.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>110644.97000000</valUSD>
        <pctVal>0.254319235802</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>YOUNG &amp; CO'S BREWERY PLC</name>
        <lei>213800JMZDORXCMKFW06</lei>
        <title>YOUNG CO S BREWERY PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2NDK765"/>
          <other otherDesc="Internal" value="B2NDK76"/>
        </identifiers>
        <balance>1714.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>20192.19000000</valUSD>
        <pctVal>0.046412072143</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>PARAGON BANKING GROUP PLC</name>
        <lei>213800S1TDKIB1IUTS72</lei>
        <title>PARAGON BANKING GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2NGPM57"/>
          <other otherDesc="Internal" value="B2NGPM5"/>
        </identifiers>
        <balance>16461.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>176484.78000000</valUSD>
        <pctVal>0.405653093677</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>WH SMITH PLC</name>
        <lei>2138001KJNGUJ34G7X91</lei>
        <title>WH SMITH PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2PDGW16"/>
          <other otherDesc="Internal" value="B2PDGW1"/>
        </identifiers>
        <balance>13380.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>74001.98000000</valUSD>
        <pctVal>0.170094736357</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>BODYCOTE PLC</name>
        <lei>213800V93QFW53NB7Y29</lei>
        <title>BODYCOTE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B3FLWH99"/>
          <other otherDesc="Internal" value="B3FLWH9"/>
        </identifiers>
        <balance>14936.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>183461.28000000</valUSD>
        <pctVal>0.421688690674</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>OCADO GROUP PLC</name>
        <lei>213800LO8F61YB8MBC74</lei>
        <title>OCADO GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B3MBS747"/>
          <other otherDesc="Internal" value="B3MBS74"/>
        </identifiers>
        <balance>49413.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>158531.98000000</valUSD>
        <pctVal>0.364388295318</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>ZIGUP PLC</name>
        <lei>213800B3ZUTDOZYVJB41</lei>
        <title>ZIGUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B41H7391"/>
          <other otherDesc="Internal" value="B41H739"/>
        </identifiers>
        <balance>20110.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>119082.33000000</valUSD>
        <pctVal>0.273712642908</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>CHEMRING GROUP PLC</name>
        <lei>213800U9A54VQJ5P2J41</lei>
        <title>CHEMRING GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B45C9X44"/>
          <other otherDesc="Internal" value="B45C9X4"/>
        </identifiers>
        <balance>24527.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>181270.75000000</valUSD>
        <pctVal>0.416653722382</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>LONDONMETRIC PROPERTY PLC</name>
        <lei>213800OCERWWPQDURL87</lei>
        <title>LONDONMETRIC PROPERTY PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B4WFW713"/>
          <other otherDesc="Internal" value="B4WFW71"/>
        </identifiers>
        <balance>190707.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>483312.56000000</valUSD>
        <pctVal>1.110901660626</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>CURRYS PLC</name>
        <lei>2138001E12GWLLDQQF16</lei>
        <title>CURRYS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B4Y7R145"/>
          <other otherDesc="Internal" value="B4Y7R14"/>
        </identifiers>
        <balance>88679.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>181507.10000000</valUSD>
        <pctVal>0.417196976642</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>COATS GROUP PLC</name>
        <lei>2138003SPYWGAITNFY17</lei>
        <title>COATS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B4YZN328"/>
          <other otherDesc="Internal" value="B4YZN32"/>
        </identifiers>
        <balance>172815.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>188805.40000000</valUSD>
        <pctVal>0.433972236093</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>JUPITER FUND MANAGEMENT PLC</name>
        <lei>5493003DJ1G01IMQ7S28</lei>
        <title>JUPITER FUND MANAGEMENT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B53P2009"/>
          <other otherDesc="Internal" value="B53P200"/>
        </identifiers>
        <balance>37505.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>85776.90000000</valUSD>
        <pctVal>0.197159578582</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>Entain plc</name>
        <lei>213800GNI3K45LQR8L28</lei>
        <title>ENTAIN PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IM00B5VQMV65"/>
          <other otherDesc="Internal" value="B5VQMV6"/>
        </identifiers>
        <balance>57676.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>393080.09000000</valUSD>
        <pctVal>0.903500883031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INCHCAPE PLC</name>
        <lei>213800RGEH1MPPNM2T57</lei>
        <title>INCHCAPE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B61TVQ02"/>
          <other otherDesc="Internal" value="B61TVQ0"/>
        </identifiers>
        <balance>26785.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>308314.93000000</valUSD>
        <pctVal>0.708666805044</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>SHAFTESBURY CAPITAL PLC</name>
        <lei>549300TTXXZ1SHUI0D54</lei>
        <title>SHAFTESBURY CAPITAL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B62G9D36"/>
          <other otherDesc="Internal" value="B62G9D3"/>
        </identifiers>
        <balance>132489.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>264257.40000000</valUSD>
        <pctVal>0.607399866647</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>GREGGS PLC</name>
        <lei>213800I71QMUFJ64IW20</lei>
        <title>GREGGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B63QSB39"/>
          <other otherDesc="Internal" value="B63QSB3"/>
        </identifiers>
        <balance>9216.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>229148.15000000</valUSD>
        <pctVal>0.526700693159</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>WORKSPACE GROUP PLC</name>
        <lei>2138003GUZRFIN3UT430</lei>
        <title>WORKSPACE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B67G5X01"/>
          <other otherDesc="Internal" value="B67G5X0"/>
        </identifiers>
        <balance>7380.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>37589.40000000</valUSD>
        <pctVal>0.086399837988</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>A.G. BARR P.L.C.</name>
        <lei>213800QWTXXXF8BNEC87</lei>
        <title>AG BARR PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B6XZKY75"/>
          <other otherDesc="Internal" value="B6XZKY7"/>
        </identifiers>
        <balance>9592.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>77463.11000000</valUSD>
        <pctVal>0.178050199101</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>EASYJET PLC</name>
        <lei>2138001S47XKWIB7TH90</lei>
        <title>EASYJET PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B7KR2P84"/>
          <other otherDesc="Internal" value="B7KR2P8"/>
        </identifiers>
        <balance>27328.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>245109.86000000</valUSD>
        <pctVal>0.563388939261</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>PREMIER FOODS PLC</name>
        <lei>213800ZD5I8XHNMCJA67</lei>
        <title>PREMIER FOODS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B7N0K053"/>
          <other otherDesc="Internal" value="B7N0K05"/>
        </identifiers>
        <balance>58729.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>158757.79000000</valUSD>
        <pctVal>0.364907323220</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>PLAYTECH PLC</name>
        <lei>21380068TTB6Z9ZEU548</lei>
        <title>PLAYTECH PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IM00B7S9G985"/>
          <other otherDesc="Internal" value="B7S9G98"/>
        </identifiers>
        <balance>19676.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>107565.93000000</valUSD>
        <pctVal>0.247242013044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VESUVIUS PLC</name>
        <lei>213800ORZ521W585SY02</lei>
        <title>VESUVIUS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B82YXW83"/>
          <other otherDesc="Internal" value="B82YXW8"/>
        </identifiers>
        <balance>16776.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>88334.58000000</valUSD>
        <pctVal>0.203038447030</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>WPP PLC</name>
        <lei>549300LSGBXPYHXGDT93</lei>
        <title>WPP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B8KF9B49"/>
          <other otherDesc="Internal" value="B8KF9B4"/>
        </identifiers>
        <balance>97234.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>497758.44000000</valUSD>
        <pctVal>1.144105747193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plus500 Ltd.</name>
        <lei>549300X8NGW9C5OJZU13</lei>
        <title>PLUS500 LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0011284465"/>
          <other otherDesc="Internal" value="BBT3PS9"/>
        </identifiers>
        <balance>6223.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>316050.84000000</valUSD>
        <pctVal>0.726447918089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOLLYWOOD BOWL GROUP PLC</name>
        <lei>213800XB8YZNGJYDEZ97</lei>
        <title>HOLLYWOOD BOWL GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BD0NVK62"/>
          <other otherDesc="Internal" value="BD0NVK6"/>
        </identifiers>
        <balance>13974.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>52922.71000000</valUSD>
        <pctVal>0.121643696625</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>CONVATEC GROUP PLC</name>
        <lei>213800LS272L4FIDOH92</lei>
        <title>CONVATEC GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BD3VFW73"/>
          <other otherDesc="Internal" value="BD3VFW7"/>
        </identifiers>
        <balance>154169.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>470644.66000000</valUSD>
        <pctVal>1.081784289568</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>IntegraFin Holdings plc</name>
        <lei>213800CYIZKXK9PQYE87</lei>
        <title>INTEGRAFIN HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BD45SH49"/>
          <other otherDesc="Internal" value="BD45SH4"/>
        </identifiers>
        <balance>26130.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>141093.58000000</valUSD>
        <pctVal>0.324305853598</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>XPS PENSIONS GROUP PLC</name>
        <lei>2138004Y8OBPJEAACJ11</lei>
        <title>XPS PENSIONS GROUP PLC</title>
        <cusip>G9829Q105</cusip>
        <identifiers>
          <isin value="GB00BDDN1T20"/>
          <other otherDesc="Internal" value="BDDN1T2"/>
        </identifiers>
        <balance>16901.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>70670.52000000</valUSD>
        <pctVal>0.162437322186</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>Oxford Biomedica PLC</name>
        <lei>213800S1GVQNXQ15K851</lei>
        <title>OXB</title>
        <cusip>G6836F189</cusip>
        <identifiers>
          <isin value="GB00BDFBVT43"/>
          <other otherDesc="Internal" value="BDFBVT4"/>
        </identifiers>
        <balance>6365.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>45192.80000000</valUSD>
        <pctVal>0.103876374676</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>Alfa Financial Software Holdings PLC</name>
        <lei>213800C5UOZHUTNUGA28</lei>
        <title>ALFA FINANCIAL SOFTWARE HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BDHXPG30"/>
          <other otherDesc="Internal" value="BDHXPG3"/>
        </identifiers>
        <balance>11063.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>24952.24000000</valUSD>
        <pctVal>0.057353123312</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>SUPERMARKET INCOME REIT PLC</name>
        <lei>2138007FOINJKAM7L537</lei>
        <title>SUPERMARKET INCOME REIT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BF345X11"/>
          <other otherDesc="Internal" value="BF345X1"/>
        </identifiers>
        <balance>112325.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>130587.99000000</valUSD>
        <pctVal>0.300158586710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LION FINANCE GROUP PLC</name>
        <lei>213800XKDG12NQG8VC53</lei>
        <title>LION FINANCE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BF4HYT85"/>
          <other otherDesc="Internal" value="BF4HYT8"/>
        </identifiers>
        <balance>3204.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>577049.61000000</valUSD>
        <pctVal>1.326357771486</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>GEORGIA CAPITAL PLC</name>
        <lei>213800Q65T5GNBOW7H65</lei>
        <title>GEORGIA CAPITAL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BF4HYV08"/>
          <other otherDesc="Internal" value="BF4HYV0"/>
        </identifiers>
        <balance>2598.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>153752.36000000</valUSD>
        <pctVal>0.353402262190</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>Yellow Cake PLC</name>
        <lei>213800CVMYUGOA9EZY95</lei>
        <title>YELLOW CAKE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BF50RG45"/>
          <other otherDesc="Internal" value="BF50RG4"/>
        </identifiers>
        <balance>22650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>177540.35000000</valUSD>
        <pctVal>0.408079338230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREAT PORTLAND ESTATES P L C</name>
        <lei>213800JMEDD2Q4N1MC42</lei>
        <title>GREAT PORTLAND ESTATES PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BF5H9P87"/>
          <other otherDesc="Internal" value="BF5H9P8"/>
        </identifiers>
        <balance>31119.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>141064.45000000</valUSD>
        <pctVal>0.324238897827</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>ABERDEEN GROUP PLC</name>
        <lei>0TMBS544NMO7GLCE7H90</lei>
        <title>ABERDEEN GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BF8Q6K64"/>
          <other otherDesc="Internal" value="BF8Q6K6"/>
        </identifiers>
        <balance>165908.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>560042.45000000</valUSD>
        <pctVal>1.287266541814</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>AJ BELL PLC</name>
        <lei>213800VNKA7DPWXWJJ36</lei>
        <title>AJ BELL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BFZNLB60"/>
          <other otherDesc="Internal" value="BFZNLB6"/>
        </identifiers>
        <balance>28473.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>232121.73000000</valUSD>
        <pctVal>0.533535514418</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>ENERGEAN PLC</name>
        <lei>549300RVMKU0CYUZBB05</lei>
        <title>ENERGEAN PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BG12Y042"/>
          <other otherDesc="Internal" value="BG12Y04"/>
        </identifiers>
        <balance>13319.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>132286.37000000</valUSD>
        <pctVal>0.304062340344</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>TRITAX BIG BOX REIT PLC</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>TRITAX BIG BOX REIT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BG49KP99"/>
          <other otherDesc="Internal" value="BG49KP9"/>
        </identifiers>
        <balance>220195.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>464536.20000000</valUSD>
        <pctVal>1.067743896416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CERES POWER HOLDINGS PLC</name>
        <lei>213800N7AAHSXQUOA733</lei>
        <title>CERES POWER HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BG5KQW09"/>
          <other otherDesc="Internal" value="BG5KQW0"/>
        </identifiers>
        <balance>14452.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>75199.79000000</valUSD>
        <pctVal>0.172847921828</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>SSP GROUP PLC</name>
        <lei>213800QGNIWTXFMENJ24</lei>
        <title>SSP GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BGBN7C04"/>
          <other otherDesc="Internal" value="BGBN7C0"/>
        </identifiers>
        <balance>68239.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>185647.06000000</valUSD>
        <pctVal>0.426712741014</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>RIGHTMOVE PLC</name>
        <lei>2138001JXGCFKBXYB828</lei>
        <title>RIGHTMOVE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BGDT3G23"/>
          <other otherDesc="Internal" value="BGDT3G2"/>
        </identifiers>
        <balance>67009.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>459963.10000000</valUSD>
        <pctVal>1.057232552816</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>IMI PLC</name>
        <lei>2138002W9Q21PF751R30</lei>
        <title>IMI PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BGLP8L22"/>
          <other otherDesc="Internal" value="BGLP8L2"/>
        </identifiers>
        <balance>21533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>897084.92000000</valUSD>
        <pctVal>2.061964057692</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>MAN GROUP PLC</name>
        <lei>2549003YWC1DW6LALB09</lei>
        <title>MAN GROUP PLC JERSEY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BJ1DLW90"/>
          <other otherDesc="Internal" value="BJ1DLW9"/>
        </identifiers>
        <balance>100769.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>417987.80000000</valUSD>
        <pctVal>0.960751653426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PETS AT HOME GROUP PLC</name>
        <lei>2138003Y9ULD24PD3J93</lei>
        <title>PETS AT HOME GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJ62K685"/>
          <other otherDesc="Internal" value="BJ62K68"/>
        </identifiers>
        <balance>39366.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>115837.02000000</valUSD>
        <pctVal>0.266253245891</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>WATCHES OF SWITZERLAND GROUP PLC</name>
        <lei>2138008ZOT5K9PJW7168</lei>
        <title>WATCHES OF SWITZERLAND GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJDQQ870"/>
          <other otherDesc="Internal" value="BJDQQ87"/>
        </identifiers>
        <balance>19976.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>191531.44000000</valUSD>
        <pctVal>0.440238082697</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>CRODA INTERNATIONAL PUBLIC LIMITED COMPANY</name>
        <lei>2138004WCNBFJEEOXV26</lei>
        <title>CRODA INTERNATIONAL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJFFLV09"/>
          <other otherDesc="Internal" value="BJFFLV0"/>
        </identifiers>
        <balance>11642.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>541213.88000000</valUSD>
        <pctVal>1.243988772082</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>TARGET HEALTHCARE REIT PLC</name>
        <lei>213800RXPY9WULUSBC04</lei>
        <title>TARGET HEALTHCARE REIT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJGTLF51"/>
          <other otherDesc="Internal" value="BJGTLF5"/>
        </identifiers>
        <balance>55903.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>84691.12000000</valUSD>
        <pctVal>0.194663895861</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>Ninety One PLC</name>
        <lei>549300G0TJCT3K15ZG14</lei>
        <title>NINETY ONE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJHPLV88"/>
          <other otherDesc="Internal" value="BJHPLV8"/>
        </identifiers>
        <balance>26508.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>77008.96000000</valUSD>
        <pctVal>0.177006328052</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>AO WORLD PLC</name>
        <lei>2138005FFOAJIUZY4375</lei>
        <title>AO WORLD PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJTNFH41"/>
          <other otherDesc="Internal" value="BJTNFH4"/>
        </identifiers>
        <balance>26283.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>33761.58000000</valUSD>
        <pctVal>0.077601532406</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>HELIOS TOWERS PLC</name>
        <lei>213800DGC7GS4XCHCU30</lei>
        <title>HELIOS TOWERS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJVQC708"/>
          <other otherDesc="Internal" value="BJVQC70"/>
        </identifiers>
        <balance>79753.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>217703.30000000</valUSD>
        <pctVal>0.500394522116</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>TRAVIS PERKINS PLC</name>
        <lei>2138001I27OUBAF22K83</lei>
        <title>TRAVIS PERKINS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BK9RKT01"/>
          <other otherDesc="Internal" value="BK9RKT0"/>
        </identifiers>
        <balance>19154.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>167571.53000000</valUSD>
        <pctVal>0.385165845784</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>TRAINLINE PLC</name>
        <lei>213800HO26VXTFJ4MO71</lei>
        <title>TRAINLINE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BKDTK925"/>
          <other otherDesc="Internal" value="BKDTK92"/>
        </identifiers>
        <balance>31182.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>84123.00000000</valUSD>
        <pctVal>0.193358062941</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>GENUIT GROUP PLC</name>
        <lei>2138005IF1N2RKJ6KO18</lei>
        <title>GENUIT GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BKRC5K31"/>
          <other otherDesc="Internal" value="BKRC5K3"/>
        </identifiers>
        <balance>22737.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>84100.44000000</valUSD>
        <pctVal>0.193306208420</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>DR. MARTENS PLC</name>
        <lei>213800QPT8YM6NQZPH28</lei>
        <title>DR MARTENS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BL6NGV24"/>
          <other otherDesc="Internal" value="BL6NGV2"/>
        </identifiers>
        <balance>50934.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>53556.10000000</valUSD>
        <pctVal>0.123099553685</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>OSB GROUP PLC</name>
        <lei>213800ZBKL9BHSL2K459</lei>
        <title>OSB GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BLDRH360"/>
          <other otherDesc="Internal" value="BLDRH36"/>
        </identifiers>
        <balance>30499.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>210577.69000000</valUSD>
        <pctVal>0.484016193396</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>W.A.G PAYMENT SOLUTIONS PLC</name>
        <lei>213800HU63CWV5J8YK95</lei>
        <title>WAG PAYMENT SOLUTIONS PLC</title>
        <cusip>G9417Z103</cusip>
        <identifiers>
          <isin value="GB00BLGXWY71"/>
          <other otherDesc="Internal" value="BLGXWY7"/>
        </identifiers>
        <balance>18812.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>25403.08000000</valUSD>
        <pctVal>0.058389386274</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>BREEDON GROUP PLC</name>
        <lei>213800DQGNQE3X76WS92</lei>
        <title>BREEDON GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BM8NFJ84"/>
          <other otherDesc="Internal" value="BM8NFJ8"/>
        </identifiers>
        <balance>25027.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>120386.19000000</valUSD>
        <pctVal>0.276709586002</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>JD SPORTS FASHION PLC</name>
        <lei>213800HROV6Y9MUU8375</lei>
        <title>JD SPORTS FASHION PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BM8Q5M07"/>
          <other otherDesc="Internal" value="BM8Q5M0"/>
        </identifiers>
        <balance>195070.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>226208.27000000</valUSD>
        <pctVal>0.519943331889</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>HARBOUR ENERGY PLC</name>
        <lei>213800YPC42DYBKVPF97</lei>
        <title>HARBOUR ENERGY PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMBVGQ36"/>
          <other otherDesc="Internal" value="BMBVGQ3"/>
        </identifiers>
        <balance>71214.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>249046.91000000</valUSD>
        <pctVal>0.572438311747</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>Foresight Group Holdings Limited</name>
        <lei>213800NNT42FFIZB1T09</lei>
        <title>FORESIGHT GROUP HOLDINGS LTD</title>
        <cusip>G365A1106</cusip>
        <identifiers>
          <isin value="GG00BMD8MJ76"/>
          <other otherDesc="Internal" value="BMD8MJ7"/>
        </identifiers>
        <balance>6215.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>41533.73000000</valUSD>
        <pctVal>0.095465943672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TP ICAP GROUP PLC</name>
        <lei>2138006YAA7IRVKKGE63</lei>
        <title>TP ICAP GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BMDZN391"/>
          <other otherDesc="Internal" value="BMDZN39"/>
        </identifiers>
        <balance>65424.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>303134.33000000</valUSD>
        <pctVal>0.696759112964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bytes Technology Group PLC</name>
        <lei>213800LA4DZLFBAC9O33</lei>
        <title>BYTES TECHNOLOGY GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMH18Q19"/>
          <other otherDesc="Internal" value="BMH18Q1"/>
        </identifiers>
        <balance>19185.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>114017.09000000</valUSD>
        <pctVal>0.262070107635</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>MOONPIG GROUP PLC</name>
        <lei>213800VAYO5KCAXZHK83</lei>
        <title>MOONPIG GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMT9K014"/>
          <other otherDesc="Internal" value="BMT9K01"/>
        </identifiers>
        <balance>25634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>101770.88000000</valUSD>
        <pctVal>0.233921997796</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>THG PLC</name>
        <lei>21380066N3SV9O8IDP37</lei>
        <title>THG PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMTV7393"/>
          <other otherDesc="Internal" value="BMTV739"/>
        </identifiers>
        <balance>50377.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>23366.49000000</valUSD>
        <pctVal>0.053708251538</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="15177.99099300"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONDI PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>MONDI PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMWC6P49"/>
          <other otherDesc="Internal" value="BMWC6P4"/>
        </identifiers>
        <balance>39785.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>462457.75000000</valUSD>
        <pctVal>1.062966545799</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>METRO BANK HOLDINGS PLC</name>
        <lei>984500CDDEAD6C2EDQ64</lei>
        <title>METRO BANK HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMX3W479"/>
          <other otherDesc="Internal" value="BMX3W47"/>
        </identifiers>
        <balance>27024.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>63348.34000000</valUSD>
        <pctVal>0.145607174173</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>SAGA PLC</name>
        <lei>2138004WWUJN94K2LH95</lei>
        <title>SAGA PLC</title>
        <cusip>G7770H124</cusip>
        <identifiers>
          <isin value="GB00BMX64W89"/>
          <other otherDesc="Internal" value="BMX64W8"/>
        </identifiers>
        <balance>8241.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>75820.95000000</valUSD>
        <pctVal>0.174275668038</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>Conduit Holdings Ltd</name>
        <lei>21380085AE62D1BXSF19</lei>
        <title>CONDUIT HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG243851091"/>
          <other otherDesc="Internal" value="BN133N2"/>
        </identifiers>
        <balance>11765.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>72295.09000000</valUSD>
        <pctVal>0.166171422352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOLUTION GROUP PLC</name>
        <lei>213800EPT84EQCDHO768</lei>
        <title>VOLUTION GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BN3ZZ526"/>
          <other otherDesc="Internal" value="BN3ZZ52"/>
        </identifiers>
        <balance>17849.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>163251.50000000</valUSD>
        <pctVal>0.375236187633</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>Baltic Classifieds Group PLC</name>
        <lei>213800I1RPHCFSSQS969</lei>
        <title>BALTIC CLASSIFIEDS GROUP PLC</title>
        <cusip>G07167102</cusip>
        <identifiers>
          <isin value="GB00BN44P254"/>
          <other otherDesc="Internal" value="BN44P25"/>
        </identifiers>
        <balance>37607.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>107340.62000000</valUSD>
        <pctVal>0.246724134400</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>BRIDGEPOINT GROUP PLC</name>
        <lei>213800KFNMVI8PDZX472</lei>
        <title>BRIDGEPOINT GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BND88V85"/>
          <other otherDesc="Internal" value="BND88V8"/>
        </identifiers>
        <balance>33635.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>145104.46000000</valUSD>
        <pctVal>0.333524925523</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>QUILTER PLC</name>
        <lei>54930092XIVK28RZGM95</lei>
        <title>QUILTER PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNHSJN34"/>
          <other otherDesc="Internal" value="BNHSJN3"/>
        </identifiers>
        <balance>117102.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>307984.86000000</valUSD>
        <pctVal>0.707908133862</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>Trustpilot Group PLC</name>
        <lei>2138002ILUNMGNPSGG46</lei>
        <title>TRUSTPILOT GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNK9TP58"/>
          <other otherDesc="Internal" value="BNK9TP5"/>
        </identifiers>
        <balance>31397.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>122485.40000000</valUSD>
        <pctVal>0.281534653811</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>SPIRE HEALTHCARE GROUP PLC</name>
        <lei>213800IBJPW3SE2RA350</lei>
        <title>SPIRE HEALTHCARE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNLPYF73"/>
          <other otherDesc="Internal" value="BNLPYF7"/>
        </identifiers>
        <balance>23596.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>74634.14000000</valUSD>
        <pctVal>0.171547766243</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>PENNON GROUP PLC</name>
        <lei>213800V1CCTS41GWH423</lei>
        <title>PENNON GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNNTLN49"/>
          <other otherDesc="Internal" value="BNNTLN4"/>
        </identifiers>
        <balance>41273.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>266443.57000000</valUSD>
        <pctVal>0.612424813409</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>THE BERKELEY GROUP HOLDINGS PLC</name>
        <lei>N/A</lei>
        <title>BERKELEY GROUP HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BP0RGD03"/>
          <other otherDesc="Internal" value="BP0RGD0"/>
        </identifiers>
        <balance>8172.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>392799.02000000</valUSD>
        <pctVal>0.902854839134</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>Oxford Nanopore Technologies PLC</name>
        <lei>213800IRWQ2Q6M2CDW55</lei>
        <title>OXFORD NANOPORE TECHNOLOGIES PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BP6S8Z30"/>
          <other otherDesc="Internal" value="BP6S8Z3"/>
        </identifiers>
        <balance>43950.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>104871.57000000</valUSD>
        <pctVal>0.241048983427</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>TATE &amp; LYLE PUBLIC LIMITED COMPANY</name>
        <lei>2138008K14474WPKZ244</lei>
        <title>TATE LYLE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BP92CJ43"/>
          <other otherDesc="Internal" value="BP92CJ4"/>
        </identifiers>
        <balance>33116.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>247088.27000000</valUSD>
        <pctVal>0.567936346335</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>Applied Nutrition PLC</name>
        <lei>213800KCP1IDX51ZHE47</lei>
        <title>APPLIED NUTRITION PLC</title>
        <cusip>G042A0103</cusip>
        <identifiers>
          <isin value="GB00BPVDXX64"/>
          <other otherDesc="Internal" value="BPVDXX6"/>
        </identifiers>
        <balance>12393.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>53148.34000000</valUSD>
        <pctVal>0.122162310794</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>GAMMA COMMUNICATIONS PLC</name>
        <lei>213800LAQZXPRIZUEH50</lei>
        <title>GAMMA COMMUNICATIONS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BQS10J50"/>
          <other otherDesc="Internal" value="BQS10J5"/>
        </identifiers>
        <balance>7853.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>121305.35000000</valUSD>
        <pctVal>0.278822289985</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>Fevertree Drinks PLC</name>
        <lei>2138007AJRLHRVQZLD07</lei>
        <title>FEVERTREE DRINKS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BRJ9BJ26"/>
          <other otherDesc="Internal" value="BRJ9BJ2"/>
        </identifiers>
        <balance>8126.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>93976.63000000</valUSD>
        <pctVal>0.216006789327</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>HAMMERSON PLC</name>
        <lei>213800G1C9KKVVDN1A60</lei>
        <title>HAMMERSON PLC</title>
        <cusip>G4273Q206</cusip>
        <identifiers>
          <isin value="GB00BRJQ8J25"/>
          <other otherDesc="Internal" value="BRJQ8J2"/>
        </identifiers>
        <balance>52746.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>266963.08000000</valUSD>
        <pctVal>0.613618915465</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>CANAL+ SA</name>
        <lei>9695000537F9F73BXN18</lei>
        <title>CANAL SADIR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR001400T0D6"/>
          <other otherDesc="Internal" value="BRS9F13"/>
        </identifiers>
        <balance>57446.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>202162.66000000</valUSD>
        <pctVal>0.464674112153</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>Raspberry Pi Holdings PLC</name>
        <lei>984500F5FB0E4FEBED17</lei>
        <title>RASPBERRY PI HOLDINGS PLC</title>
        <cusip>G7385Z105</cusip>
        <identifiers>
          <isin value="GB00BS3DYQ52"/>
          <other otherDesc="Internal" value="BS3DYQ5"/>
        </identifiers>
        <balance>6547.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>50604.98000000</valUSD>
        <pctVal>0.116316357096</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>ROSEBANK INDUSTRIES PLC</name>
        <lei>2138005KFPHBAEW69F51</lei>
        <title>ROSEBANK INDUSTRIES PLC</title>
        <cusip>G7624N103</cusip>
        <identifiers>
          <isin value="JE00BSBJ5M88"/>
          <other otherDesc="Internal" value="BSBJ5M8"/>
        </identifiers>
        <balance>80179.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>376833.70000000</valUSD>
        <pctVal>0.866158295389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METLEN ENERGY &amp; METALS PLC</name>
        <lei>213800ZSR3HVKMMPVG86</lei>
        <title>METLEN ENERGY METALS PLC</title>
        <cusip>G6042Y105</cusip>
        <identifiers>
          <isin value="GB00BTQGS779"/>
          <other otherDesc="Internal" value="BTQGS77"/>
        </identifiers>
        <balance>9032.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>517829.01000000</valUSD>
        <pctVal>1.190238273819</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>JOHNSON MATTHEY PLC</name>
        <lei>2138001AVBSD1HSC6Z10</lei>
        <title>JOHNSON MATTHEY ORD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BTQHVY80"/>
          <other otherDesc="Internal" value="BTQHVY8"/>
        </identifiers>
        <balance>11360.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>346702.02000000</valUSD>
        <pctVal>0.796900146275</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>SHAWBROOK GROUP PLC</name>
        <lei>21380071539WSMTM4410</lei>
        <title>SHAWBROOK GROUP PLC</title>
        <cusip>G8072S123</cusip>
        <identifiers>
          <isin value="GB00BV9DPV21"/>
          <other otherDesc="Internal" value="BV9DPV2"/>
        </identifiers>
        <balance>11172.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>47836.29000000</valUSD>
        <pctVal>0.109952478783</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>COMPUTACENTER PLC</name>
        <lei>549300XSXUZ1I19DB105</lei>
        <title>COMPUTACENTER PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BV9FP302"/>
          <other otherDesc="Internal" value="BV9FP30"/>
        </identifiers>
        <balance>5267.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>402019.18000000</valUSD>
        <pctVal>0.924047524578</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>ROTORK P.L.C.</name>
        <lei>213800AH5RZIHGWRJ718</lei>
        <title>ROTORK PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BVFNZH21"/>
          <other otherDesc="Internal" value="BVFNZH2"/>
        </identifiers>
        <balance>73648.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>479906.23000000</valUSD>
        <pctVal>1.103072156560</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>ZEGONA COMMUNICATIONS PLC</name>
        <lei>213800ASI1VZL2ED4S65</lei>
        <title>ZEGONA COMMUNICATIONS PLC</title>
        <cusip>G7605F103</cusip>
        <identifiers>
          <isin value="GB00BVGBY890"/>
          <other otherDesc="Internal" value="BVGBY89"/>
        </identifiers>
        <balance>15245.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>334023.85000000</valUSD>
        <pctVal>0.767759169457</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>B&amp;M EUROPEAN VALUE RETAIL PLC</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B M EUROPEAN VALUE RETAIL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BVSYJW51"/>
          <other otherDesc="Internal" value="BVSYJW5"/>
        </identifiers>
        <balance>86056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>275633.59000000</valUSD>
        <pctVal>0.633548221580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AUTOTRADER GROUP PLC</name>
        <lei>213800QLK9BZILB1DI86</lei>
        <title>AUTOTRADER GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BVYVFW23"/>
          <other otherDesc="Internal" value="BVYVFW2"/>
        </identifiers>
        <balance>71445.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>506726.49000000</valUSD>
        <pctVal>1.164718953764</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>HISCOX LTD</name>
        <lei>5493007JXOLJ0QCY2D70</lei>
        <title>HISCOX LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG4593F1389"/>
          <other otherDesc="Internal" value="BVZHXQ9"/>
        </identifiers>
        <balance>28975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>716879.73000000</valUSD>
        <pctVal>1.647759542037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AEP PLANTATIONS PLC</name>
        <lei>2138009ROZICGP42QP19</lei>
        <title>AEP PLANTATIONS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BWPD4D87"/>
          <other otherDesc="Internal" value="BWPD4D8"/>
        </identifiers>
        <balance>16030.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>44527.36000000</valUSD>
        <pctVal>0.102346850177</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>Rockhopper Exploration PLC</name>
        <lei>213800IPXW6XRLVCL581</lei>
        <title>ROCKHOPPER EXPLORATION PLC RTS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0FVQX23"/>
          <other otherDesc="Internal" value="BXCBVY2"/>
        </identifiers>
        <balance>1799.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>214.51000000</valUSD>
        <pctVal>0.000493054670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="RIGHTS"/>
        <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>MOLTEN VENTURES PLC</name>
        <lei>213800IPCR3SAYJWSW10</lei>
        <title>MOLTEN VENTURES PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BY7QYJ50"/>
          <other otherDesc="Internal" value="BY7QYJ5"/>
        </identifiers>
        <balance>13684.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>129483.83000000</valUSD>
        <pctVal>0.297620657264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENCORE GROUP CVR</name>
        <lei>635400GGBEWULJXM5868</lei>
        <title>GREENCORE GROUP CVR</title>
        <cusip>G40CVR124</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="G40CVR124"/>
        </identifiers>
        <balance>21565.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>584.41000000</valUSD>
        <pctVal>0.001343275745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="Contingent value rights" issuerCat="OTHER"/>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOMINO'S PIZZA GROUP PLC</name>
        <lei>213800Q6ZKHAOV48JL75</lei>
        <title>DOMINO S PIZZA GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYN59130"/>
          <other otherDesc="Internal" value="BYN5913"/>
        </identifiers>
        <balance>34689.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>98858.20000000</valUSD>
        <pctVal>0.227227156162</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>BEAZLEY PLC</name>
        <lei>213800VTOMUWD41GIT12</lei>
        <title>BEAZLEY PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYQ0JC66"/>
          <other otherDesc="Internal" value="BYQ0JC6"/>
        </identifiers>
        <balance>50151.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>877636.43000000</valUSD>
        <pctVal>2.017261391910</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>PRIMARY HEALTH PROPERTIES PLC</name>
        <lei>213800Y5CJHXOATK7X11</lei>
        <title>PRIMARY HEALTH PROPERTIES PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYRJ5J14"/>
          <other otherDesc="Internal" value="BYRJ5J1"/>
        </identifiers>
        <balance>216361.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>278491.56000000</valUSD>
        <pctVal>0.640117311403</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>TBC BANK GROUP PLC</name>
        <lei>213800T6NS9N2WQ3B328</lei>
        <title>TBC BANK GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYT18307"/>
          <other otherDesc="Internal" value="BYT1830"/>
        </identifiers>
        <balance>3767.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>255377.29000000</valUSD>
        <pctVal>0.586988791574</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>ICG PLC</name>
        <lei>549300OGASR5WRKJ8R68</lei>
        <title>ICG PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYT1DJ19"/>
          <other otherDesc="Internal" value="BYT1DJ1"/>
        </identifiers>
        <balance>23364.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>629977.09000000</valUSD>
        <pctVal>1.448012432033</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>INTERNATIONAL WORKPLACE GROUP PLC</name>
        <lei>2138003LWDII27UTAG52</lei>
        <title>INTERNATIONAL WORKPLACE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BYVQYS01"/>
          <other otherDesc="Internal" value="BYVQYS0"/>
        </identifiers>
        <balance>63971.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>162552.41000000</valUSD>
        <pctVal>0.373629318070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIGMAROC PLC</name>
        <lei>213800Q3CJUERBGD1E44</lei>
        <title>SIGMAROC PLC</title>
        <cusip>G81267109</cusip>
        <identifiers>
          <isin value="GB00BYX5K988"/>
          <other otherDesc="Internal" value="BYX5K98"/>
        </identifiers>
        <balance>95459.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>161428.96000000</valUSD>
        <pctVal>0.371047050250</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>RHI Magnesita N.V.</name>
        <lei>724500UWG6A61XNA3Y36</lei>
        <title>RHI MAGNESITA NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0012650360"/>
          <other otherDesc="Internal" value="BYZ2JR8"/>
        </identifiers>
        <balance>1662.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>62042.91000000</valUSD>
        <pctVal>0.142606622408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOFTCAT PLC</name>
        <lei>213800N42YZLR9GLVC42</lei>
        <title>SOFTCAT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYZDVK82"/>
          <other otherDesc="Internal" value="BYZDVK8"/>
        </identifiers>
        <balance>11535.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>321962.72000000</valUSD>
        <pctVal>0.740036468963</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>Atalaya Mining Copper, S.A.</name>
        <lei>549300QNQPXVRXGXOX56</lei>
        <title>ATALAYA MINING COPPER SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CY0106002112"/>
          <other otherDesc="Internal" value="BYZTVM8"/>
        </identifiers>
        <balance>12473.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>182003.80000000</valUSD>
        <pctVal>0.418338649548</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>Kainos Group PLC</name>
        <lei>213800H2PQMIF3OVZY47</lei>
        <title>KAINOS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BZ0D6727"/>
          <other otherDesc="Internal" value="BZ0D672"/>
        </identifiers>
        <balance>7330.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>122541.49000000</valUSD>
        <pctVal>0.281663577575</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>FTSE 250 INDEX FU SEP26</name>
        <lei>N/A</lei>
        <title>FTSE 250 INDEX FU SEP26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="Y2U26"/>
          <other otherDesc="INTERNAL" value="YBYU62022"/>
        </identifiers>
        <balance>10.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>12422.20000000</valUSD>
        <pctVal>0.028552625672</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION</counterpartyName>
              <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>FTSE 250 MID LIF Sep 2026</indexName>
                <indexIdentifier>Y2U26</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-18</expDate>
            <notionalAmt>663736.70000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>12422.20000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <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>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort </ncom:signature>
      <ncom:signerName>Chuck Pulsfort </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
