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        <name>HSBC Holdings plc</name>
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        <name>Cerus Corp.</name>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CRH plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PayPal Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Garrett Motion, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Scentre Group</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Resideo Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>D-Wave Quantum, Inc.</name>
        <lei>5493001U37G4PRD4GW95</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>SoftBank Group Corp.</name>
        <lei>5493003BZYYYCDIO0R13</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Intrepid Potash, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OneSpan, Inc.</name>
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        <name>Muenchener Rueckversicherungs-Gesellschaft AG</name>
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        <name>Sony Group Corp.</name>
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        <name>Alphabet, Inc.</name>
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        <name>Mineralys Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PetroChina Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Shell plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Neurocrine Biosciences, Inc.</name>
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        <name>Diversified Healthcare Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cummins, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MeiraGTx Holdings plc</name>
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        <name>Intel Corp.</name>
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        <name>Boston Scientific Corp.</name>
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        <name>China Pacific Insurance Group Co. Ltd.</name>
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        <name>Intuit, Inc.</name>
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        <title>Intuit, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Innodata, Inc.</name>
        <lei>L9O7MPYIT56T6KBE0R95</lei>
        <title>Innodata, Inc.</title>
        <cusip>457642205</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Jeronimo Martins SGPS SA</name>
        <lei>259400A8SZP10GB5IB19</lei>
        <title>Jeronimo Martins SGPS SA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Scorpio Tankers, Inc.</name>
        <lei>549300NVJUH16NXG8K87</lei>
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        <name>Veralto Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Innospec, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Barclays plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fluor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lloyds Banking Group plc</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>Rexel SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bel Fuse, Inc.</name>
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        <name>10X Genomics, Inc.</name>
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        <name>Indra Sistemas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Brink's Co. (The)</name>
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        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>HF Sinclair Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Twist Bioscience Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NU Holdings Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Credit Acceptance Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>Cytokinetics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>3D Systems Corp.</name>
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        <name>Progressive Corp. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Transocean Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vistance Networks, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASML Holding NV</name>
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        <name>Glencore plc</name>
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        <name>LSB Industries, Inc.</name>
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        <name>Visteon Corp.</name>
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        <name>Paylocity Holding Corp.</name>
        <lei>549300VH75FTB4DIEE07</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Schindler Holding AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WuXi AppTec Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Riot Platforms, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Talen Energy Corp.</name>
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        <title>Talen Energy Corp.</title>
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          <isin value="US87422Q1094"/>
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        <fairValLevel>1</fairValLevel>
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        <name>QBE Insurance Group Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Airbus SE</name>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Aeva Technologies, Inc.</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Jones Lang LaSalle, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MFA Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Daiichi Sankyo Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AXA SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CRH plc</name>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Newmont Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VAT Group AG</name>
        <lei>529900MVFK7NVALR7Y83</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Powszechny Zaklad Ubezpieczen SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exelixis, Inc.</name>
        <lei>254900PJQB59O2O95R37</lei>
        <title>Exelixis, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Blue Bird Corp.</name>
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        <title>Blue Bird Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Cinemark Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Schneider Electric SE</name>
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        <name>California Water Service Group</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ather Energy Ltd.</name>
        <lei>335800SZ7EUDQVUICH52</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Viking Holdings Ltd.</name>
        <lei>52990032GOPN7BVQMN13</lei>
        <title>Viking Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="BMG93A5A1010"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chipotle Mexican Grill, Inc.</name>
        <lei>529900REP5VGTPCP1J71</lei>
        <title>Chipotle Mexican Grill, Inc., Class A</title>
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          <isin value="US1696561059"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Adobe, Inc.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe, Inc.</title>
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          <isin value="US00724F1012"/>
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        <balance>4595.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Novo Nordisk A/S</name>
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        <title>Novo Nordisk A/S, Class B</title>
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          <isin value="DK0062498333"/>
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        <balance>6538.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Busey Corp.</name>
        <lei>549300X4ZNLYSX7GUY60</lei>
        <title>First Busey Corp.</title>
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          <isin value="US3193832041"/>
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        <balance>794.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hallador Energy Co.</name>
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        <title>Hallador Energy Co.</title>
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          <isin value="US40609P1057"/>
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        <balance>971.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Northwestern Energy Group, Inc.</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>Northwestern Energy Group, Inc.</title>
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          <isin value="US6680743050"/>
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        <balance>217.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ultragenyx Pharmaceutical, Inc.</name>
        <lei>529900EV44GVDN1DCX77</lei>
        <title>Ultragenyx Pharmaceutical, Inc.</title>
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          <isin value="US90400D1081"/>
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        <balance>313.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Imperial Brands plc</name>
        <lei>549300DFVPOB67JL3A42</lei>
        <title>Imperial Brands plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB0004544929"/>
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        <balance>5918.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
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          <isin value="US02209S1033"/>
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        <balance>6906.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nidec Corp.</name>
        <lei>353800IF171MZTNL6Y31</lei>
        <title>Nidec Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="JP3734800000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Exponent, Inc.</name>
        <lei>529900NY3F5Q2NWPUZ42</lei>
        <title>Exponent, Inc.</title>
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          <isin value="US30214U1025"/>
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        <balance>569.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40404.69000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reckitt Benckiser Group plc</name>
        <lei>5493003JFSMOJG48V108</lei>
        <title>Reckitt Benckiser Group plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BSZBP530"/>
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        <balance>2706.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canadian National Railway Co.</name>
        <lei>3SU7BEP7TH9YEQOZCS77</lei>
        <title>Canadian National Railway Co.</title>
        <cusip>136375102</cusip>
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          <isin value="CA1363751027"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="81052"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Qualys, Inc.</name>
        <lei>549300EMBXYOW9W1XA17</lei>
        <title>Qualys, Inc.</title>
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          <isin value="US74758T3032"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="80778"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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      <invstOrSec>
        <name>Shattuck Labs, Inc.</name>
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        <title>Shattuck Labs, Inc.</title>
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          <isin value="US82024L1035"/>
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        <valUSD>10213.57000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Veeva Systems, Inc.</name>
        <lei>549300YZEXPDB92M2F02</lei>
        <title>Veeva Systems, Inc., Class A</title>
        <cusip>922475108</cusip>
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          <isin value="US9224751084"/>
          <other otherDesc="Inhouse Asset ID" value="561916"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vertiv Holdings Co.</name>
        <lei>549300KTTIRAOGXCRV69</lei>
        <title>Vertiv Holdings Co., Class A</title>
        <cusip>92537N108</cusip>
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          <isin value="US92537N1081"/>
          <other otherDesc="Inhouse Asset ID" value="1018465"/>
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        <curCd>USD</curCd>
        <valUSD>385234.08000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hope Bancorp, Inc.</name>
        <lei>549300UTF4QGMBHIZ219</lei>
        <title>Hope Bancorp, Inc.</title>
        <cusip>43940T109</cusip>
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        <balance>1204.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16603.16000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Danish Krone</name>
        <lei>N/A</lei>
        <title>Danish Krone</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency Code" value="DKK"/>
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        <balance>-0.04000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Aristocrat Leisure Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wolters Kluwer NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>General Dynamics Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dollar General Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CEVA, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GEA Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AtriCure, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Independent Bank Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Plexus Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TransDigm Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Huntsman Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Universal Health Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>Perimeter Solutions, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Astronics Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ultra Clean Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Axis Capital Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Iberdrola SA</name>
        <lei>5QK37QC7NWOJ8D7WVQ45</lei>
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        <name>VSE Corp.</name>
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        <name>Chimera Investment Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sandisk Corp.</name>
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        <name>Sumitomo Electric Industries Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Abbott Laboratories</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <name>Chemed Corp.</name>
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        <name>Associated Banc-Corp.</name>
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        <name>Al Rajhi Bank</name>
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        <name>Invitation Homes, Inc.</name>
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        <name>Ladder Capital Corp.</name>
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        <name>Kaiser Aluminum Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Elite Material Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LXP Industrial Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kansai Electric Power Co., Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Hong Kong Exchanges &amp; Clearing Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Hills Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lumen Technologies, Inc.</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Axsome Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Apollo Global Management, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Constellation Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ciena Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Holcim AG</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Sanmina Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vertex Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Primerica, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hub Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kohl's Corp.</name>
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        <title>Kohl's Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SITC International Holdings Co. Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Fujikura Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Coursera, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Contemporary Amperex Technology Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Accton Technology Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REGENXBIO, Inc.</name>
        <lei>549300EOES47LATSET33</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Chemours Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Colgate-Palmolive Co.</name>
        <lei>YMEGZFW4SBUSS5BQXF88</lei>
        <title>Colgate-Palmolive Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Schroders plc</name>
        <lei>2138001YYBULX5SZ2H24</lei>
        <title>Schroders plc</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Applied Materials, Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
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        <name>Commercial Metals Co.</name>
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        <name>Eastman Kodak Co.</name>
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        <name>Vista Energy SAB de CV</name>
        <lei>549300UDOHP7958KNS89</lei>
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        <name>Frontdoor, Inc.</name>
        <lei>5493008RB0JZJI3QGZ06</lei>
        <title>Frontdoor, Inc.</title>
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        <name>Cia de Saneamento Basico do Estado de Sao Paulo SABESP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>AppLovin Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Impinj, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Spire, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ARM Holdings plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Forint</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>First Horizon Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>AIA Group Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enterprise Financial Services Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>3M Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SSR Mining, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chatham Lodging Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>TotalEnergies SE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Centrus Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IRhythm Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lonza Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Albany International Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Brazilian Real</name>
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        <name>Maximus, Inc.</name>
        <lei>549300DQCDS8HJ7QF202</lei>
        <title>Maximus, Inc.</title>
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        <name>Crown Holdings, Inc.</name>
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        <name>Alamo Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Keyence Corp.</name>
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        <name>Samsung Electronics Co. Ltd.</name>
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        <name>General Electric Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <name>Centene Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>American Tower Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Isuzu Motors Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ACM Research, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Ford Motor Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Avient Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oil States International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dorian LPG Ltd.</name>
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        <name>Heritage Insurance Holdings, Inc.</name>
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        <name>Lockheed Martin Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Victoria's Secret &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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          <other otherDesc="Inhouse Asset ID" value="178795"/>
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        <balance>9789.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>337258.52000000</valUSD>
        <pctVal>0.125364200673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roku, Inc.</name>
        <lei>549300KR6ITU0YIR1T71</lei>
        <title>Roku, Inc., Class A</title>
        <cusip>77543R102</cusip>
        <identifiers>
          <isin value="US77543R1023"/>
          <other otherDesc="Inhouse Asset ID" value="815426"/>
        </identifiers>
        <balance>4630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>726585.90000000</valUSD>
        <pctVal>0.270083200785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="81363"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>58.32000000</valUSD>
        <pctVal>0.000021678444</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <amtCurSold>21000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>24464.27000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-09-16</settlementDt>
            <unrealizedAppr>58.32000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pagseguro Digital Ltd.</name>
        <lei>391200VY4YW47I4HGH62</lei>
        <title>Pagseguro Digital Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG687071012"/>
          <other otherDesc="Inhouse Asset ID" value="821664"/>
        </identifiers>
        <balance>5892.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53145.84000000</valUSD>
        <pctVal>0.019755129538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lazard, Inc.</name>
        <lei>254900RIBCDJSUFG1A11</lei>
        <title>Lazard, Inc., Class A</title>
        <cusip>52110M109</cusip>
        <identifiers>
          <isin value="US52110M1099"/>
          <other otherDesc="Inhouse Asset ID" value="334247"/>
        </identifiers>
        <balance>2424.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>104789.52000000</valUSD>
        <pctVal>0.038951883005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BankUnited, Inc.</name>
        <lei>96OVUWEW5D4YX6PFXD91</lei>
        <title>BankUnited, Inc.</title>
        <cusip>06652K103</cusip>
        <identifiers>
          <isin value="US06652K1034"/>
          <other otherDesc="Inhouse Asset ID" value="486810"/>
        </identifiers>
        <balance>2010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91656.00000000</valUSD>
        <pctVal>0.034069950781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Palo Alto Networks, Inc.</name>
        <lei>549300QXR2YVZV231H43</lei>
        <title>Palo Alto Networks, Inc.</title>
        <cusip>697435105</cusip>
        <identifiers>
          <isin value="US6974351057"/>
          <other otherDesc="Inhouse Asset ID" value="526394"/>
        </identifiers>
        <balance>1050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>401236.50000000</valUSD>
        <pctVal>0.149145803947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005140008"/>
          <other otherDesc="Inhouse Asset ID" value="63625"/>
        </identifiers>
        <balance>6520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091860"/>
        <valUSD>261123.05000000</valUSD>
        <pctVal>0.097063470599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunrun, Inc.</name>
        <lei>54930007SJ77CI66U531</lei>
        <title>Sunrun, Inc.</title>
        <cusip>86771W105</cusip>
        <identifiers>
          <isin value="US86771W1053"/>
          <other otherDesc="Inhouse Asset ID" value="609716"/>
        </identifiers>
        <balance>813.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6967.41000000</valUSD>
        <pctVal>0.002589893905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cintas Corp.</name>
        <lei>N/A</lei>
        <title>Cintas Corp.</title>
        <cusip>172908105</cusip>
        <identifiers>
          <isin value="US1729081059"/>
          <other otherDesc="Inhouse Asset ID" value="29592"/>
        </identifiers>
        <balance>1898.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>382997.42000000</valUSD>
        <pctVal>0.142366056217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Zealand Dollar</name>
        <lei>N/A</lei>
        <title>New Zealand Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency Code" value="NZD"/>
        </identifiers>
        <balance>-0.04000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="NZD" exchangeRt="1.69018846"/>
        <valUSD>-0.02000000</valUSD>
        <pctVal>-0.00000000743</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde plc</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
          <other otherDesc="Inhouse Asset ID" value="1239901"/>
        </identifiers>
        <balance>472.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>231081.76000000</valUSD>
        <pctVal>0.085896659134</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>Melrose Industries plc</name>
        <lei>213800RGNXXZY2M7TR85</lei>
        <title>Melrose Industries plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNGDN821"/>
          <other otherDesc="Inhouse Asset ID" value="617831"/>
        </identifiers>
        <balance>11981.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800738"/>
        <valUSD>82165.72000000</valUSD>
        <pctVal>0.030542267132</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.ii"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.2.b"/>
      <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>Putnam Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
