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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Flowers Foods Inc</name>
        <lei>7YNCQQNDK8FBM9BBTK25</lei>
        <title>Flowers Foods Inc</title>
        <cusip>343498101</cusip>
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          <isin value="US3434981011"/>
          <ticker value="FLO"/>
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        <balance>70954.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1751854.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Home Depot Inc/The</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc/The</title>
        <cusip>437076102</cusip>
        <identifiers>
          <isin value="US4370761029"/>
          <ticker value="HD"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3311280.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chevron Corp</name>
        <lei>N/A</lei>
        <title>Chevron Corp</title>
        <cusip>166764100</cusip>
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          <isin value="US1667641005"/>
          <ticker value="CVX"/>
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        <balance>84000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12068280.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Morinaga Milk Industry Co Ltd</name>
        <lei>529900FB91P7MVO08949</lei>
        <title>Morinaga Milk Industry Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="JP3926800008"/>
          <ticker value="2264"/>
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        <balance>30000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mandarin Oriental Internationa</name>
        <lei>213800KQ1UMKZ1JXJR80</lei>
        <title>Mandarin Oriental International Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG578481068"/>
          <ticker value="MAND"/>
          <other otherDesc="SEDOL" value="6560713"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>752000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Olin Corp</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>Olin Corp</title>
        <cusip>680665205</cusip>
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          <isin value="US6806652052"/>
          <ticker value="OLN"/>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3559040.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Air Products and Chemicals Inc</name>
        <lei>7QEON6Y1RL5XR3R1W237</lei>
        <title>Air Products and Chemicals Inc</title>
        <cusip>009158106</cusip>
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          <isin value="US0091581068"/>
          <ticker value="APD"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4189140.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NCR Corp</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR Corp</title>
        <cusip>62886E108</cusip>
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          <isin value="US62886E1082"/>
          <ticker value="NCR"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152080.00000000</valUSD>
        <pctVal>0.007803487291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Adobe Inc</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe Inc</title>
        <cusip>00724F101</cusip>
        <identifiers>
          <isin value="US00724F1012"/>
          <ticker value="ADBE"/>
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        <balance>8300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2284160.00000000</valUSD>
        <pctVal>0.117204192075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Micron Technology Inc</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>Micron Technology Inc</title>
        <cusip>595112103</cusip>
        <identifiers>
          <isin value="US5951121038"/>
          <ticker value="MU"/>
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        <balance>17500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>876750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Navient Corp</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp</title>
        <cusip>63938C108</cusip>
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          <isin value="US63938C1080"/>
          <ticker value="NAVI"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1909700.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Invesco Ltd</name>
        <lei>ECPGFXU8A2SHKVVGJI15</lei>
        <title>Invesco Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG491BT1088"/>
          <ticker value="IVZ"/>
          <other otherDesc="SEDOL" value="B28XP76"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2123500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TELESAT CORP</name>
        <lei>N/A</lei>
        <title>TELESAT CORP</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="543DEL013"/>
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        <balance>11875.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>92743.75000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Starbucks Corp</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp</title>
        <cusip>855244109</cusip>
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          <isin value="US8552441094"/>
          <ticker value="SBUX"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4213000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Instruments Inc</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments Inc</title>
        <cusip>882508104</cusip>
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          <isin value="US8825081040"/>
          <ticker value="TXN"/>
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        <balance>78000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12072840.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amazon.com Inc</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com Inc</title>
        <cusip>023135106</cusip>
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          <isin value="US0231351067"/>
          <ticker value="AMZN"/>
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        <balance>168900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19085700.00000000</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>American Express Co</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co</title>
        <cusip>025816109</cusip>
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          <isin value="US0258161092"/>
          <ticker value="AXP"/>
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        <balance>299108.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40352660.28000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avantor Inc</name>
        <lei>N/A</lei>
        <title>Avantor Inc</title>
        <cusip>05352A100</cusip>
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          <isin value="US05352A1007"/>
          <ticker value="AVTR"/>
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        <valUSD>3645345.20000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pentair PLC</name>
        <lei>549300EVR9D56WPSRP15</lei>
        <title>Pentair PLC</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BLS09M33"/>
          <ticker value="PNR"/>
          <other otherDesc="SEDOL" value="BLS09M3"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>609450.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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        <name>Kraft Heinz Co/The</name>
        <lei>9845007488EC87F5AF14</lei>
        <title>Kraft Heinz Co/The</title>
        <cusip>500754106</cusip>
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          <isin value="US5007541064"/>
          <ticker value="KHC"/>
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        <balance>204000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6803400.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Incyte Corp</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>Incyte Corp</title>
        <cusip>45337C102</cusip>
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          <isin value="US45337C1027"/>
          <ticker value="INCY"/>
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        <balance>8400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>559776.00000000</valUSD>
        <pctVal>0.028723072737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nintendo Co Ltd</name>
        <lei>353800FEEXU6I9M0ZF27</lei>
        <title>Nintendo Co Ltd</title>
        <cusip>654445303</cusip>
        <identifiers>
          <isin value="US6544453037"/>
          <ticker value="NTDOY"/>
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        <balance>799.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40725.03000000</valUSD>
        <pctVal>0.002089671580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NortonLifeLock Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>NortonLifeLock Inc</title>
        <cusip>668771108</cusip>
        <identifiers>
          <isin value="US6687711084"/>
          <ticker value="NLOK"/>
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        <balance>2500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50350.00000000</valUSD>
        <pctVal>0.002583545404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Activision Blizzard Inc</name>
        <lei>549300TPQQDBP9GNOF40</lei>
        <title>Activision Blizzard Inc</title>
        <cusip>00507V109</cusip>
        <identifiers>
          <isin value="US00507V1098"/>
          <ticker value="ATVI"/>
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      <invstOrSec>
        <name>Rentokil Initial PLC</name>
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      <invstOrSec>
        <name>TREASURY BILL</name>
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      <invstOrSec>
        <name>Korea Electric Power Corp</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Dana Inc</name>
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      <invstOrSec>
        <name>Sinclair Broadcast Group Inc</name>
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      <invstOrSec>
        <name>General Mills Inc</name>
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        <name>Danone SA</name>
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        <name>Ampco-Pittsburgh Corp</name>
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      <invstOrSec>
        <name>Eaton Corp PLC</name>
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        <name>Cardiovascular Systems Inc</name>
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        <name>Arlo Technologies Inc</name>
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        <name>WI TREASURY BILL</name>
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        <name>York Water Co/The</name>
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        <name>Teladoc Health Inc</name>
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        <name>Rockwell Automation Inc</name>
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        <name>Kyushu Electric Power Co Inc</name>
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        <name>WI TREASURY BILL</name>
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        <name>ONEOK Inc</name>
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        <name>QuidelOrtho Corp</name>
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        <name>Travel + Leisure Co</name>
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        <name>Johnson Controls International</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>Johnson Controls International plc</title>
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        <name>Telenet Group Holding NV</name>
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        <name>NiSource Inc</name>
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        <name>Li-Cycle Holdings Corp</name>
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        <name>Avangrid Inc</name>
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        <name>Alleghany Corp</name>
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        <name>Liberty Broadband Corp</name>
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        <name>Remy Cointreau SA</name>
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        <name>Gilead Sciences Inc</name>
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        <name>Personalis Inc</name>
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        <name>Chugoku Electric Power Co Inc/</name>
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        <name>Keurig Dr Pepper Inc</name>
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        <name>Timken Co/The</name>
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        <name>Axalta Coating Systems Ltd</name>
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        <name>DaVita Inc</name>
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        <name>Keweenaw Land Association Ltd</name>
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        <name>PayPal Holdings Inc</name>
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        <name>Cisco Systems Inc</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems Inc</title>
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        <name>Marathon Petroleum Corp</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <curCd>USD</curCd>
        <valUSD>13508880.00000000</valUSD>
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      <invstOrSec>
        <name>Cogeco Inc</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>NeoGenomics Inc</name>
        <lei>N/A</lei>
        <title>NeoGenomics Inc</title>
        <cusip>64049M209</cusip>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEICO Corp</name>
        <lei>529900O1DTDLCJ7L0I14</lei>
        <title>HEICO Corp</title>
        <cusip>422806109</cusip>
        <identifiers>
          <isin value="US4228061093"/>
          <ticker value="HEI"/>
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        <balance>13500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1943730.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ZoomInfo Technologies Inc</name>
        <lei>N/A</lei>
        <title>ZoomInfo Technologies Inc</title>
        <cusip>98980F104</cusip>
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          <isin value="US98980F1049"/>
          <ticker value="ZI"/>
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        <balance>51500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2145490.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38141G104</cusip>
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          <isin value="US38141G1040"/>
          <ticker value="GS"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10549800.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alliance Resource Partners LP</name>
        <lei>529900T4Q5UPWOUFG783</lei>
        <title>Alliance Resource Partners LP</title>
        <cusip>01877R108</cusip>
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          <isin value="US01877R1086"/>
          <ticker value="ARLP"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>458000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Suntory Beverage &amp; Food Ltd</name>
        <lei>549300FONLMVK7YYYH41</lei>
        <title>Suntory Beverage &amp; Food Ltd</title>
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          <isin value="JP3336560002"/>
          <ticker value="2587"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>National Fuel Gas Co</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Co</title>
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          <isin value="US6361801011"/>
          <ticker value="NFG"/>
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        <balance>166500.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co</title>
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          <isin value="US3846371041"/>
          <ticker value="GHC"/>
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        <balance>1200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>645576.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kimberly-Clark Corp</name>
        <lei>MP3J6QPYPGN75NVW2S34</lei>
        <title>Kimberly-Clark Corp</title>
        <cusip>494368103</cusip>
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          <isin value="US4943681035"/>
          <ticker value="KMB"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>337620.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DISH Network Corp</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH Network Corp</title>
        <cusip>25470M109</cusip>
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          <isin value="US25470M1099"/>
          <ticker value="DISH"/>
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        <balance>168790.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2334365.70000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Waste Connections Inc</name>
        <lei>549300HDLRTPBQU69P29</lei>
        <title>Waste Connections Inc</title>
        <cusip>94106B101</cusip>
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          <isin value="CA94106B1013"/>
          <ticker value="WCN"/>
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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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        <name>MGE Energy Inc</name>
        <lei>N/A</lei>
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        <name>Telekom Austria AG</name>
        <lei>529900KCNFQU5OJH7L33</lei>
        <title>Telekom Austria AG</title>
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        <name>Fastly Inc</name>
        <lei>549300E2FZC83FJ3H565</lei>
        <title>Fastly Inc</title>
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        <name>CNH Industrial NV</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH Industrial NV</title>
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          <ticker value="CNHI"/>
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        <invCountry>GB</invCountry>
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        <name>Apple Inc</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc</title>
        <cusip>037833100</cusip>
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          <isin value="US0378331005"/>
          <ticker value="AAPL"/>
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        <name>H&amp;R Block Inc</name>
        <lei>549300CE3KUCWLZBG404</lei>
        <title>H&amp;R Block Inc</title>
        <cusip>093671105</cusip>
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          <isin value="US0936711052"/>
          <ticker value="HRB"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>GRAF ACQUISITION CORP IV</name>
        <lei>N/A</lei>
        <title>GRAF ACQUISITION CORP-CW28</title>
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          <ticker value="GFOR/WS"/>
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        <assetCat>EC</assetCat>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC</title>
        <cusip>000000000</cusip>
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          <ticker value="MDT"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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      <invstOrSec>
        <name>Becton Dickinson and Co</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>Becton Dickinson and Co</title>
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          <ticker value="BDX"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Medmix AG</name>
        <lei>N/A</lei>
        <title>Medmix AG</title>
        <cusip>000000000</cusip>
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          <isin value="CH1129677105"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arista Networks Inc</name>
        <lei>635400H1WKBLOQERUU95</lei>
        <title>Arista Networks Inc</title>
        <cusip>040413106</cusip>
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          <isin value="US0404131064"/>
          <ticker value="ANET"/>
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        <curCd>USD</curCd>
        <valUSD>2709360.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Resona Holdings Inc</name>
        <lei>52990067JE75XZCYYT81</lei>
        <title>Resona Holdings Inc</title>
        <cusip>000000000</cusip>
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          <isin value="JP3500610005"/>
          <ticker value="8308"/>
          <other otherDesc="SEDOL" value="6421553"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Public Service Enterprise Grou</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group Inc</title>
        <cusip>744573106</cusip>
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          <isin value="US7445731067"/>
          <ticker value="PEG"/>
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        <curCd>USD</curCd>
        <valUSD>1686900.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>VEON Ltd</name>
        <lei>5493008CA3NMHYEVT131</lei>
        <title>VEON Ltd</title>
        <cusip>91822M106</cusip>
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          <isin value="US91822M1062"/>
          <ticker value="VEON"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48000.00000000</valUSD>
        <pctVal>0.002462962848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dril-Quip Inc</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>Dril-Quip Inc</title>
        <cusip>262037104</cusip>
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          <isin value="US2620371045"/>
          <ticker value="DRQ"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>390400.00000000</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>
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      <invstOrSec>
        <name>AutoNation Inc</name>
        <lei>N/A</lei>
        <title>AutoNation Inc</title>
        <cusip>05329W102</cusip>
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          <isin value="US05329W1027"/>
          <ticker value="AN"/>
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        <balance>114000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11613180.00000000</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>Charles River Laboratories Int</name>
        <lei>549300BSQ0R4UZ5KX287</lei>
        <title>Charles River Laboratories International Inc</title>
        <cusip>159864107</cusip>
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          <isin value="US1598641074"/>
          <ticker value="CRL"/>
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        <balance>9000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1771200.00000000</valUSD>
        <pctVal>0.090883329102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>M&amp;T Bank Corp</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
        <cusip>55261F104</cusip>
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          <isin value="US55261F1049"/>
          <ticker value="MTB"/>
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        <balance>52000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9168640.00000000</valUSD>
        <pctVal>0.470458743532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>South Jersey Industries Inc</name>
        <lei>549300DJYWYT5VXLFA46</lei>
        <title>South Jersey Industries Inc</title>
        <cusip>838518108</cusip>
        <identifiers>
          <isin value="US8385181081"/>
          <ticker value="SJI"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002600.00000000</valUSD>
        <pctVal>0.051445136494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAP SE</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP SE</title>
        <cusip>803054204</cusip>
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          <isin value="US8030542042"/>
          <ticker value="SAP"/>
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        <balance>4500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>365625.00000000</valUSD>
        <pctVal>0.018760849821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enterprise Products Partners L</name>
        <lei>K4CDIF4M54DJZ6TB4Q48</lei>
        <title>Enterprise Products Partners LP</title>
        <cusip>293792107</cusip>
        <identifiers>
          <isin value="US2937921078"/>
          <ticker value="EPD"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4756000.00000000</valUSD>
        <pctVal>0.244038568887</pctVal>
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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>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280406</cusip>
        <identifiers>
          <isin value="US4042804066"/>
          <ticker value="HSBC"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338910.00000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>EchoStar Corp</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp</title>
        <cusip>278768106</cusip>
        <identifiers>
          <isin value="US2787681061"/>
          <ticker value="SATS"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>164700.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Otis Worldwide Corp</name>
        <lei>549300ZLBKR8VSU25153</lei>
        <title>Otis Worldwide Corp</title>
        <cusip>68902V107</cusip>
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          <isin value="US68902V1070"/>
          <ticker value="OTIS"/>
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        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>382800.00000000</valUSD>
        <pctVal>0.019642128715</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Marvell Technology Inc</name>
        <lei>N/A</lei>
        <title>Marvell Technology Inc</title>
        <cusip>573874104</cusip>
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          <isin value="US5738741041"/>
          <ticker value="MRVL"/>
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        <balance>62000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2660420.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N-able Inc</name>
        <lei>N/A</lei>
        <title>N-able Inc</title>
        <cusip>62878D100</cusip>
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          <isin value="US62878D1000"/>
          <ticker value="NABL"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>692250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Spectrum Brands Holdings Inc</name>
        <lei>549300JM0MJETDD30O20</lei>
        <title>Spectrum Brands Holdings Inc</title>
        <cusip>84790A105</cusip>
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          <isin value="US84790A1051"/>
          <ticker value="SPB"/>
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        <balance>5000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Travelers Cos Inc/The</name>
        <lei>549300Y650407RU8B149</lei>
        <title>Travelers Cos Inc/The</title>
        <cusip>89417E109</cusip>
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          <isin value="US89417E1091"/>
          <ticker value="TRV"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PNC Financial Services Group I</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475105</cusip>
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          <isin value="US6934751057"/>
          <ticker value="PNC"/>
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        <balance>146500.00000000</balance>
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        <valUSD>21890030.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PetroChina Co Ltd</name>
        <lei>529900RPY4YG47TRSV05</lei>
        <title>PetroChina Co Ltd</title>
        <cusip>71646E100</cusip>
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          <isin value="US71646E1001"/>
          <ticker value="PTR"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40860.00000000</valUSD>
        <pctVal>0.002096597124</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Backblaze Inc</name>
        <lei>N/A</lei>
        <title>Backblaze Inc</title>
        <cusip>05637B105</cusip>
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          <isin value="US05637B1052"/>
          <ticker value="BLZE"/>
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        <balance>4360.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21669.20000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aurinia Pharmaceuticals Inc</name>
        <lei>5299008YP2BW4570ML28</lei>
        <title>Aurinia Pharmaceuticals Inc</title>
        <cusip>05156V102</cusip>
        <identifiers>
          <isin value="CA05156V1022"/>
          <ticker value="AUPH"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1203200.00000000</valUSD>
        <pctVal>0.061738268731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>China Mengniu Dairy Co Ltd</name>
        <lei>2549005Q343BSJ8RSS21</lei>
        <title>China Mengniu Dairy Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG210961051"/>
          <ticker value="2319"/>
          <other otherDesc="SEDOL" value="B01B1L9"/>
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        <balance>950000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84965000"/>
        <valUSD>3769913.31000000</valUSD>
        <pctVal>0.193440758831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Zimvie Inc</name>
        <lei>549300GFKURT1J6XR665</lei>
        <title>Zimvie Inc</title>
        <cusip>98888T107</cusip>
        <identifiers>
          <isin value="US98888T1079"/>
          <ticker value="ZIMV"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29610.00000000</valUSD>
        <pctVal>0.001519340207</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>Bristol-Myers Squibb Co</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co</title>
        <cusip>110122108</cusip>
        <identifiers>
          <isin value="US1101221083"/>
          <ticker value="BMY"/>
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        <balance>130000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9241700.00000000</valUSD>
        <pctVal>0.474207578234</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>Aerojet Rocketdyne Holdings In</name>
        <lei>549300VULNLWHE8QWI76</lei>
        <title>Aerojet Rocketdyne Holdings Inc</title>
        <cusip>007800105</cusip>
        <identifiers>
          <isin value="US0078001056"/>
          <ticker value="AJRD"/>
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        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9197700.00000000</valUSD>
        <pctVal>0.471949862290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Stryker Corp</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>Stryker Corp</title>
        <cusip>863667101</cusip>
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          <isin value="US8636671013"/>
          <ticker value="SYK"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3038100.00000000</valUSD>
        <pctVal>0.155890154780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>nVent Electric PLC</name>
        <lei>N/A</lei>
        <title>nVent Electric PLC</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BDVJJQ56"/>
          <ticker value="NVT"/>
          <other otherDesc="SEDOL" value="BDVJJQ5"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316100.00000000</valUSD>
        <pctVal>0.016219636590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>General Motors Co</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co</title>
        <cusip>37045V100</cusip>
        <identifiers>
          <isin value="US37045V1008"/>
          <ticker value="GM"/>
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        <balance>169000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5423210.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Visteon Corp</name>
        <lei>549300MOVLYHRW4GGW78</lei>
        <title>Visteon Corp</title>
        <cusip>92839U206</cusip>
        <identifiers>
          <isin value="US92839U2069"/>
          <ticker value="VC"/>
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        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1484840.00000000</valUSD>
        <pctVal>0.076189703243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vimeo Inc</name>
        <lei>25490061AWYWC90UIJ68</lei>
        <title>Vimeo Inc</title>
        <cusip>92719V100</cusip>
        <identifiers>
          <isin value="US92719V1008"/>
          <ticker value="VMEO"/>
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        <balance>19757.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79028.00000000</valUSD>
        <pctVal>0.004055063082</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>Authentic Equity Acquisition C</name>
        <lei>N/A</lei>
        <title>Authentic Equity Acquisition Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG066071088"/>
          <ticker value="AEAC"/>
          <other otherDesc="SEDOL" value="BMZ9Z00"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1492500.00000000</valUSD>
        <pctVal>0.076582751064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI Corp</title>
        <cusip>902681105</cusip>
        <identifiers>
          <isin value="US9026811052"/>
          <ticker value="UGI"/>
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        <balance>74000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2392420.00000000</valUSD>
        <pctVal>0.122759199532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CareDx Inc</name>
        <lei>549300NQOFKL9NON0U06</lei>
        <title>CareDx Inc</title>
        <cusip>14167L103</cusip>
        <identifiers>
          <isin value="US14167L1035"/>
          <ticker value="CDNA"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>170200.00000000</valUSD>
        <pctVal>0.008733255766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Conagra Brands Inc</name>
        <lei>54930035UDEIH090K650</lei>
        <title>Conagra Brands Inc</title>
        <cusip>205887102</cusip>
        <identifiers>
          <isin value="US2058871029"/>
          <ticker value="CAG"/>
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        <balance>341000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11126830.00000000</valUSD>
        <pctVal>0.570936852281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co</title>
        <cusip>532457108</cusip>
        <identifiers>
          <isin value="US5324571083"/>
          <ticker value="LLY"/>
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        <balance>37400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12093290.00000000</valUSD>
        <pctVal>0.620527582997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp/T</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp/The</title>
        <cusip>064058100</cusip>
        <identifiers>
          <isin value="US0640581007"/>
          <ticker value="BK"/>
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        <balance>620000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23882400.00000000</valUSD>
        <pctVal>1.225447165178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Costco Wholesale Corp</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp</title>
        <cusip>22160K105</cusip>
        <identifiers>
          <isin value="US22160K1051"/>
          <ticker value="COST"/>
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        <balance>10900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5147743.00000000</valUSD>
        <pctVal>0.264139578368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KKR &amp; Co Inc</name>
        <lei>54930013V5I303TF9571</lei>
        <title>KKR &amp; Co Inc</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
          <ticker value="KKR"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2365000.00000000</valUSD>
        <pctVal>0.121352232005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Evolent Health Inc</name>
        <lei>549300CZOCFHQ2BBTR11</lei>
        <title>Evolent Health Inc</title>
        <cusip>30050B101</cusip>
        <identifiers>
          <isin value="US30050B1017"/>
          <ticker value="EVH"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6826700.00000000</valUSD>
        <pctVal>0.350289759928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Autodesk Inc</name>
        <lei>FRKKVKAIQEF3FCSTPG55</lei>
        <title>Autodesk Inc</title>
        <cusip>052769106</cusip>
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          <isin value="US0527691069"/>
          <ticker value="ADSK"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>560400.00000000</valUSD>
        <pctVal>0.028755091254</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cullen/Frost Bankers Inc</name>
        <lei>529900V2E9G9AY665O34</lei>
        <title>Cullen/Frost Bankers Inc</title>
        <cusip>229899109</cusip>
        <identifiers>
          <isin value="US2298991090"/>
          <ticker value="CFR"/>
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        <balance>18500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2446070.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cigna Corp</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Corp</title>
        <cusip>125523100</cusip>
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          <ticker value="CI"/>
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        <balance>52000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14428440.00000000</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>Pharol SGPS SA</name>
        <lei>549300JNP3LA8FWLU630</lei>
        <title>Pharol SGPS SA</title>
        <cusip>000000000</cusip>
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          <isin value="PTPTC0AM0009"/>
          <ticker value="PHR"/>
          <other otherDesc="SEDOL" value="5817186"/>
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        <balance>50000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.02035610"/>
        <valUSD>3092.06000000</valUSD>
        <pctVal>0.000158658935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Procter &amp; Gamble Co/The</name>
        <lei>2572IBTT8CCZW6AU4141</lei>
        <title>Procter &amp; Gamble Co/The</title>
        <cusip>742718109</cusip>
        <identifiers>
          <isin value="US7427181091"/>
          <ticker value="PG"/>
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        <balance>73000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9216250.00000000</valUSD>
        <pctVal>0.472901694807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>L3Harris Technologies Inc</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>L3Harris Technologies Inc</title>
        <cusip>502431109</cusip>
        <identifiers>
          <isin value="US5024311095"/>
          <ticker value="LHX"/>
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        <balance>64000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13301120.00000000</valUSD>
        <pctVal>0.682503425019</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>UnitedHealth Group Inc</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc</title>
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          <isin value="US91324P1021"/>
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        <curCd>USD</curCd>
        <valUSD>11615920.00000000</valUSD>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American States Water Co</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>American States Water Co</title>
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          <isin value="US0298991011"/>
          <ticker value="AWR"/>
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        <curCd>USD</curCd>
        <valUSD>857450.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Liberty Media Corp-Liberty Bra</name>
        <lei>N/A</lei>
        <title>Liberty Media Corp-Liberty Braves</title>
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          <isin value="US5312297063"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Kansai Electric Power Co Inc/T</name>
        <lei>353800PFUKP5ONPJNZ86</lei>
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          <isin value="JP3228600007"/>
          <ticker value="9503"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QURATE RETAIL INC</name>
        <lei>549300PSXEKU4PHLCR04</lei>
        <title>Qurate Retail Inc</title>
        <cusip>74915M308</cusip>
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          <isin value="US74915M3088"/>
          <ticker value="QRTEA"/>
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        <balance>70450.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3208293.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796W62</cusip>
        <identifiers>
          <isin value="US912796W621"/>
          <other otherDesc="SEDOL" value="BMDPZH7"/>
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        <balance>3905000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3891244.64000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-17</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
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          <isin value="US02079K1079"/>
          <ticker value="GOOG"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nomad Foods Ltd</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>Nomad Foods Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="VGG6564A1057"/>
          <ticker value="NOMD"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PetIQ Inc</name>
        <lei>549300GROACFGKVYOX14</lei>
        <title>PetIQ Inc</title>
        <cusip>71639T106</cusip>
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          <isin value="US71639T1060"/>
          <ticker value="PETQ"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517500.00000000</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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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Outdoor Brands Inc</name>
        <lei>N/A</lei>
        <title>American Outdoor Brands Inc</title>
        <cusip>02875D109</cusip>
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          <isin value="US02875D1090"/>
          <ticker value="AOUT"/>
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        <balance>12352.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108327.04000000</valUSD>
        <pctVal>0.005558447395</pctVal>
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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>
      <invstOrSec>
        <name>Hess Corp</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp</title>
        <cusip>42809H107</cusip>
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          <isin value="US42809H1077"/>
          <ticker value="HES"/>
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        <balance>15700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1711143.00000000</valUSD>
        <pctVal>0.087801700773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cloudflare Inc</name>
        <lei>5493007DY18BGNLDWU14</lei>
        <title>Cloudflare Inc</title>
        <cusip>18915M107</cusip>
        <identifiers>
          <isin value="US18915M1071"/>
          <ticker value="NET"/>
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        <balance>36000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1991160.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Australia Bank Ltd</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd</title>
        <cusip>632525408</cusip>
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          <isin value="US6325254083"/>
          <ticker value="NABZY"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>660100.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kaman Corp</name>
        <lei>5493003YK076OLTEQF95</lei>
        <title>Kaman Corp</title>
        <cusip>483548103</cusip>
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          <isin value="US4835481031"/>
          <ticker value="KAMN"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>698250.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aptiv PLC</name>
        <lei>N/A</lei>
        <title>Aptiv PLC</title>
        <cusip>000000000</cusip>
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          <isin value="JE00B783TY65"/>
          <ticker value="APTV"/>
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        <balance>51176.00000000</balance>
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        <valUSD>4002474.96000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

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        <name>McCormick &amp; Co Inc/MD</name>
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        <title>McCormick &amp; Co Inc/MD</title>
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          <ticker value="MKC/V"/>
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      <invstOrSec>
        <name>WideOpenWest Inc</name>
        <lei>549300RM6J2BWWOFU889</lei>
        <title>WideOpenWest Inc</title>
        <cusip>96758W101</cusip>
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          <ticker value="WOW"/>
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        <curCd>USD</curCd>
        <valUSD>981600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796XS3</cusip>
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          <isin value="US912796XS39"/>
          <other otherDesc="SEDOL" value="BNXG759"/>
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        <balance>8000000.00000000</balance>
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        <valUSD>7919688.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BioMarin Pharmaceutical Inc</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>BioMarin Pharmaceutical Inc</title>
        <cusip>09061G101</cusip>
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          <isin value="US09061G1013"/>
          <ticker value="BMRN"/>
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        <balance>2500.00000000</balance>
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        <valUSD>211925.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>TELUS Corp</name>
        <lei>L2TEUTQ8OSHMJWVLCE40</lei>
        <title>TELUS Corp</title>
        <cusip>87971M103</cusip>
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          <isin value="CA87971M1032"/>
          <ticker value="TU"/>
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        <balance>270000.00000000</balance>
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        <valUSD>5362200.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Verizon Communications Inc</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc</title>
        <cusip>92343V104</cusip>
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          <ticker value="VZ"/>
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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>
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      <invstOrSec>
        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc</title>
        <cusip>92826C839</cusip>
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          <ticker value="V"/>
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        <curCd>USD</curCd>
        <valUSD>6768465.00000000</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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        <name>MSCI Inc</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI Inc</title>
        <cusip>55354G100</cusip>
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          <ticker value="MSCI"/>
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        <balance>3400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1434086.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bausch + Lomb Corp</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>Bausch + Lomb Corp</title>
        <cusip>071705107</cusip>
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          <isin value="CA0717051076"/>
          <ticker value="BLCO"/>
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        <curCd>USD</curCd>
        <valUSD>1181180.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ito En Ltd</name>
        <lei>N/A</lei>
        <title>Ito En Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="JP3143000002"/>
          <ticker value="2593"/>
          <other otherDesc="SEDOL" value="6455789"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Edgewell Personal Care Co</name>
        <lei>549300CY8QZDL4Z3RU59</lei>
        <title>Edgewell Personal Care Co</title>
        <cusip>28035Q102</cusip>
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          <isin value="US28035Q1022"/>
          <ticker value="EPC"/>
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        <balance>456000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17054400.00000000</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>
      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>20825C104</cusip>
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          <isin value="US20825C1045"/>
          <ticker value="COP"/>
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        <balance>209500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21440230.00000000</valUSD>
        <pctVal>1.100135207276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Liberty Global PLC</name>
        <lei>549300BSGXG3QLIQYT84</lei>
        <title>Liberty Global PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B8W67B19"/>
          <ticker value="LBTYK"/>
          <other otherDesc="SEDOL" value="B8W67B1"/>
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        <balance>434000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7161000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>92556H107</cusip>
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          <isin value="US92556H1077"/>
          <ticker value="PARAA"/>
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        <balance>75800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1632732.00000000</valUSD>
        <pctVal>0.083778297026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Pacific Land Corp</name>
        <lei>N/A</lei>
        <title>Texas Pacific Land Corp</title>
        <cusip>88262P102</cusip>
        <identifiers>
          <isin value="US88262P1021"/>
          <ticker value="TPL"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1777230.00000000</valUSD>
        <pctVal>0.091192738810</pctVal>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Thermo Fisher Scientific Inc</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific Inc</title>
        <cusip>883556102</cusip>
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          <isin value="US8835561023"/>
          <ticker value="TMO"/>
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        <balance>27000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13694130.00000000</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>WEATHERFORD INTERNATIONAL PL</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>WEATHERFORDINTERNATIONA-CW23</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BL3HR700"/>
          <ticker value="WFTUF"/>
          <other otherDesc="SEDOL" value="BL3HR70"/>
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        <balance>3081.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>515.91000000</valUSD>
        <pctVal>0.000026472232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Howmet Aerospace Inc</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>Howmet Aerospace Inc</title>
        <cusip>443201108</cusip>
        <identifiers>
          <isin value="US4432011082"/>
          <ticker value="HWM"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2319750.00000000</valUSD>
        <pctVal>0.119030376403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Advance Auto Parts Inc</name>
        <lei>529900UCNQ5H9FSL0Y70</lei>
        <title>Advance Auto Parts Inc</title>
        <cusip>00751Y106</cusip>
        <identifiers>
          <isin value="US00751Y1064"/>
          <ticker value="AAP"/>
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        <balance>18500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2892290.00000000</valUSD>
        <pctVal>0.148408392011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
          <ticker value="T"/>
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        <balance>153000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2347020.00000000</valUSD>
        <pctVal>0.120429647171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
          <ticker value="C"/>
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        <balance>220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9167400.00000000</valUSD>
        <pctVal>0.470395116992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Radius Global Infrastructure I</name>
        <lei>213800NT341MQ5USBX63</lei>
        <title>Radius Global Infrastructure Inc</title>
        <cusip>750481103</cusip>
        <identifiers>
          <isin value="US7504811032"/>
          <ticker value="RADI"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>565200.00000000</valUSD>
        <pctVal>0.029001387538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hartford Financial Services Gr</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group Inc/The</title>
        <cusip>416515104</cusip>
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          <isin value="US4165151048"/>
          <ticker value="HIG"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5264900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diageo PLC</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>Diageo PLC</title>
        <cusip>25243Q205</cusip>
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          <isin value="US25243Q2057"/>
          <ticker value="DEO"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16981000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Tower Corp</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp</title>
        <cusip>03027X100</cusip>
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          <isin value="US03027X1000"/>
          <ticker value="AMT"/>
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        <balance>30600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6569820.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Constellation Brands Inc</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands Inc</title>
        <cusip>21036P108</cusip>
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          <isin value="US21036P1084"/>
          <ticker value="STZ"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1837440.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EL PASO ENERGY CAP TRST</name>
        <lei>N/A</lei>
        <title>El Paso Energy Capital Trust I</title>
        <cusip>283678209</cusip>
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          <isin value="US2836782092"/>
          <ticker value="KMI"/>
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        <balance>123000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5642010.00000000</valUSD>
        <pctVal>0.289501271246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Sealed Air Corp</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corp</title>
        <cusip>81211K100</cusip>
        <identifiers>
          <isin value="US81211K1007"/>
          <ticker value="SEE"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4005900.00000000</valUSD>
        <pctVal>0.205549643209</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Global PLC</name>
        <lei>549300BSGXG3QLIQYT84</lei>
        <title>Liberty Global PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B8W67662"/>
          <ticker value="LBTYA"/>
          <other otherDesc="SEDOL" value="B8W6766"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233850.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Take-Two Interactive Software</name>
        <lei>BOMSTHHJK882EWYX3334</lei>
        <title>Take-Two Interactive Software Inc</title>
        <cusip>874054109</cusip>
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          <isin value="US8740541094"/>
          <ticker value="TTWO"/>
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        <balance>48400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5275600.00000000</valUSD>
        <pctVal>0.270700141720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vantage Towers AG</name>
        <lei>213800BBQO965UPQ7J59</lei>
        <title>Vantage Towers AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A3H3LL2"/>
          <ticker value="VTWR"/>
          <other otherDesc="SEDOL" value="BLH32J1"/>
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        <valUSD>520210.54000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PG&amp;E Corp</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
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          <isin value="US69331C1080"/>
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        <curCd>USD</curCd>
        <valUSD>3250000.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SolarWinds Corp</name>
        <lei>N/A</lei>
        <title>SolarWinds Corp</title>
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          <isin value="US83417Q2049"/>
          <ticker value="SWI"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Enel SpA</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>Enel SpA</title>
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          <isin value="IT0003128367"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Berkshire Hathaway Inc</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway Inc</title>
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          <isin value="US0846707026"/>
          <ticker value="BRK/B"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Daimler Truck Holding AG</name>
        <lei>529900PW78JIYOUBSR24</lei>
        <title>Daimler Truck Holding AG</title>
        <cusip>000000000</cusip>
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          <isin value="DE000DTR0CK8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lear Corp</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp</title>
        <cusip>521865204</cusip>
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          <isin value="US5218652049"/>
          <ticker value="LEA"/>
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        <balance>6000.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Madison Square Garden Entertai</name>
        <lei>N/A</lei>
        <title>Madison Square Garden Entertainment Corp</title>
        <cusip>55826T102</cusip>
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          <isin value="US55826T1025"/>
          <ticker value="MSGE"/>
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        <balance>60280.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VMware Inc</name>
        <lei>549300BUDHS3LRWBE814</lei>
        <title>VMware Inc</title>
        <cusip>928563402</cusip>
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          <isin value="US9285634021"/>
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        <curCd>USD</curCd>
        <valUSD>851680.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ardagh Metal Packaging SA</name>
        <lei>5493009WKQTU4FN9G032</lei>
        <title>Ardagh Metal Packaging SA</title>
        <cusip>000000000</cusip>
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          <isin value="LU2369833749"/>
          <ticker value="AMBP"/>
          <other otherDesc="SEDOL" value="BMWT6B1"/>
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        <curCd>USD</curCd>
        <valUSD>462220.00000000</valUSD>
        <pctVal>0.023717305994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Walt Disney Co/The</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co/The</title>
        <cusip>254687106</cusip>
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          <isin value="US2546871060"/>
          <ticker value="DIS"/>
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        <curCd>USD</curCd>
        <valUSD>9763155.00000000</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>Sony Group Corp</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Group Corp</title>
        <cusip>835699307</cusip>
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          <isin value="US8356993076"/>
          <ticker value="SONY"/>
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        <curCd>USD</curCd>
        <valUSD>26388600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Demant A/S</name>
        <lei>213800RM6L9LN78BVA56</lei>
        <title>Demant A/S</title>
        <cusip>000000000</cusip>
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          <isin value="DK0060738599"/>
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          <other otherDesc="SEDOL" value="BZ01RF1"/>
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        <currencyConditional curCd="DKK" exchangeRt="7.58650000"/>
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        <pctVal>0.000638986976</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Willis Towers Watson PLC</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson PLC</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BDB6Q211"/>
          <ticker value="WTW"/>
          <other otherDesc="SEDOL" value="BDB6Q21"/>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502350.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zscaler Inc</name>
        <lei>529900MZ0RTK1BWRNF46</lei>
        <title>Zscaler Inc</title>
        <cusip>98980G102</cusip>
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          <isin value="US98980G1022"/>
          <ticker value="ZS"/>
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        <balance>8400.00000000</balance>
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        <valUSD>1380708.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Cannae Holdings Inc</name>
        <lei>549300OGRF1ICI7D2V77</lei>
        <title>Cannae Holdings Inc</title>
        <cusip>13765N107</cusip>
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          <isin value="US13765N1072"/>
          <ticker value="CNNE"/>
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        <curCd>USD</curCd>
        <valUSD>454520.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796W54</cusip>
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          <isin value="US912796W548"/>
          <other otherDesc="SEDOL" value="BN4CGK4"/>
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        <balance>2330000.00000000</balance>
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        <valUSD>2323336.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oaktree Specialty Lending Corp</name>
        <lei>549300J6MGCEU5928620</lei>
        <title>Oaktree Specialty Lending Corp</title>
        <cusip>67401P108</cusip>
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          <isin value="US67401P1084"/>
          <ticker value="OCSL"/>
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        <balance>418828.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2512968.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Las Vegas Sands Corp</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp</title>
        <cusip>517834107</cusip>
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          <isin value="US5178341070"/>
          <ticker value="LVS"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>787920.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Deere &amp; Co</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>Deere &amp; Co</title>
        <cusip>244199105</cusip>
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          <isin value="US2441991054"/>
          <ticker value="DE"/>
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        <balance>67000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22370630.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IFF</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances Inc</title>
        <cusip>459506101</cusip>
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          <isin value="US4595061015"/>
          <ticker value="IFF"/>
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        <balance>74000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6721420.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silk Road Medical Inc</name>
        <lei>549300VL8KC0ZPDQHE14</lei>
        <title>Silk Road Medical Inc</title>
        <cusip>82710M100</cusip>
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          <ticker value="SILK"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Telesat Corp</name>
        <lei>N/A</lei>
        <title>Telesat Corp</title>
        <cusip>879512309</cusip>
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          <isin value="CA8795123097"/>
          <ticker value="TSAT"/>
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        <balance>114125.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>891316.25000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Baxter International Inc</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>Baxter International Inc</title>
        <cusip>071813109</cusip>
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          <isin value="US0718131099"/>
          <ticker value="BAX"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4308800.00000000</valUSD>
        <pctVal>0.221091965016</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Caesars Entertainment Inc</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment Inc</title>
        <cusip>12769G100</cusip>
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          <isin value="US12769G1004"/>
          <ticker value="CZR"/>
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        <balance>2500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80650.00000000</valUSD>
        <pctVal>0.004138290702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Abbott Laboratories</name>
        <lei>HQD377W2YR662HK5JX27</lei>
        <title>Abbott Laboratories</title>
        <cusip>002824100</cusip>
        <identifiers>
          <isin value="US0028241000"/>
          <ticker value="ABT"/>
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        <balance>30500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2951180.00000000</valUSD>
        <pctVal>0.151430139555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>Herc Holdings Inc</title>
        <cusip>42704L104</cusip>
        <identifiers>
          <isin value="US42704L1044"/>
          <ticker value="HRI"/>
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        <balance>116193.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12070128.84000000</valUSD>
        <pctVal>0.619339143901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic Services Inc</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Republic Services Inc</title>
        <cusip>760759100</cusip>
        <identifiers>
          <isin value="US7607591002"/>
          <ticker value="RSG"/>
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        <balance>181000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24623240.00000000</valUSD>
        <pctVal>1.263460944273</pctVal>
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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>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>92556H206</cusip>
        <identifiers>
          <isin value="US92556H2067"/>
          <ticker value="PARA"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4760000.00000000</valUSD>
        <pctVal>0.244243815791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>Liberty Latin America Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG9001E1021"/>
          <ticker value="LILA"/>
          <other otherDesc="SEDOL" value="BD9Q3P5"/>
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        <balance>3622.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22420.18000000</valUSD>
        <pctVal>0.001150418133</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>
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      <invstOrSec>
        <name>Corteva Inc</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva Inc</title>
        <cusip>22052L104</cusip>
        <identifiers>
          <isin value="US22052L1044"/>
          <ticker value="CTVA"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>285750.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AUTHENTIC EQUITY ACQUISITI-A</name>
        <lei>N/A</lei>
        <title>AUTHENTIC EQUITY ACQ -CW27</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG066071245"/>
          <ticker value="AEACW"/>
          <other otherDesc="SEDOL" value="BMV3MH2"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2625.00000000</valUSD>
        <pctVal>0.000134693280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yakult Honsha Co Ltd</name>
        <lei>353800YJPSPGG7KI0S71</lei>
        <title>Yakult Honsha Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3931600005"/>
          <ticker value="2267"/>
          <other otherDesc="SEDOL" value="6985112"/>
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        <balance>235000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.73000000"/>
        <valUSD>13655427.35000000</valUSD>
        <pctVal>0.700683546685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Heineken Holding NV</name>
        <lei>724500M1WJLFM9TYBS04</lei>
        <title>Heineken Holding NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0000008977"/>
          <ticker value="HEIO"/>
          <other otherDesc="SEDOL" value="B0CCH46"/>
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        <balance>18000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035610"/>
        <valUSD>1243683.45000000</valUSD>
        <pctVal>0.063815544425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flowserve Corp</name>
        <lei>6Y0GK87T6V7NJKZJVM41</lei>
        <title>Flowserve Corp</title>
        <cusip>34354P105</cusip>
        <identifiers>
          <isin value="US34354P1057"/>
          <ticker value="FLS"/>
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        <balance>89000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2162700.00000000</valUSD>
        <pctVal>0.110971869834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dow Inc</name>
        <lei>5493003S21INSLK2IP73</lei>
        <title>Dow Inc</title>
        <cusip>260557103</cusip>
        <identifiers>
          <isin value="US2605571031"/>
          <ticker value="DOW"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>219650.00000000</valUSD>
        <pctVal>0.011270620617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tesla Inc</name>
        <lei>54930043XZGB27CTOV49</lei>
        <title>Tesla Inc</title>
        <cusip>88160R101</cusip>
        <identifiers>
          <isin value="US88160R1014"/>
          <ticker value="TSLA"/>
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        <balance>14900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3952225.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hain Celestial Group Inc/The</name>
        <lei>5493000S8QXWHLIXDP75</lei>
        <title>Hain Celestial Group Inc/The</title>
        <cusip>405217100</cusip>
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          <isin value="US4052171000"/>
          <ticker value="HAIN"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1856800.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intuitive Surgical Inc</name>
        <lei>54930052SRG011710797</lei>
        <title>Intuitive Surgical Inc</title>
        <cusip>46120E602</cusip>
        <identifiers>
          <isin value="US46120E6023"/>
          <ticker value="ISRG"/>
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        <balance>15900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2980296.00000000</valUSD>
        <pctVal>0.152924131770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Steel Partners Holdings LP</name>
        <lei>5493009U8Z59G5SIZ389</lei>
        <title>Steel Partners Holdings LP</title>
        <cusip>85814R107</cusip>
        <identifiers>
          <isin value="US85814R1077"/>
          <ticker value="SPLP"/>
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        <balance>30003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1245124.50000000</valUSD>
        <pctVal>0.063889487188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Elevance Health Inc</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health Inc</title>
        <cusip>036752103</cusip>
        <identifiers>
          <isin value="US0367521038"/>
          <ticker value="ELV"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5905120.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TSMC</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co Ltd</title>
        <cusip>874039100</cusip>
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          <isin value="US8740391003"/>
          <ticker value="TSM"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>754160.00000000</valUSD>
        <pctVal>0.038697251285</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tohoku Electric Power Co Inc</name>
        <lei>353800KTF7EYIIYHY088</lei>
        <title>Tohoku Electric Power Co Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3605400005"/>
          <ticker value="9506"/>
          <other otherDesc="SEDOL" value="6895266"/>
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        <balance>50000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diebold Nixdorf Inc</name>
        <lei>549300XZK6EWDBAZSY16</lei>
        <title>Diebold Nixdorf Inc</title>
        <cusip>253651103</cusip>
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          <isin value="US2536511031"/>
          <ticker value="DBD"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70760.00000000</valUSD>
        <pctVal>0.003630817732</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crane Holdings Co</name>
        <lei>549300EXNPSXEWUD3N21</lei>
        <title>Crane Holdings Co</title>
        <cusip>224441105</cusip>
        <identifiers>
          <isin value="US2244411052"/>
          <ticker value="CR"/>
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        <balance>4500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>393930.00000000</valUSD>
        <pctVal>0.020213228225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kellogg Co</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
        <title>Kellogg Co</title>
        <cusip>487836108</cusip>
        <identifiers>
          <isin value="US4878361082"/>
          <ticker value="K"/>
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        <balance>49000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3413340.00000000</valUSD>
        <pctVal>0.175144366847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AES Corp/The</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp/The</title>
        <cusip>00130H105</cusip>
        <identifiers>
          <isin value="US00130H1059"/>
          <ticker value="AES"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1356000.00000000</valUSD>
        <pctVal>0.069578700464</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>Evergy Inc</name>
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      <invstOrSec>
        <name>Essential Utilities Inc</name>
        <lei>549300ILTEOF3E3QY357</lei>
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          <isin value="US29670G1022"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orthofix Medical Inc</name>
        <lei>N/A</lei>
        <title>Orthofix Medical Inc</title>
        <cusip>68752M108</cusip>
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          <isin value="US68752M1080"/>
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      <invstOrSec>
        <name>EXOR NV</name>
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      <invstOrSec>
        <name>General Electric Co</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
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          <isin value="US3696043013"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Penn Entertainment Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Madison Square Garden Sports C</name>
        <lei>N/A</lei>
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          <isin value="US55825T1034"/>
          <ticker value="MSGS"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477103</cusip>
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          <isin value="US8574771031"/>
          <ticker value="STT"/>
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        <curCd>USD</curCd>
        <valUSD>10884990.00000000</valUSD>
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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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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796X61</cusip>
        <identifiers>
          <isin value="US912796X611"/>
          <other otherDesc="SEDOL" value="BQB7JW6"/>
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        <balance>18467000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18366227.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-08</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Repsol SA</name>
        <lei>BSYCX13Y0NOTV14V9N85</lei>
        <title>Repsol SA</title>
        <cusip>76026T205</cusip>
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          <isin value="US76026T2050"/>
          <ticker value="REPYY"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>858000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DENTSPLY SIRONA Inc</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
        <title>DENTSPLY SIRONA Inc</title>
        <cusip>24906P109</cusip>
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          <isin value="US24906P1093"/>
          <ticker value="XRAY"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2268000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TE Connectivity Ltd</name>
        <lei>894500ZRIX9K13RHXR17</lei>
        <title>TE Connectivity Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="CH0102993182"/>
          <ticker value="TEL"/>
          <other otherDesc="SEDOL" value="B62B7C3"/>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4193680.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vertex Pharmaceuticals Inc</name>
        <lei>54930015RAQRRZ5ZGJ91</lei>
        <title>Vertex Pharmaceuticals Inc</title>
        <cusip>92532F100</cusip>
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          <isin value="US92532F1003"/>
          <ticker value="VRTX"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2895400.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Monro Inc</name>
        <lei>N/A</lei>
        <title>Monro Inc</title>
        <cusip>610236101</cusip>
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          <isin value="US6102361010"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>782280.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AZZ Inc</name>
        <lei>549300HD1X2NFLWPYC83</lei>
        <title>AZZ Inc</title>
        <cusip>002474104</cusip>
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          <isin value="US0024741045"/>
          <ticker value="AZZ"/>
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        <balance>5000.00000000</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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          <isCashCollateral>N</isCashCollateral>
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        <name>Pacific Biosciences of Califor</name>
        <lei>529900F1BWRE1M0KZN89</lei>
        <title>Pacific Biosciences of California Inc</title>
        <cusip>69404D108</cusip>
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          <isin value="US69404D1081"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endesa SA</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa SA</title>
        <cusip>000000000</cusip>
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          <isin value="ES0130670112"/>
          <ticker value="ELE"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Janus Henderson Group PLC</name>
        <lei>2138009WPYMWJN3RVF44</lei>
        <title>Janus Henderson Group PLC</title>
        <cusip>000000000</cusip>
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          <isin value="JE00BYPZJM29"/>
          <ticker value="JHG"/>
          <other otherDesc="SEDOL" value="BYPZJQ6"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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      <invstOrSec>
        <name>Ashtead Group PLC</name>
        <lei>2138007UTBN8X9K1A235</lei>
        <title>Ashtead Group PLC</title>
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          <isin value="GB0000536739"/>
          <ticker value="AHT"/>
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        <name>Brookfield Asset Management In</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
        <title>Brookfield Asset Management Inc</title>
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          <ticker value="BAM"/>
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      <invstOrSec>
        <name>Portland General Electric Co</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Co</title>
        <cusip>736508847</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>XOMA CORP</name>
        <lei>549300U6ZVYFCWNBJ613</lei>
        <title>XOMA Corp</title>
        <cusip>98419J305</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796X95</cusip>
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          <isin value="US912796X959"/>
          <other otherDesc="SEDOL" value="BQ3QK39"/>
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        <balance>12000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11899083.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-05</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FMC Corp</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp</title>
        <cusip>302491303</cusip>
        <identifiers>
          <isin value="US3024913036"/>
          <ticker value="FMC"/>
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        <balance>19000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2008300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ashland Inc</name>
        <lei>529900E4L9R04SB8HB11</lei>
        <title>Ashland Inc</title>
        <cusip>044186104</cusip>
        <identifiers>
          <isin value="US0441861046"/>
          <ticker value="ASH"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2849100.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Twin Disc Inc</name>
        <lei>549300FR8EHCY14BLP32</lei>
        <title>Twin Disc Inc</title>
        <cusip>901476101</cusip>
        <identifiers>
          <isin value="US9014761012"/>
          <ticker value="TWIN"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>401450.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Southwest Gas Holdings Inc</name>
        <lei>N/A</lei>
        <title>Southwest Gas Holdings Inc</title>
        <cusip>844895102</cusip>
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          <isin value="US8448951025"/>
          <ticker value="SWX"/>
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        <balance>47000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3278250.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pernod Ricard SA</name>
        <lei>52990097YFPX9J0H5D87</lei>
        <title>Pernod Ricard SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR0000120693"/>
          <ticker value="RI"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Edgio Inc</name>
        <lei>529900BNCMDQGEKW5M59</lei>
        <title>Edgio Inc</title>
        <cusip>53261M104</cusip>
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          <isin value="US53261M1045"/>
          <ticker value="EGIO"/>
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        <balance>46897.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130373.66000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Utilities Group PLC</name>
        <lei>2138002IEYQAOC88ZJ59</lei>
        <title>United Utilities Group PLC</title>
        <cusip>91311E102</cusip>
        <identifiers>
          <isin value="US91311E1029"/>
          <ticker value="UUGRY"/>
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        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118080.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jardine Matheson Holdings Ltd</name>
        <lei>2138009KENVUNWOLPK41</lei>
        <title>Jardine Matheson Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG507361001"/>
          <ticker value="JM"/>
          <other otherDesc="SEDOL" value="6472119"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>759600.00000000</valUSD>
        <pctVal>0.038976387074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Franklin Resources Inc</name>
        <lei>RIFQSET379FOGTEFKS80</lei>
        <title>Franklin Resources Inc</title>
        <cusip>354613101</cusip>
        <identifiers>
          <isin value="US3546131018"/>
          <ticker value="BEN"/>
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        <balance>41000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>882320.00000000</valUSD>
        <pctVal>0.045273362090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sulzer AG</name>
        <lei>529900NZ6MAST5IJF669</lei>
        <title>Sulzer AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0038388911"/>
          <ticker value="SUN"/>
          <other otherDesc="SEDOL" value="4854719"/>
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        <balance>6500.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.98670000"/>
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        <pctVal>0.019351754118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA</title>
        <cusip>641069406</cusip>
        <identifiers>
          <isin value="US6410694060"/>
          <ticker value="NSRGY"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3766350.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co</title>
        <cusip>42824C109</cusip>
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          <isin value="US42824C1099"/>
          <ticker value="HPE"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5990000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lamb Weston Holdings Inc</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings Inc</title>
        <cusip>513272104</cusip>
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          <isin value="US5132721045"/>
          <ticker value="LW"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>619040.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIRCOR International Inc</name>
        <lei>5493007701O01N3FQM69</lei>
        <title>CIRCOR International Inc</title>
        <cusip>17273K109</cusip>
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          <isin value="US17273K1097"/>
          <ticker value="CIR"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1319200.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy</title>
        <cusip>816851109</cusip>
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          <isin value="US8168511090"/>
          <ticker value="SRE"/>
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        <balance>37500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5622750.00000000</valUSD>
        <pctVal>0.288513007403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Walmart Inc</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart Inc</title>
        <cusip>931142103</cusip>
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          <isin value="US9311421039"/>
          <ticker value="WMT"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2594000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Iveco Group NV</name>
        <lei>549300ZWF2ZJDD9EOR96</lei>
        <title>Iveco Group NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0015000LU4"/>
          <ticker value="IVG"/>
          <other otherDesc="SEDOL" value="BKPGF52"/>
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        <balance>306000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Cellular Corp</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp</title>
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          <isin value="US9116841084"/>
          <ticker value="USM"/>
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        <curCd>USD</curCd>
        <valUSD>1119290.00000000</valUSD>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T Rowe Price Group Inc</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
        <title>T Rowe Price Group Inc</title>
        <cusip>74144T108</cusip>
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          <isin value="US74144T1088"/>
          <ticker value="TROW"/>
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        <valUSD>13546290.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hokkaido Electric Power Co Inc</name>
        <lei>353800XDXIIZDHUO0J51</lei>
        <title>Hokkaido Electric Power Co Inc</title>
        <cusip>000000000</cusip>
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          <isin value="JP3850200001"/>
          <ticker value="9509"/>
          <other otherDesc="SEDOL" value="6431325"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ingles Markets Inc</name>
        <lei>549300XH5RYBMYP8TF26</lei>
        <title>Ingles Markets Inc</title>
        <cusip>457030104</cusip>
        <identifiers>
          <isin value="US4570301048"/>
          <ticker value="IMKTA"/>
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        <balance>101500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8039815.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mueller Industries Inc</name>
        <lei>5493005IZFE4VJLLYG84</lei>
        <title>Mueller Industries Inc</title>
        <cusip>624756102</cusip>
        <identifiers>
          <isin value="US6247561029"/>
          <ticker value="MLI"/>
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        <balance>136000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8083840.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JCDecaux SA</name>
        <lei>9695009KV7AFPDEI5S30</lei>
        <title>JCDecaux SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR0000077919"/>
          <ticker value="DEC"/>
          <other otherDesc="SEDOL" value="7136663"/>
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        <balance>60000.00000000</balance>
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        <pctVal>0.036418610932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
        <cusip>780259305</cusip>
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          <ticker value="SHEL"/>
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        <curCd>USD</curCd>
        <valUSD>4080320.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Garrett Motion Inc</name>
        <lei>549300LS5WT7EMBNV724</lei>
        <title>Garrett Motion Inc</title>
        <cusip>366505105</cusip>
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          <isin value="US3665051054"/>
          <ticker value="GTX"/>
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        <balance>125700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>710205.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Henry Schein Inc</name>
        <lei>VGO3WGL8H45T73F4RR92</lei>
        <title>Henry Schein Inc</title>
        <cusip>806407102</cusip>
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          <isin value="US8064071025"/>
          <ticker value="HSIC"/>
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        <balance>32000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2104640.00000000</valUSD>
        <pctVal>0.107992711022</pctVal>
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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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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Blackstone Inc</name>
        <lei>5299004LW4QWGZUB8Y96</lei>
        <title>Blackstone Inc</title>
        <cusip>09260D107</cusip>
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          <isin value="US09260D1072"/>
          <ticker value="BX"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6277500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Schlumberger NV</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger NV</title>
        <cusip>806857108</cusip>
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          <isin value="AN8068571086"/>
          <ticker value="SLB"/>
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        <balance>146000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5241400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Snowflake Inc</name>
        <lei>254900CJNSY1K7T53Z16</lei>
        <title>Snowflake Inc</title>
        <cusip>833445109</cusip>
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          <isin value="US8334451098"/>
          <ticker value="SNOW"/>
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        <balance>14300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2430428.00000000</valUSD>
        <pctVal>0.124709455614</pctVal>
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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>EVgo Inc</name>
        <lei>N/A</lei>
        <title>EVgo Inc</title>
        <cusip>30052F100</cusip>
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          <isin value="US30052F1003"/>
          <ticker value="EVGO"/>
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        <balance>43700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>345667.00000000</valUSD>
        <pctVal>0.017736770393</pctVal>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bausch Health Cos Inc</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos Inc</title>
        <cusip>071734107</cusip>
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          <isin value="CA0717341071"/>
          <ticker value="BHC"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>757900.00000000</valUSD>
        <pctVal>0.038889157140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Halliburton Co</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Co</title>
        <cusip>406216101</cusip>
        <identifiers>
          <isin value="US4062161017"/>
          <ticker value="HAL"/>
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        <balance>297000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7312140.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>QUALCOMM Inc</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM Inc</title>
        <cusip>747525103</cusip>
        <identifiers>
          <isin value="US7475251036"/>
          <ticker value="QCOM"/>
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        <balance>7500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>847350.00000000</valUSD>
        <pctVal>0.043478991031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American International Group I</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>026874784</cusip>
        <identifiers>
          <isin value="US0268747849"/>
          <ticker value="AIG"/>
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        <balance>76000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3608480.00000000</valUSD>
        <pctVal>0.185157337060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nathan's Famous Inc</name>
        <lei>54930034SKNSF1JIE673</lei>
        <title>Nathan's Famous Inc</title>
        <cusip>632347100</cusip>
        <identifiers>
          <isin value="US6323471002"/>
          <ticker value="NATH"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>636700.00000000</valUSD>
        <pctVal>0.032670175948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>S&amp;P Global Inc</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global Inc</title>
        <cusip>78409V104</cusip>
        <identifiers>
          <isin value="US78409V1044"/>
          <ticker value="SPGI"/>
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        <balance>15500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4732925.00000000</valUSD>
        <pctVal>0.242854550809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>Eversource Energy</title>
        <cusip>30040W108</cusip>
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          <isin value="US30040W1080"/>
          <ticker value="ES"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3898000.00000000</valUSD>
        <pctVal>0.200013107973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Check Point Software Technolog</name>
        <lei>2549003ZVBH73EPNS513</lei>
        <title>Check Point Software Technologies Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="IL0010824113"/>
          <ticker value="CHKP"/>
          <other otherDesc="SEDOL" value="2181334"/>
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        <balance>4000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>448080.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Molson Coors Beverage Co</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>Molson Coors Beverage Co</title>
        <cusip>60871R209</cusip>
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          <ticker value="TAP"/>
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        <valUSD>1679650.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Entegris Inc</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>Entegris Inc</title>
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        <curCd>USD</curCd>
        <valUSD>124530.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Iberdrola SA</name>
        <lei>5QK37QC7NWOJ8D7WVQ45</lei>
        <title>Iberdrola SA</title>
        <cusip>450737101</cusip>
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          <ticker value="IBDRY"/>
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        <curCd>USD</curCd>
        <valUSD>1674450.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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      <invstOrSec>
        <name>Boyd Gaming Corp</name>
        <lei>254900787YGRYS2A1Z35</lei>
        <title>Boyd Gaming Corp</title>
        <cusip>103304101</cusip>
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          <isin value="US1033041013"/>
          <ticker value="BYD"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3812000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Viatris Inc</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>Viatris Inc</title>
        <cusip>92556V106</cusip>
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          <ticker value="VTRS"/>
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        <valUSD>213000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Davide Campari-Milano NV</name>
        <lei>213800ED5AN2J56N6Z02</lei>
        <title>Davide Campari-Milano NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0015435975"/>
          <ticker value="CPR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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      <invstOrSec>
        <name>Comtech Telecommunications Cor</name>
        <lei>529900FTEZ8MGM0Y8F73</lei>
        <title>Comtech Telecommunications Corp</title>
        <cusip>205826209</cusip>
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          <isin value="US2058262096"/>
          <ticker value="CMTL"/>
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        <curCd>USD</curCd>
        <valUSD>251761.51000000</valUSD>
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        <assetCat>EC</assetCat>
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        <name>Devon Energy Corp</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp</title>
        <cusip>25179M103</cusip>
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          <ticker value="DVN"/>
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        <valUSD>3908450.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Universal Display Corp</name>
        <lei>N/A</lei>
        <title>Universal Display Corp</title>
        <cusip>91347P105</cusip>
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          <isin value="US91347P1057"/>
          <ticker value="OLED"/>
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        <balance>3500.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Stratasys Ltd</name>
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      <invstOrSec>
        <name>Option Care Health Inc</name>
        <lei>549300DI3Q5ACSYJRI17</lei>
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      <invstOrSec>
        <name>Warner Bros Discovery Inc</name>
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        <title>Warner Bros Discovery Inc</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Stericycle Inc</name>
        <lei>B8PTJH2P0AXSWSMP2136</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fortune Brands Home &amp; Security</name>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Pacific Railway Ltd</name>
        <lei>N/A</lei>
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          <isin value="CA13645T1003"/>
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        <invCountry>CA</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Organon &amp; Co</name>
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        <title>Organon &amp; Co</title>
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          <isin value="US68622V1061"/>
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        <curCd>USD</curCd>
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        <name>Northern Trust Corp</name>
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        <name>Eni SpA</name>
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        <title>Eni SpA</title>
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          <ticker value="E"/>
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        <invCountry>IT</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blink Charging Co</name>
        <lei>N/A</lei>
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        <cusip>09354A100</cusip>
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          <isin value="US09354A1007"/>
          <ticker value="BLNK"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Catalent Inc</name>
        <lei>N/A</lei>
        <title>Catalent Inc</title>
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          <isin value="US1488061029"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Severn Trent PLC</name>
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        <title>Severn Trent PLC</title>
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        <name>NVIDIA Corp</name>
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        <name>Microsoft Corp</name>
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        <name>HP Inc</name>
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        <name>Shikoku Electric Power Co Inc</name>
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        <name>Honeywell International Inc</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
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        <name>APA Corp</name>
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        <name>Xylem Inc/NY</name>
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        <title>Xylem Inc/NY</title>
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        <name>National Grid PLC</name>
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        <name>Brookfield Asset Management Re</name>
        <lei>9845004583U3B8E06924</lei>
        <title>Brookfield Asset Management Reinsurance Partners Ltd</title>
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        <name>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp</title>
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        <name>Tenet Healthcare Corp</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp</title>
        <cusip>88033G407</cusip>
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          <ticker value="THC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Textron Inc</name>
        <lei>3PPKBHUG1HD6BO7RNR87</lei>
        <title>Textron Inc</title>
        <cusip>883203101</cusip>
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          <isin value="US8832031012"/>
          <ticker value="TXT"/>
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        <balance>292000.00000000</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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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG</title>
        <cusip>251566105</cusip>
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          <isin value="US2515661054"/>
          <ticker value="DTEGY"/>
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        <balance>430000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7335800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kimball International Inc</name>
        <lei>549300RYF7HKL9SKYG25</lei>
        <title>Kimball International Inc</title>
        <cusip>494274103</cusip>
        <identifiers>
          <isin value="US4942741038"/>
          <ticker value="KBAL"/>
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        <balance>16000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100640.00000000</valUSD>
        <pctVal>0.005164012105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Enviva Inc</name>
        <lei>549300WH5VXDEFM5KR81</lei>
        <title>Enviva Inc</title>
        <cusip>29415B103</cusip>
        <identifiers>
          <isin value="US29415B1035"/>
          <ticker value="EVA"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2402400.00000000</valUSD>
        <pctVal>0.123271290558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fidelity National Financial In</name>
        <lei>549300CAZYIH39SYQ287</lei>
        <title>Fidelity National Financial Inc</title>
        <cusip>31620R303</cusip>
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          <isin value="US31620R3030"/>
          <ticker value="FNF"/>
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        <balance>37000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1339400.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oceaneering International Inc</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>Oceaneering International Inc</title>
        <cusip>675232102</cusip>
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          <isin value="US6752321025"/>
          <ticker value="OII"/>
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        <balance>102000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>811920.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Woodside Energy Group Ltd</name>
        <lei>2549005ZC5RXAOO7FH41</lei>
        <title>Woodside Energy Group Ltd</title>
        <cusip>980228308</cusip>
        <identifiers>
          <isin value="US9802283088"/>
          <ticker value="WDS"/>
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        <balance>2891.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58282.56000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Swedish Match AB</name>
        <lei>529900YVXCGNWAUYZG78</lei>
        <title>Swedish Match AB</title>
        <cusip>000000000</cusip>
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          <isin value="SE0015812219"/>
          <ticker value="SWMA"/>
          <other otherDesc="SEDOL" value="BP09MR2"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Media Corp-Liberty Sir</name>
        <lei>N/A</lei>
        <title>Liberty Media Corp-Liberty SiriusXM</title>
        <cusip>531229607</cusip>
        <identifiers>
          <isin value="US5312296073"/>
          <ticker value="LSXMK"/>
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        <balance>85000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3205350.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>Equinor ASA</title>
        <cusip>29446M102</cusip>
        <identifiers>
          <isin value="US29446M1027"/>
          <ticker value="EQNR"/>
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        <balance>375000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12416250.00000000</valUSD>
        <pctVal>0.637099218028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BlackRock Inc</name>
        <lei>549300LRIF3NWCU26A80</lei>
        <title>BlackRock Inc</title>
        <cusip>09247X101</cusip>
        <identifiers>
          <isin value="US09247X1019"/>
          <ticker value="BLK"/>
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        <balance>18800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10345264.00000000</valUSD>
        <pctVal>0.530833351833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
          <ticker value="META"/>
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        <balance>30450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4131456.00000000</valUSD>
        <pctVal>0.211992138280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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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      <invstOrSec>
        <name>Vroom Inc</name>
        <lei>N/A</lei>
        <title>Vroom Inc</title>
        <cusip>92918V109</cusip>
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          <isin value="US92918V1098"/>
          <ticker value="VRM"/>
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        <balance>150072.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174083.52000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BellRing Brands Inc</name>
        <lei>549300S3BOK5CMTS8054</lei>
        <title>BellRing Brands Inc</title>
        <cusip>07831C103</cusip>
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          <isin value="US07831C1036"/>
          <ticker value="BRBR"/>
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        <balance>82050.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1691050.50000000</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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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd</title>
        <cusip>008474108</cusip>
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          <isin value="CA0084741085"/>
          <ticker value="AEM"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2744950.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NextEra Energy Partners LP</name>
        <lei>5493008F4ZOQFNG3WN54</lei>
        <title>NextEra Energy Partners LP</title>
        <cusip>65341B106</cusip>
        <identifiers>
          <isin value="US65341B1061"/>
          <ticker value="NEP"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4700150.00000000</valUSD>
        <pctVal>0.241172808989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hanesbrands Inc</name>
        <lei>GX5LWVWZLL5S4W1L2F20</lei>
        <title>Hanesbrands Inc</title>
        <cusip>410345102</cusip>
        <identifiers>
          <isin value="US4103451021"/>
          <ticker value="HBI"/>
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        <balance>99000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>689040.00000000</valUSD>
        <pctVal>0.035355831687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Telephone and Data Systems Inc</name>
        <lei>N/A</lei>
        <title>Telephone and Data Systems Inc</title>
        <cusip>879433829</cusip>
        <identifiers>
          <isin value="US8794338298"/>
          <ticker value="TDS"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1737500.00000000</valUSD>
        <pctVal>0.089154123936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Electric Power Development Co</name>
        <lei>549300KMHPUAQI8VEH90</lei>
        <title>Electric Power Development Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3551200003"/>
          <ticker value="9513"/>
          <other otherDesc="SEDOL" value="B02Q328"/>
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        <balance>29000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Astec Industries Inc</name>
        <lei>5493002DO2QKHLKB2A48</lei>
        <title>Astec Industries Inc</title>
        <cusip>046224101</cusip>
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          <isin value="US0462241011"/>
          <ticker value="ASTE"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>654990.00000000</valUSD>
        <pctVal>0.033608667417</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
          <ticker value="NESN"/>
          <other otherDesc="SEDOL" value="7123870"/>
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        <balance>22000.00000000</balance>
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        <valUSD>2387513.94000000</valUSD>
        <pctVal>0.122507461126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

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      <invstOrSec>
        <name>MSC Industrial Direct Co Inc</name>
        <lei>0XVKH0LN6YGOWO2EGO17</lei>
        <title>MSC Industrial Direct Co Inc</title>
        <cusip>553530106</cusip>
        <identifiers>
          <isin value="US5535301064"/>
          <ticker value="MSM"/>
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        <balance>7500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546075.00000000</valUSD>
        <pctVal>0.028020050779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Advanced Micro Devices Inc</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>Advanced Micro Devices Inc</title>
        <cusip>007903107</cusip>
        <identifiers>
          <isin value="US0079031078"/>
          <ticker value="AMD"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1330560.00000000</valUSD>
        <pctVal>0.068273330155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Farmers &amp; Merchants Bank of Lo</name>
        <lei>25490049RRVB8S6CG210</lei>
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      <invstOrSec>
        <name>Church &amp; Dwight Co Inc</name>
        <lei>POOXSI30AWAQGYJZC921</lei>
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      <invstOrSec>
        <name>Patterson Cos Inc</name>
        <lei>YM48Q2087CUE26GWEK09</lei>
        <title>Patterson Cos Inc</title>
        <cusip>703395103</cusip>
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          <isin value="US7033951036"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICU Medical Inc</name>
        <lei>5493003NRW7LS2QZRH60</lei>
        <title>ICU Medical Inc</title>
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          <isin value="US44930G1076"/>
          <ticker value="ICUI"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Telstra Corp Ltd</name>
        <lei>PCTXNQGRJVR3OG33JG65</lei>
        <title>Telstra Corp Ltd</title>
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          <isin value="US87969N2045"/>
          <ticker value="TLSYY"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avid Technology Inc</name>
        <lei>549300PQGW3DXKJTQ914</lei>
        <title>Avid Technology Inc</title>
        <cusip>05367P100</cusip>
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          <isin value="US05367P1003"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Estee Lauder Cos Inc/The</name>
        <lei>549300VFZ8XJ9NUPU221</lei>
        <title>Estee Lauder Cos Inc/The</title>
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          <isin value="US5184391044"/>
          <ticker value="EL"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ChargePoint Holdings Inc</name>
        <lei>254900DVN9TAC2GIPG25</lei>
        <title>ChargePoint Holdings Inc</title>
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          <isin value="US15961R1059"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Carrier Global Corp</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>Carrier Global Corp</title>
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          <isin value="US14448C1045"/>
          <ticker value="CARR"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maple Leaf Foods Inc</name>
        <lei>549300LX07S5J8F76F37</lei>
        <title>Maple Leaf Foods Inc</title>
        <cusip>564905107</cusip>
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          <isin value="CA5649051078"/>
          <ticker value="MFI"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COUNTER PRESS ACQUISITION CO</name>
        <lei>N/A</lei>
        <title>COUNTER PRESS ACQ -CW27</title>
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          <isin value="KYG2542B1251"/>
          <ticker value="CPAQW"/>
          <other otherDesc="SEDOL" value="BPGMDM7"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Weyerhaeuser Co</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co</title>
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          <isin value="US9621661043"/>
          <ticker value="WY"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Pfizer Inc</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc</title>
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          <ticker value="PFE"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Intel Corp</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp</title>
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          <isin value="US4581401001"/>
          <ticker value="INTC"/>
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        <name>Walgreens Boots Alliance Inc</name>
        <lei>549300RPTUOIXG4LIH86</lei>
        <title>Walgreens Boots Alliance Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Genuine Parts Co</name>
        <lei>549300D46DQVEU651W04</lei>
        <title>Genuine Parts Co</title>
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        <name>Franco-Nevada Corp</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp</title>
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        <name>Energizer Holdings Inc</name>
        <lei>5493000D6NN0V57UME20</lei>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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        <name>Rogers Communications Inc</name>
        <lei>54930030NVF3Y2OL0A78</lei>
        <title>Rogers Communications Inc</title>
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          <ticker value="RCI"/>
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        <name>SJW Group</name>
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        <title>SJW Group</title>
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        <name>CarMax Inc</name>
        <lei>N/A</lei>
        <title>CarMax Inc</title>
        <cusip>143130102</cusip>
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          <ticker value="KMX"/>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>92857W308</cusip>
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          <ticker value="VOD"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>eBay Inc</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay Inc</title>
        <cusip>278642103</cusip>
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          <isin value="US2786421030"/>
          <ticker value="EBAY"/>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NXP Semiconductors NV</name>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>

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      <invstOrSec>
        <name>Interactive Brokers Group Inc</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Kikkoman Corp</name>
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          <isin value="JP3240400006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Universal Music Group NV</name>
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        <title>Universal Music Group NV</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet Inc</name>
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        <title>Alphabet Inc</title>
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          <isin value="US02079K3059"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unilever PLC</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>Unilever PLC</title>
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          <isin value="US9047677045"/>
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        <curCd>USD</curCd>
        <valUSD>1096000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Edwards Lifesciences Corp</name>
        <lei>YA13X31F3V31L8TMPR58</lei>
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          <isin value="US28176E1082"/>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>Counter Press Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Counter Press Acquisition Corp</title>
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          <isin value="KYG2542B1178"/>
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      <invstOrSec>
        <name>Black Knight Inc</name>
        <lei>549300TUSNXS3BFFML48</lei>
        <title>Black Knight Inc</title>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Corning Inc</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning Inc</title>
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        <name>Bank of America Corp</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
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        <name>Kyndryl Holdings Inc</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings Inc</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Cooper Cos Inc/The</name>
        <lei>QJKMVPIGLH7530PCUE20</lei>
        <title>Cooper Cos Inc/The</title>
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          <ticker value="COO"/>
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        <name>Loews Corp</name>
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        <title>Loews Corp</title>
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        <name>AMC Networks Inc</name>
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        <name>Ajinomoto Co Inc</name>
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        <name>Hyster-Yale Materials Handling</name>
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        <name>TREASURY BILL</name>
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        <name>Veolia Environnement SA</name>
        <lei>969500LENY69X51OOT31</lei>
        <title>Veolia Environnement SA</title>
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        <name>Ford Motor Co</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co</title>
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        <name>CNH Industrial NV</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH Industrial NV</title>
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        <name>AbbVie Inc</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
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      <invstOrSec>
        <name>MGM Resorts International</name>
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      <invstOrSec>
        <name>Landec Corp</name>
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      <invstOrSec>
        <name>Cohen &amp; Steers Inc</name>
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      <invstOrSec>
        <name>Waste Management Inc</name>
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        <name>Chr Hansen Holding A/S</name>
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        <name>Graco Inc</name>
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        <name>Chubu Electric Power Co Inc</name>
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        <name>Netflix Inc</name>
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        <name>AstraZeneca PLC</name>
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        <name>NextEra Energy Inc</name>
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        <name>Brown-Forman Corp</name>
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        <name>Nissin Foods Holdings Co Ltd</name>
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        <name>National Beverage Corp</name>
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        <name>Campbell Soup Co</name>
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        <name>TREASURY BILL</name>
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        <title>United States Treasury Bill</title>
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        <name>Fiserv Inc</name>
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        <name>MKS Instruments Inc</name>
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        <name>Sika AG</name>
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        <name>Ormat Technologies Inc</name>
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        <name>KeyCorp</name>
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        <name>Traton SE</name>
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        <name>Macy's Inc</name>
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        <name>ASML Holding NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding NV</title>
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      <invstOrSec>
        <name>Fox Corp</name>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McKesson Corp</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp</title>
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          <isin value="US58155Q1031"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
        <cusip>46625H100</cusip>
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          <isin value="US46625H1005"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OGE Energy Corp</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
        <title>OGE Energy Corp</title>
        <cusip>670837103</cusip>
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          <isin value="US6708371033"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Danaher Corp</name>
        <lei>S4BKK9OTCEWQ3YHPFM11</lei>
        <title>Danaher Corp</title>
        <cusip>235851102</cusip>
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          <isin value="US2358511028"/>
          <ticker value="DHR"/>
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        <balance>27800.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>W R Berkley Corp</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W R Berkley Corp</title>
        <cusip>084423102</cusip>
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          <isin value="US0844231029"/>
          <ticker value="WRB"/>
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        <balance>93750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6054375.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crown Castle Inc</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle Inc</title>
        <cusip>22822V101</cusip>
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          <isin value="US22822V1017"/>
          <ticker value="CCI"/>
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        <balance>14000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2023700.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Valvoline Inc</name>
        <lei>549300CMHPBEY6VPOT75</lei>
        <title>Valvoline Inc</title>
        <cusip>92047W101</cusip>
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          <isin value="US92047W1018"/>
          <ticker value="VVV"/>
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        <curCd>USD</curCd>
        <valUSD>2934625.40000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa Inc</title>
        <cusip>039653100</cusip>
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          <isin value="US0396531008"/>
          <ticker value="ACA"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>457440.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pinnacle West Capital Corp</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>Pinnacle West Capital Corp</title>
        <cusip>723484101</cusip>
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          <isin value="US7234841010"/>
          <ticker value="PNW"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>774120.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NorthWestern Corp</name>
        <lei>3BPWMBHR1R9SHUN7J795</lei>
        <title>NorthWestern Corp</title>
        <cusip>668074305</cusip>
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          <isin value="US6680743050"/>
          <ticker value="NWE"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98560.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kinder Morgan Inc</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan Inc</title>
        <cusip>49456B101</cusip>
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          <isin value="US49456B1017"/>
          <ticker value="KMI"/>
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        <balance>61000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1015040.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHARTER COMMUNICATIONS INC</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
        <title>CHARTER COMMUNICATIONS INC</title>
        <cusip>16119P108</cusip>
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          <isin value="US16119P1084"/>
          <ticker value="CHTR"/>
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        <balance>2445.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>741690.75000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Chemed Corp</name>
        <lei>54930020031IDJT2IM79</lei>
        <title>Chemed Corp</title>
        <cusip>16359R103</cusip>
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        <balance>14000.00000000</balance>
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        <valUSD>6111840.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orange SA</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange SA</title>
        <cusip>684060106</cusip>
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          <isin value="US6840601065"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>449500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Smiths Group PLC</name>
        <lei>213800MJL6IPZS3ASA11</lei>
        <title>Smiths Group PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B1WY2338"/>
          <ticker value="SMIN"/>
          <other otherDesc="SEDOL" value="B1WY233"/>
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        <balance>2000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <name>Dell Technologies Inc</name>
        <lei>549300TJB5YBRUPOG437</lei>
        <title>Dell Technologies Inc</title>
        <cusip>24703L202</cusip>
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        <valUSD>341700.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <name>Zoetis Inc</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>TRINE II ACQUISITION CORP -A</name>
        <lei>N/A</lei>
        <title>TRINE II ACQ CL A -CW27</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Zimmer Biomet Holdings Inc</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings Inc</title>
        <cusip>98956P102</cusip>
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          <ticker value="ZBH"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Unity Software Inc</name>
        <lei>549300D1ESJMGNQNG432</lei>
        <title>Unity Software Inc</title>
        <cusip>91332U101</cusip>
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        <valUSD>95580.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Toray Industries Inc</name>
        <lei>35380099TCYR5FHT0A11</lei>
        <title>Toray Industries Inc</title>
        <cusip>000000000</cusip>
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          <isin value="JP3621000003"/>
          <ticker value="3402"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp</title>
        <cusip>126650100</cusip>
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          <isin value="US1266501006"/>
          <ticker value="CVS"/>
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        <balance>308000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29373960.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Merck &amp; Co Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co Inc</title>
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          <isin value="US58933Y1055"/>
          <ticker value="MRK"/>
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        <curCd>USD</curCd>
        <valUSD>12745760.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lattice Semiconductor Corp</name>
        <lei>549300LRBBPZDQ2II567</lei>
        <title>Lattice Semiconductor Corp</title>
        <cusip>518415104</cusip>
        <identifiers>
          <isin value="US5184151042"/>
          <ticker value="LSCC"/>
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        <balance>57000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2804970.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Coca-Cola Co/The</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co/The</title>
        <cusip>191216100</cusip>
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          <isin value="US1912161007"/>
          <ticker value="KO"/>
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        <balance>265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14845300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bouygues SA</name>
        <lei>969500MOCLNQFNZN0D63</lei>
        <title>Bouygues SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR0000120503"/>
          <ticker value="EN"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trine II Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Trine II Acquisition Corp</title>
        <cusip>000000000</cusip>
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          <isin value="KYG9059F1000"/>
          <ticker value="TRAQ"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1904750.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AmerisourceBergen Corp</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>AmerisourceBergen Corp</title>
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          <isin value="US03073E1055"/>
          <ticker value="ABC"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mueller Water Products Inc</name>
        <lei>549300F7ZU4P1F8V8L60</lei>
        <title>Mueller Water Products Inc</title>
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          <isin value="US6247581084"/>
          <ticker value="MWA"/>
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        <balance>178000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1828060.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
        <cusip>718546104</cusip>
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          <isin value="US7185461040"/>
          <ticker value="PSX"/>
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        <balance>52000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4197440.00000000</valUSD>
        <pctVal>0.215377891208</pctVal>
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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>Barrick Gold Corp</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
          <ticker value="GOLD"/>
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        <balance>142588.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2210114.00000000</valUSD>
        <pctVal>0.113404764011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ryman Hospitality Properties I</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>Ryman Hospitality Properties Inc</title>
        <cusip>78377T107</cusip>
        <identifiers>
          <isin value="US78377T1079"/>
          <ticker value="RHP"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1103850.00000000</valUSD>
        <pctVal>0.056640448752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
          <ticker value="BABA"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79990.00000000</valUSD>
        <pctVal>0.004104424963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Accor SA</name>
        <lei>969500QZC2Q0TK11NV07</lei>
        <title>Accor SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000120404"/>
          <ticker value="AC"/>
          <other otherDesc="SEDOL" value="5852842"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Perrigo Co PLC</name>
        <lei>549300IFOQS6R1QLY196</lei>
        <title>Perrigo Co PLC</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BGH1M568"/>
          <ticker value="PRGO"/>
          <other otherDesc="SEDOL" value="BGH1M56"/>
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        <curCd>USD</curCd>
        <valUSD>3566000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <name>United Rentals Inc</name>
        <lei>5323X5O7RN0NKFCDRY08</lei>
        <title>United Rentals Inc</title>
        <cusip>911363109</cusip>
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          <ticker value="URI"/>
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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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        <name>Proto Labs Inc</name>
        <lei>529900QHG5MGWT2WQQ09</lei>
        <title>Proto Labs Inc</title>
        <cusip>743713109</cusip>
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          <isin value="US7437131094"/>
          <ticker value="PRLB"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291440.00000000</valUSD>
        <pctVal>0.014954289427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gerresheimer AG</name>
        <lei>5299006GD4UWSYZOKC28</lei>
        <title>Gerresheimer AG</title>
        <cusip>000000000</cusip>
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          <isin value="DE000A0LD6E6"/>
          <ticker value="GXI"/>
          <other otherDesc="SEDOL" value="B1Y47Y7"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Terminix Global Holdings Inc</name>
        <lei>549300GS10644JGL8R77</lei>
        <title>Terminix Global Holdings Inc</title>
        <cusip>88087E100</cusip>
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          <isin value="US88087E1001"/>
          <ticker value="TMX"/>
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        <curCd>USD</curCd>
        <valUSD>3637550.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AutoZone Inc</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
        <title>AutoZone Inc</title>
        <cusip>053332102</cusip>
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          <isin value="US0533321024"/>
          <ticker value="AZO"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RPC Inc</name>
        <lei>N/A</lei>
        <title>RPC Inc</title>
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          <isin value="US7496601060"/>
          <ticker value="RES"/>
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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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      <invstOrSec>
        <name>Fox Corp</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp</title>
        <cusip>35137L204</cusip>
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          <ticker value="FOX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>WEC Energy Group Inc</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group Inc</title>
        <cusip>92939U106</cusip>
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          <isin value="US92939U1060"/>
          <ticker value="WEC"/>
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        <balance>7000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integer Holdings Corp</name>
        <lei>549300SUD2ED5XG6X569</lei>
        <title>Integer Holdings Corp</title>
        <cusip>45826H109</cusip>
        <identifiers>
          <isin value="US45826H1095"/>
          <ticker value="ITGR"/>
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        <balance>47371.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2947897.33000000</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>H&amp;E Equipment Services Inc</name>
        <lei>254900KVLRCDMQRYY541</lei>
        <title>H&amp;E Equipment Services Inc</title>
        <cusip>404030108</cusip>
        <identifiers>
          <isin value="US4040301081"/>
          <ticker value="HEES"/>
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        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113360.00000000</valUSD>
        <pctVal>0.005816697260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BHP Group Ltd</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group Ltd</title>
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          <isin value="US0886061086"/>
          <ticker value="BHP"/>
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        <curCd>USD</curCd>
        <valUSD>400320.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hera SpA</name>
        <lei>8156009414FD99443B48</lei>
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          <isin value="IT0001250932"/>
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          <other otherDesc="SEDOL" value="7598003"/>
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        <balance>410000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
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      <invstOrSec>
        <name>Sally Beauty Holdings Inc</name>
        <lei>529900VXW6E8ONDIQ271</lei>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trinity Industries Inc</name>
        <lei>R1JB4KXN77XFCXOQKV49</lei>
        <title>Trinity Industries Inc</title>
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        <curCd>USD</curCd>
        <valUSD>768600.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Equinix Inc</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc</title>
        <cusip>29444U700</cusip>
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          <isin value="US29444U7000"/>
          <ticker value="EQIX"/>
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        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2275360.00000000</valUSD>
        <pctVal>0.116752648886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vivendi SE</name>
        <lei>969500FU4DRAEVJW7U54</lei>
        <title>Vivendi SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000127771"/>
          <ticker value="VIV"/>
          <other otherDesc="SEDOL" value="4834777"/>
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        <balance>485000.00000000</balance>
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        <pctVal>0.194434749575</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BCE Inc</name>
        <lei>5493001I9203PRB5KR45</lei>
        <title>BCE Inc</title>
        <cusip>05534B760</cusip>
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          <isin value="CA05534B7604"/>
          <ticker value="BCE"/>
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        <valUSD>7045920.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kinnevik AB</name>
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        <title>Kinnevik AB</title>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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      <invstOrSec>
        <name>Bel Fuse Inc</name>
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        <name>DISH NETWORK CORP</name>
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        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>DISH Network Corp</title>
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                <ticker value="DISH"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mastercard Inc</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard Inc</title>
        <cusip>57636Q104</cusip>
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          <isin value="US57636Q1040"/>
          <ticker value="MA"/>
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        <balance>157900.00000000</balance>
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        <valUSD>44897286.00000000</valUSD>
        <pctVal>2.303757237668</pctVal>
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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>
      <invstOrSec>
        <name>Lowe's Cos Inc</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos Inc</title>
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          <isin value="US5486611073"/>
          <ticker value="LOW"/>
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        <balance>36400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6836284.00000000</valUSD>
        <pctVal>0.350781531510</pctVal>
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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>
      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA</title>
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          <ticker value="PBR"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>308500.00000000</valUSD>
        <pctVal>0.015829667473</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLETE Inc</name>
        <lei>549300NNLSIMY6Z8OT86</lei>
        <title>ALLETE Inc</title>
        <cusip>018522300</cusip>
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          <isin value="US0185223007"/>
          <ticker value="ALE"/>
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        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>550550.00000000</valUSD>
        <pctVal>0.028249670752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>Liberty Latin America Ltd</title>
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          <ticker value="LILAK"/>
          <other otherDesc="SEDOL" value="BD9Q3Q6"/>
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        <valUSD>440469.15000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <securityLending>
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      <invstOrSec>
        <name>Block Inc</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>Block Inc</title>
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          <ticker value="SQ"/>
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        <balance>25000.00000000</balance>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Post Holdings Inc</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings Inc</title>
        <cusip>737446104</cusip>
        <identifiers>
          <isin value="US7374461041"/>
          <ticker value="POST"/>
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        <balance>51000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4177410.00000000</valUSD>
        <pctVal>0.214350117336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>American Water Works Co Inc</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co Inc</title>
        <cusip>030420103</cusip>
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          <isin value="US0304201033"/>
          <ticker value="AWK"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>780960.00000000</valUSD>
        <pctVal>0.040072405542</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>Wyndham Hotels &amp; Resorts Inc</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>Wyndham Hotels &amp; Resorts Inc</title>
        <cusip>98311A105</cusip>
        <identifiers>
          <isin value="US98311A1051"/>
          <ticker value="WH"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>306750.00000000</valUSD>
        <pctVal>0.015739871952</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-11-18</ncom:dateSigned>
      <ncom:nameOfApplicant>Gabelli Dividend &amp; Income Trust</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
