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        <name>AFLAC INCORPORATED</name>
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      <invstOrSec>
        <name>DXC TECHNOLOGY COMPANY</name>
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      <invstOrSec>
        <name>EASTMAN CHEMICAL COMPANY</name>
        <lei>FDPVHDGJ1IQZFK9KH630</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EATON CORP PLC</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EBAY INC</name>
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      <invstOrSec>
        <name>ECHOSTAR CORPORATION</name>
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        <name>EDISON INTERNATIONAL</name>
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        <name>ELI LILLY AND COMPANY</name>
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        <name>EMERSON ELECTRIC CO</name>
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        <name>FISERV INC</name>
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      <invstOrSec>
        <name>FLEX LTD (AKA: FLEXTRONICS INTERNATIONAL LTD)</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FLUOR CORPORATION</name>
        <lei>CQ7WZ4NOFWT7FAE6Q943</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALCOA CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FOOT LOCKER INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FORD MOTOR COMPANY</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FORTUNE BRANDS HOME &amp; SECURITY INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FRANKLIN RESOURCES INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GAMESTOP CORP</name>
        <lei>549300505KLOET039L77</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GAP INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GENERAL DYNAMICS CORPORATION</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GENERAL ELECTRIC COMPANY</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GENERAL MILLS INC</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
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        <cusip>370334104</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALLERGAN PUBLIC LIMITED COMPANY (AKA: ACTAVIS PLC)</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GENERAL MOTORS COMPANY</name>
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      <invstOrSec>
        <name>GENWORTH FINANCIAL INC</name>
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        <name>GILEAD SCIENCES INC</name>
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        <name>ALLIANCE DATA SYSTEMS CORPORATION</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>GOODYEAR TIRE &amp; RUBBER CO/THE</name>
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        <name>ALLISON TRANSMISSION HOLDINGS INC</name>
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        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>H&amp;R BLOCK INC</name>
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        <name>ALLY FINANCIAL INC</name>
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        <name>HARLEY-DAVIDSON INC</name>
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      <invstOrSec>
        <name>HARTFORD FINANCIAL SERVICES GROUP INC/THE</name>
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      <invstOrSec>
        <name>HASBRO INC</name>
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      <invstOrSec>
        <name>ALPHABET INC</name>
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      <invstOrSec>
        <name>HCA HEALTHCARE INC</name>
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        <name>HD SUPPLY HOLDINGS INC</name>
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      <invstOrSec>
        <name>HEALTHPEAK PROPERTIES INC</name>
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      <invstOrSec>
        <name>HENRY SCHEIN INC</name>
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      <invstOrSec>
        <name>HERBALIFE NUTRITION LTD (AKA: HERBALIFE LTD)</name>
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      <invstOrSec>
        <name>HERSHEY CO</name>
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        <name>HESS CORPORATION</name>
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        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
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        <name>HOME DEPOT INC</name>
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        <lei>T27JQIMTYSH41TCD5186</lei>
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        <name>ILLINOIS TOOL WORKS INC</name>
        <lei>76NA4I14SZCFAYMNSV04</lei>
        <title>ILLINOIS TOOL WORKS COMMON STOCK USD.01</title>
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        <name>AMCOR PLC</name>
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      <invstOrSec>
        <name>AMDOCS LIMITED</name>
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      <invstOrSec>
        <name>INGREDION INCORPORATED</name>
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        <name>INTEL CORPORATION</name>
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      <invstOrSec>
        <name>INTELSAT SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AMERICAN EXPRESS COMPANY</name>
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      <invstOrSec>
        <name>MONDELEZ INTERNATIONAL INC</name>
        <lei>549300DV9GIB88LZ5P30</lei>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOSAIC CO/THE</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOTOROLA SOLUTIONS INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MURPHY OIL CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MYLAN NV</name>
        <lei>549300A0CD4KNFGIIS89</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NABORS INDUSTRIES LTD</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ANTERO RESOURCES CORPORATION</name>
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        <name>NATIONAL OILWELL VARCO INC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ANTHEM INC (AKA: WELLPOINT INC)</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>NAVIENT CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>NCR CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <name>NETAPP INC</name>
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        <name>NEWS CORPORATION</name>
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        <name>NIKE INC</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE INC  CL B COMMON STOCK</title>
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        <name>NORTHROP GRUMMAN CORPORATION</name>
        <lei>RIMU48P07456QXSO0R61</lei>
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        <name>NORTONLIFELOCK INC</name>
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      <invstOrSec>
        <name>APPLE INC</name>
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      <invstOrSec>
        <name>APPLIED MATERIALS INC</name>
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        <name>OCCIDENTAL PETROLEUM CORPORATION</name>
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        <name>OFFICE DEPOT INC</name>
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        <name>RELIANCE STEEL &amp; ALUMINUM CO</name>
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        <name>REPUBLIC SERVICES INC</name>
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        <name>RITE AID CORPORATION</name>
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        <name>SCHLUMBERGER LIMITED</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SPRINT CORPORATION</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STARBUCKS CORPORATION</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STARWOOD PROPERTY TRUST INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STATE STREET CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AVIS BUDGET GROUP INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STIFEL FINANCIAL CORP</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AVNET INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SYNCHRONY FINANCIAL</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>3M COMPANY</name>
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        <assetCat>EC</assetCat>
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        <name>SYSCO CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <name>T ROWE PRICE GROUP INC</name>
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        <title>T ROWE PRICE GROUP INC COMMON STOCK USD.2</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>T-MOBILE US INC</name>
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        <name>TAPESTRY INC (AKA COACH INC)</name>
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        <name>TARGET CORPORATION</name>
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        <name>TELEPHONE AND DATA SYSTEMS INC</name>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <name>TERADATA CORPORATION</name>
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        <name>TEXAS INSTRUMENTS INCORPORATED</name>
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        <name>BAKER HUGHES COMPANY</name>
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        <name>TRANE TECHNOLOGIES PUBLIC LIMITED COMPANY</name>
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        <name>TRANSOCEAN LTD</name>
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        <name>TRUIST FINANCIAL CORPORATION</name>
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      <invstOrSec>
        <name>TYSON FOODS INC</name>
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      <invstOrSec>
        <name>UGI CORPORATION</name>
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      <invstOrSec>
        <name>UNION PACIFIC CORPORATION</name>
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      <invstOrSec>
        <name>UNITED AIRLINES HOLDINGS INC</name>
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        <name>UNITED RENTALS INC</name>
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        <name>UNITED THERAPEUTICS CORPORATION</name>
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        <name>UNITEDHEALTH GROUP INCORPORATED</name>
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        <name>UNUM GROUP</name>
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      <invstOrSec>
        <name>BED BATH &amp; BEYOND INC</name>
        <lei>529900ZBUWWUV7BKGX39</lei>
        <title>BED BATH + BEYOND INC COMMON STOCK USD.01</title>
        <cusip>075896100</cusip>
        <identifiers>
          <isin value="US0758961009"/>
        </identifiers>
        <balance>240022.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1010492.620000</valUSD>
        <pctVal>0.1782102</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="799900.000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABBOTT LABORATORIES</name>
        <lei>HQD377W2YR662HK5JX27</lei>
        <title>ABBOTT LABORATORIES COMMON STOCK</title>
        <cusip>002824100</cusip>
        <identifiers>
          <isin value="US0028241000"/>
        </identifiers>
        <balance>910.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71808.100000</valUSD>
        <pctVal>0.0126641</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>BERKSHIRE HATHAWAY INC</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033</title>
        <cusip>084670702</cusip>
        <identifiers>
          <isin value="US0846707026"/>
        </identifiers>
        <balance>22671.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4144938.930000</valUSD>
        <pctVal>0.7310003</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>BEST BUY CO INC</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>BEST BUY CO INC COMMON STOCK USD.1</title>
        <cusip>086516101</cusip>
        <identifiers>
          <isin value="US0865161014"/>
        </identifiers>
        <balance>23183.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1321431.000000</valUSD>
        <pctVal>0.2330472</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>ABBVIE INC</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC COMMON STOCK USD.01</title>
        <cusip>00287Y109</cusip>
        <identifiers>
          <isin value="US00287Y1091"/>
        </identifiers>
        <balance>29973.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2283642.870000</valUSD>
        <pctVal>0.4027427</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>BLACKROCK INC</name>
        <lei>549300LRIF3NWCU26A80</lei>
        <title>BLACKROCK INC COMMON STOCK USD.01</title>
        <cusip>09247X101</cusip>
        <identifiers>
          <isin value="US09247X1019"/>
        </identifiers>
        <balance>2361.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1038769.170000</valUSD>
        <pctVal>0.1831971</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>BOEING CO/THE</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BOEING CO/THE COMMON STOCK USD5.0</title>
        <cusip>097023105</cusip>
        <identifiers>
          <isin value="US0970231058"/>
        </identifiers>
        <balance>3517.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>524525.380000</valUSD>
        <pctVal>0.0925052</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>BOOKING HOLDINGS INC (AKA:  PRICELINE GROUP INC/THE)</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>BOOKING HOLDINGS INC COMMON STOCK USD.008</title>
        <cusip>09857L108</cusip>
        <identifiers>
          <isin value="US09857L1089"/>
        </identifiers>
        <balance>103.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>138567.960000</valUSD>
        <pctVal>0.0244378</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>BOOZ ALLEN HAMILTON HOLDING CORPORATION</name>
        <lei>529900JPV47PIUWMA015</lei>
        <title>BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD.01</title>
        <cusip>099502106</cusip>
        <identifiers>
          <isin value="US0995021062"/>
        </identifiers>
        <balance>7220.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>495580.800000</valUSD>
        <pctVal>0.0874005</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>BOSTON PROPERTIES INC</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>BOSTON PROPERTIES INC REIT USD.01</title>
        <cusip>101121101</cusip>
        <identifiers>
          <isin value="US1011211018"/>
        </identifiers>
        <balance>1217.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112243.910000</valUSD>
        <pctVal>0.0197953</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>BRIGHTHOUSE FINANCIAL INC</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>BRIGHTHOUSE FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>10922N103</cusip>
        <identifiers>
          <isin value="US10922N1037"/>
        </identifiers>
        <balance>13392.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>323684.640000</valUSD>
        <pctVal>0.0570849</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 COMPANY</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>BRISTOL MYERS SQUIBB CO COMMON STOCK USD.1</title>
        <cusip>110122108</cusip>
        <identifiers>
          <isin value="US1101221083"/>
        </identifiers>
        <balance>42711.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2380711.140000</valUSD>
        <pctVal>0.4198616</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>BRIXMOR PROPERTY GROUP INC</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>BRIXMOR PROPERTY GROUP INC REIT USD.01</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <isin value="US11120U1051"/>
        </identifiers>
        <balance>35488.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>337136.000000</valUSD>
        <pctVal>0.0594572</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>BROOKDALE SENIOR LIVING INC</name>
        <lei>LH7MQB13NWY7CJ9VC445</lei>
        <title>BROOKDALE SENIOR LIVING INC COMMON STOCK USD.01</title>
        <cusip>112463104</cusip>
        <identifiers>
          <isin value="US1124631045"/>
        </identifiers>
        <balance>67549.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210752.880000</valUSD>
        <pctVal>0.0371683</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>BUNGE LIMITED</name>
        <lei>5493007M0RIN8HY3MM77</lei>
        <title>BUNGE LTD COMMON STOCK USD.01</title>
        <cusip>G16962105</cusip>
        <identifiers>
          <isin value="BMG169621056"/>
        </identifiers>
        <balance>18276.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>749864.280000</valUSD>
        <pctVal>0.1322459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D.  This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Total returns do not deduct sales loads and redemption fees." noteItem="B.5.a"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.c.vi"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.d.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.e.iii"/>
      <explntrNote note="To the extent an instrument's maturity date, termination date, expiration date, or settlement date does not exist or is not available as of period end, and is required for reporting, the registrant will disclose 12/31/2500." noteItem="C.11.f.ii"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list.  Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-04</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO Equity Series</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jason Nagler</ncom:signature>
      <ncom:signerName>Jason Nagler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
