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          <loanByFundCondition isLoanByFund="Y" loanVal="330343.82000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hong Kong Exchanges &amp; Clearing Ltd.</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>HKEX</title>
        <cusip>Y3506N139</cusip>
        <identifiers>
          <isin value="HK0388045442"/>
        </identifiers>
        <balance>41009.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>1824337.34000000</valUSD>
        <pctVal>2.457267995529</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange Ltd.</name>
        <lei>549300IQ650PPXM76X03</lei>
        <title>SINGAPORE EXCH</title>
        <cusip>Y79946102</cusip>
        <identifiers>
          <isin value="SG1J26887955"/>
        </identifiers>
        <balance>151200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34350000"/>
        <valUSD>1496941.33000000</valUSD>
        <pctVal>2.016286100570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fanuc Corp.</name>
        <lei>529900QTSW745LOKW705</lei>
        <title>FANUC CORP</title>
        <cusip>J13440102</cusip>
        <identifiers>
          <isin value="JP3802400006"/>
        </identifiers>
        <balance>54894.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>1495967.80000000</valUSD>
        <pctVal>2.014974816709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICL Group Ltd</name>
        <lei>529900FQVQD88SHIGM04</lei>
        <title>ICL GROUP LTD</title>
        <cusip>M53213100</cusip>
        <identifiers>
          <isin value="IL0002810146"/>
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        <balance>242782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.71970000"/>
        <valUSD>1378335.69000000</valUSD>
        <pctVal>1.856531741072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nagaileben Co</name>
        <lei>N/A</lei>
        <title>NAGAILEBEN CO</title>
        <cusip>J47152103</cusip>
        <identifiers>
          <isin value="JP3647000003"/>
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        <balance>26436.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>342649.64000000</valUSD>
        <pctVal>0.461527578036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>O'Reilly Automotive Inc.</name>
        <lei>549300K2RLMQL149Q332</lei>
        <title>O'REILLY AUTOMOT</title>
        <cusip>67103H107</cusip>
        <identifiers>
          <isin value="US67103H1077"/>
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        <balance>557.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>797947.06000000</valUSD>
        <pctVal>1.074784651760</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>Shimano Inc.</name>
        <lei>529900L32YT3P9DECR10</lei>
        <title>SHIMANO INC</title>
        <cusip>J72262108</cusip>
        <identifiers>
          <isin value="JP3358000002"/>
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        <balance>10746.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>1509220.22000000</valUSD>
        <pctVal>2.032824995410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shiseido Co Ltd.</name>
        <lei>5299008QCD0YDT5OF506</lei>
        <title>Shiseido Co Ltd</title>
        <cusip>J74358144</cusip>
        <identifiers>
          <isin value="JP3351600006"/>
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        <balance>39937.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
        <valUSD>757573.98000000</valUSD>
        <pctVal>1.020404644735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sodexo S.A.</name>
        <lei>969500LCBOG12HXPYM84</lei>
        <title>SODEXO SA</title>
        <cusip>F84941123</cusip>
        <identifiers>
          <isin value="FR0000121220"/>
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        <balance>14120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>907419.67000000</valUSD>
        <pctVal>1.222237392567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>NESTLE SA-REG</title>
        <cusip>H57312649</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
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        <balance>14400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88451000"/>
        <valUSD>1455528.02000000</valUSD>
        <pctVal>1.960504968967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>CREDIT AGRICOLE</title>
        <cusip>F22797108</cusip>
        <identifiers>
          <isin value="FR0000045072"/>
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        <balance>120463.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>2194492.71000000</valUSD>
        <pctVal>2.955844067033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS</title>
        <cusip>F1058Q238</cusip>
        <identifiers>
          <isin value="FR0000131104"/>
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        <balance>17280.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1445052.54000000</valUSD>
        <pctVal>1.946395154308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ross Stores Inc</name>
        <lei>549300ENZFLPGRDFZQ60</lei>
        <title>ROSS STORES INC</title>
        <cusip>778296103</cusip>
        <identifiers>
          <isin value="US7782961038"/>
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        <balance>5154.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>658629.66000000</valUSD>
        <pctVal>0.887132850344</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>Heineken N.V.</name>
        <lei>724500K5PTPSST86UQ23</lei>
        <title>Heineken NV</title>
        <cusip>N39427211</cusip>
        <identifiers>
          <isin value="NL0000009165"/>
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        <balance>5781.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>471646.55000000</valUSD>
        <pctVal>0.635278326604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Spdr Gold Trust</name>
        <lei>549300MQIQW9W2UPJ106</lei>
        <title>SPDR GOLD SHARES</title>
        <cusip>78463V107</cusip>
        <identifiers>
          <isin value="US78463V1070"/>
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        <balance>15495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4464729.30000000</valUSD>
        <pctVal>6.013710390641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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>Henry Schein, Inc.</name>
        <lei>VGO3WGL8H45T73F4RR92</lei>
        <title>HENRY SCHEIN INC</title>
        <cusip>806407102</cusip>
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          <isin value="US8064071025"/>
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        <balance>9914.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>679009.86000000</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>The Scotts Miracle-Gro Company</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
        <title>SCOTTS MIRACLE</title>
        <cusip>810186106</cusip>
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          <isin value="US8101861065"/>
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        <balance>7357.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>403825.73000000</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>Southern Copper Corporation</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>SOUTHERN COPPER</title>
        <cusip>84265V105</cusip>
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          <isin value="US84265V1052"/>
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        <balance>6803.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>635808.38000000</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>State Street Institutional Investment Trust</name>
        <lei>549300P1E098W6ES7M39</lei>
        <title>SS-INS TR PL-TRS</title>
        <cusip>85749Q448</cusip>
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          <isin value="US85749Q4486"/>
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        <balance>6707654.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6707654.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLD-ADR</title>
        <cusip>88032Q109</cusip>
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          <isin value="US88032Q1094"/>
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        <balance>20801.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1327935.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1353100.89000000"/>
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      <invstOrSec>
        <name>Tesla Inc</name>
        <lei>54930043XZGB27CTOV49</lei>
        <title>TESLA INC</title>
        <cusip>88160R101</cusip>
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          <isin value="US88160R1014"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>777480.00000000</valUSD>
        <pctVal>1.047216805398</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>Oversea-Chinese Banking Corp Ltd.</name>
        <lei>5493007O3QFXCPOGWK22</lei>
        <title>OCBC BANK</title>
        <cusip>Y64248209</cusip>
        <identifiers>
          <isin value="SG1S04926220"/>
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        <balance>69905.00000000</balance>
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        <currencyConditional curCd="SGD" exchangeRt="1.34350000"/>
        <valUSD>895938.02000000</valUSD>
        <pctVal>1.206772330014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vinci SA</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>VINCI SA</title>
        <cusip>F5879X108</cusip>
        <identifiers>
          <isin value="FR0000125486"/>
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        <balance>8742.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1102629.21000000</valUSD>
        <pctVal>1.485172401650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Liquide S.A.(L')</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>AIR LIQUIDE SA</title>
        <cusip>F01764103</cusip>
        <identifiers>
          <isin value="FR0000120073"/>
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        <balance>1654.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>314343.67000000</valUSD>
        <pctVal>0.423401211471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Megacable Holdings S. A. B. de C.V.</name>
        <lei>N/A</lei>
        <title>MEGACABLE-CPO</title>
        <cusip>P652AE117</cusip>
        <identifiers>
          <isin value="MX01ME090003"/>
        </identifiers>
        <balance>714211.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.46730000"/>
        <valUSD>1493515.55000000</valUSD>
        <pctVal>2.011671789736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Edenred SA</name>
        <lei>9695006LOD5B2D7Y0N70</lei>
        <title>EDENRED</title>
        <cusip>F3192L109</cusip>
        <identifiers>
          <isin value="FR0010908533"/>
        </identifiers>
        <balance>37580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1221895.51000000</valUSD>
        <pctVal>1.645816628740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TC Energy Corp</name>
        <lei>549300UGKOFV2IWJJG27</lei>
        <title>TC ENERGY CORP</title>
        <cusip>87807B107</cusip>
        <identifiers>
          <isin value="CA87807B1076"/>
        </identifiers>
        <balance>28702.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43886000"/>
        <valUSD>1355648.17000000</valUSD>
        <pctVal>1.825973074332</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1352076.87000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISS A/S</name>
        <lei>213800LEZA58SZNCBN19</lei>
        <title>ISS A/S</title>
        <cusip>K5591Y107</cusip>
        <identifiers>
          <isin value="DK0060542181"/>
        </identifiers>
        <balance>37810.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89886000"/>
        <valUSD>868315.95000000</valUSD>
        <pctVal>1.169567133862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB</name>
        <lei>213800NS2XXVRYS7WP40</lei>
        <title>LOOMIS AB</title>
        <cusip>W5S50Y116</cusip>
        <identifiers>
          <isin value="SE0014504817"/>
        </identifiers>
        <balance>19255.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05017000"/>
        <valUSD>780014.57000000</valUSD>
        <pctVal>1.050630712249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eurofins Scientific SE</name>
        <lei>529900JEHFM47DYY3S57</lei>
        <title>EUROFINS SCIEN</title>
        <cusip>L31839134</cusip>
        <identifiers>
          <isin value="FR0014000MR3"/>
        </identifiers>
        <balance>29429.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1570694.28000000</valUSD>
        <pctVal>2.115626699284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1558083.30000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Worldline SA</name>
        <lei>549300CJMQNCA0U4TS33</lei>
        <title>WORLDLINE</title>
        <cusip>F9867T103</cusip>
        <identifiers>
          <isin value="FR0011981968"/>
        </identifiers>
        <balance>107550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>661094.71000000</valUSD>
        <pctVal>0.890453118115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="663398.30000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compania De Distribucion Integral Logista Holdings S.A.U</name>
        <lei>9598000ANNAL42UJ7X28</lei>
        <title>LOGISTA</title>
        <cusip>E0304S106</cusip>
        <identifiers>
          <isin value="ES0105027009"/>
        </identifiers>
        <balance>34443.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>1095261.20000000</valUSD>
        <pctVal>1.475248154217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ryanair Holdings PLC</name>
        <lei>635400BR2ROC1FVEBQ56</lei>
        <title>RYANAIR HLDGS</title>
        <cusip>G7727C186</cusip>
        <identifiers>
          <isin value="IE00BYTBXV33"/>
        </identifiers>
        <balance>29604.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>598565.50000000</valUSD>
        <pctVal>0.806230193357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USD"/>
        </identifiers>
        <balance>1813614.28000000</balance>
        <units>NC</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34350000"/>
        <valUSD>130.63000000</valUSD>
        <pctVal>0.000175950418</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET BANK</counterpartyName>
              <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
            </counterparties>
            <amtCurSold>-1813614.28000000</amtCurSold>
            <curSold>SGD</curSold>
            <amtCurPur>1350048.22000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-04-01</settlementDt>
            <unrealizedAppr>130.63000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>NORTHERN LIGHTS FUND TRUST III</ncom:nameOfApplicant>
      <ncom:signature>Rich Gleason</ncom:signature>
      <ncom:signerName>Rich Gleason</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
