<?xml version="1.0" encoding="UTF-8"?><nport:edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:nport="http://www.sec.gov/edgar/nport" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd "><nport:headerData><nport:submissionType>NPORT-P</nport:submissionType><nport:isConfidential>false</nport:isConfidential><nport:filerInfo><nport:filer><nport:issuerCredentials><nport:cik>0000277751</nport:cik><nport:ccc>XXXXXXXX</nport:ccc></nport:issuerCredentials></nport:filer><nport:seriesClassInfo><nport:seriesId>S000057607</nport:seriesId><nport:classId>C000183943</nport:classId><nport:classId>C000183944</nport:classId><nport:classId>C000183945</nport:classId><nport:classId>C000183946</nport:classId><nport:classId>C000183947</nport:classId><nport:classId>C000183949</nport:classId><nport:classId>C000183950</nport:classId></nport:seriesClassInfo></nport:filerInfo></nport:headerData><nport:formData><genInfo><regName>JANUS INVESTMENT FUND</regName><regFileNumber>811-01879</regFileNumber><regCik>0000277751</regCik><regLei>W6UYDZFUOFJ4HQQ32382</regLei><regStreet1>151 DETROIT STREET</regStreet1><regCity>DENVER</regCity><regStateConditional regCountry="US" regState="US-CO"/><regZipOrPostalCode>80206</regZipOrPostalCode><regPhone>3033333863</regPhone><seriesName>Janus Henderson Dividend &amp; Income Builder Fund</seriesName><seriesId>S000057607</seriesId><seriesLei>33JJSQXYKCNT3OTV5352</seriesLei><repPdEnd>2020-06-30</repPdEnd><repPdDate>2020-03-31</repPdDate><isFinalFiling>N</isFinalFiling></genInfo><fundInfo><totAssets>143837892</totAssets><totLiabs>142811</totLiabs><netAssets>143695081</netAssets><assetsAttrMiscSec>0</assetsAttrMiscSec><assetsInvested>0</assetsInvested><amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr><amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp><amtPayOneYrOthAffil>0</amtPayOneYrOthAffil><amtPayOneYrOther>0</amtPayOneYrOther><amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr><amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp><amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil><amtPayAftOneYrOther>0</amtPayAftOneYrOther><delayDeliv>0</delayDeliv><standByCommit>0</standByCommit><liquidPref>0</liquidPref><cshNotRptdInCorD>4019540</cshNotRptdInCorD><isNonCashCollateral>N</isNonCashCollateral><returnInfo><monthlyTotReturns><monthlyTotReturn classId="C000183943" rtn1="-10.75" rtn2="-6.71" rtn3="-1.31"/><monthlyTotReturn classId="C000183944" rtn1="-10.8" rtn2="-6.9" rtn3="-1.33"/><monthlyTotReturn classId="C000183945" rtn1="-10.79" rtn2="-6.71" rtn3="-1.31"/><monthlyTotReturn classId="C000183946" rtn1="-10.76" rtn2="-6.7" rtn3="-1.31"/><monthlyTotReturn classId="C000183947" rtn1="-10.79" rtn2="-6.71" rtn3="-1.24"/><monthlyTotReturn classId="C000183949" rtn1="-10.8" rtn2="-6.73" rtn3="-1.31"/><monthlyTotReturn classId="C000183950" rtn1="-10.74" rtn2="-6.72" rtn3="-1.31"/></monthlyTotReturns><monthlyReturnCats><commodityContracts><mon1 netRealizedGain="0" netUnrealizedAppr="0"/><mon2 netRealizedGain="0" netUnrealizedAppr="0"/><mon3 netRealizedGain="0" netUnrealizedAppr="0"/><forwardCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></forwardCategory><futureCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></futureCategory><optionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></optionCategory><swaptionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swaptionCategory><swapCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swapCategory><warrantCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></warrantCategory><otherCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></otherCategory></commodityContracts><creditContracts><mon1 netRealizedGain="0" netUnrealizedAppr="0"/><mon2 netRealizedGain="0" netUnrealizedAppr="0"/><mon3 netRealizedGain="0" netUnrealizedAppr="0"/><forwardCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></forwardCategory><futureCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></futureCategory><optionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></optionCategory><swaptionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swaptionCategory><swapCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swapCategory><warrantCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></warrantCategory><otherCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></otherCategory></creditContracts><equityContracts><mon1 netRealizedGain="0" netUnrealizedAppr="0"/><mon2 netRealizedGain="0" netUnrealizedAppr="0"/><mon3 netRealizedGain="0" netUnrealizedAppr="0"/><forwardCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></forwardCategory><futureCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></futureCategory><optionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></optionCategory><swaptionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swaptionCategory><swapCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swapCategory><warrantCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></warrantCategory><otherCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></otherCategory></equityContracts><foreignExchgContracts><mon1 netRealizedGain="-3687" netUnrealizedAppr="246262"/><mon2 netRealizedGain="253159" netUnrealizedAppr="1891"/><mon3 netRealizedGain="36565" netUnrealizedAppr="98630"/><forwardCategory><instrMon1 netRealizedGain="-3687" netUnrealizedAppr="246262"/><instrMon2 netRealizedGain="253159" netUnrealizedAppr="1891"/><instrMon3 netRealizedGain="36565" netUnrealizedAppr="98630"/></forwardCategory><futureCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></futureCategory><optionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></optionCategory><swaptionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swaptionCategory><swapCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swapCategory><warrantCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></warrantCategory><otherCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></otherCategory></foreignExchgContracts><interestRtContracts><mon1 netRealizedGain="0" netUnrealizedAppr="0"/><mon2 netRealizedGain="0" netUnrealizedAppr="0"/><mon3 netRealizedGain="0" netUnrealizedAppr="0"/><forwardCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></forwardCategory><futureCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></futureCategory><optionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></optionCategory><swaptionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swaptionCategory><swapCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swapCategory><warrantCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></warrantCategory><otherCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></otherCategory></interestRtContracts><otherContracts><mon1 netRealizedGain="0" netUnrealizedAppr="0"/><mon2 netRealizedGain="0" netUnrealizedAppr="0"/><mon3 netRealizedGain="0" netUnrealizedAppr="0"/><forwardCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></forwardCategory><futureCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></futureCategory><optionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></optionCategory><swaptionCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swaptionCategory><swapCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></swapCategory><warrantCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></warrantCategory><otherCategory><instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/><instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/></otherCategory></otherContracts></monthlyReturnCats><othMon1 netRealizedGain="-6155772" netUnrealizedAppr="-12932712"/><othMon2 netRealizedGain="367175" netUnrealizedAppr="-12995204"/><othMon3 netRealizedGain="749479" netUnrealizedAppr="-3439884"/></returnInfo><mon1Flow redemption="-14277805.16" reinvestment="0" sales="8956917.2"/><mon2Flow redemption="-20676292.85" reinvestment="0" sales="21373040.36"/><mon3Flow redemption="-5383391.84" reinvestment="0" sales="4714199.64"/></fundInfo><invstOrSecs><invstOrSec><name>Diageo PLC</name><lei>213800ZVIELEA55JMJ32</lei><title>Diageo PLC</title><cusip>G42089113</cusip><identifiers><isin value="GB0002374006"/><ticker value="DGE"/><other otherDesc="237400" value="Sedol"/></identifiers><balance>34267</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>1097265</valUSD><pctVal>0.7636</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>BAE Systems PLC</name><lei>8SVCSVKSGDWMW2QHOH83</lei><title>BAE Systems PLC</title><cusip>G06940103</cusip><identifiers><isin value="GB0002634946"/><ticker value="BA/"/><other otherDesc="263494" value="Sedol"/></identifiers><balance>273827</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>1766489</valUSD><pctVal>1.2293</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>British American Tobacco PLC</name><lei>213800FKA5MF17RJKT63</lei><title>British American Tobacco PLC</title><cusip>G1510J102</cusip><identifiers><isin value="GB0002875804"/><ticker value="BATS"/><other otherDesc="287580" value="Sedol"/></identifiers><balance>41675</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>1422794</valUSD><pctVal>0.9901</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Hammerson PLC</name><lei>213800G1C9KKVVDN1A60</lei><title>Hammerson PLC</title><cusip>G4273Q107</cusip><identifiers><isin value="GB0004065016"/><ticker value="HMSO"/><other otherDesc="406501" value="Sedol"/></identifiers><balance>174775</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>167323</valUSD><pctVal>0.1164</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Imperial Brands PLC</name><lei>549300DFVPOB67JL3A42</lei><title>Imperial Brands PLC</title><cusip>G4720C107</cusip><identifiers><isin value="GB0004544929"/><ticker value="IMB"/><other otherDesc="454492" value="Sedol"/></identifiers><balance>66809</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>1238073</valUSD><pctVal>0.8616</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Prudential PLC</name><lei>5493001Z3ZE83NGK8Y12</lei><title>Prudential PLC</title><cusip>G72899100</cusip><identifiers><isin value="GB0007099541"/><ticker value="PRU"/><other otherDesc="709954" value="Sedol"/></identifiers><balance>53309</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>680329</valUSD><pctVal>0.4735</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>St James's Place PLC</name><lei>213800M993ICXOMBCP87</lei><title>St James's Place PLC</title><cusip>G5005D124</cusip><identifiers><isin value="GB0007669376"/><ticker value="STJ"/><other otherDesc="766937" value="Sedol"/></identifiers><balance>26244</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>250014</valUSD><pctVal>0.174</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Tesco PLC</name><lei>2138002P5RNKC5W2JZ46</lei><title>Tesco PLC</title><cusip>G87621101</cusip><identifiers><isin value="GB0008847096"/><ticker value="TSCO"/><other otherDesc="884709" value="Sedol"/></identifiers><balance>440426</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>1246884</valUSD><pctVal>0.8677</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>GlaxoSmithKline PLC</name><lei>5493000HZTVUYLO1D793</lei><title>GlaxoSmithKline PLC</title><cusip>G3910J112</cusip><identifiers><isin value="GB0009252882"/><ticker value="GSK"/><other otherDesc="925288" value="Sedol"/></identifiers><balance>186987</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>3506545</valUSD><pctVal>2.4403</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Bristol-Myers Squibb Co</name><lei>HLYYNH7UQUORYSJQCN42</lei><title>Bristol-Myers Squibb Co</title><cusip>110122108</cusip><identifiers><isin value="US1101221083"/><ticker value="BMY"/><other otherDesc="2126335" value="Sedol"/></identifiers><balance>37312</balance><units>NS</units><curCd>USD</curCd><valUSD>2079771</valUSD><pctVal>1.4474</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>Cisco Systems Inc</name><lei>8E6NF1YAL0WT6CWXXV93</lei><title>Cisco Systems Inc</title><cusip>17275R102</cusip><identifiers><isin value="US17275R1023"/><ticker value="CSCO"/><other otherDesc="2198163" value="Sedol"/></identifiers><balance>77245</balance><units>NS</units><curCd>USD</curCd><valUSD>3036501</valUSD><pctVal>2.1132</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>Coca-Cola Co</name><lei>UWJKFUJFZ02DKWI3RY53</lei><title>Coca-Cola Co</title><cusip>191216100</cusip><identifiers><isin value="US1912161007"/><ticker value="KO"/><other otherDesc="2206657" value="Sedol"/></identifiers><balance>33148</balance><units>NS</units><curCd>USD</curCd><valUSD>1466799</valUSD><pctVal>1.0208</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>Crown Castle International Cor</name><lei>54930012H97VSM0I2R19</lei><title>Crown Castle International Corp</title><cusip>22822V101</cusip><identifiers><isin value="US22822V1017"/><ticker value="CCI"/><other otherDesc="BTGQCX1" value="Sedol"/></identifiers><balance>8763</balance><units>NS</units><curCd>USD</curCd><valUSD>1265377</valUSD><pctVal>0.8806</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>CyrusOne Inc</name><lei>5493006S177ZK2ZNBU43</lei><title>CyrusOne Inc</title><cusip>23283R100</cusip><identifiers><isin value="US23283R1005"/><ticker value="CONE"/><other otherDesc="B7YRLH9" value="Sedol"/></identifiers><balance>36375</balance><units>NS</units><curCd>USD</curCd><valUSD>2246156</valUSD><pctVal>1.5631</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>DTE Energy Co</name><lei>549300IX8SD6XXD71I78</lei><title>DTE Energy Co</title><cusip>233331107</cusip><identifiers><isin value="US2333311072"/><ticker value="DTE"/><other otherDesc="2280220" value="Sedol"/></identifiers><balance>12266</balance><units>NS</units><curCd>USD</curCd><valUSD>1164902</valUSD><pctVal>0.8107</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>TELUS Corp</name><lei>L2TEUTQ8OSHMJWVLCE40</lei><title>TELUS Corp</title><cusip>87971M103</cusip><identifiers><isin value="CA87971M1032"/><ticker value="T"/><other otherDesc="2381093" value="Sedol"/></identifiers><balance>99600</balance><units>NS</units><currencyConditional curCd="CAD" exchangeRt="1.4071"/><valUSD>1574941</valUSD><pctVal>1.096</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></securityLending></invstOrSec><invstOrSec><name>Manulife Financial Corp</name><lei>5493007GBX87QOZACS27</lei><title>Manulife Financial Corp</title><cusip>56501R106</cusip><identifiers><isin value="CA56501R1064"/><ticker value="MFC"/><other otherDesc="2492519" value="Sedol"/></identifiers><balance>84470</balance><units>NS</units><currencyConditional curCd="CAD" exchangeRt="1.4071"/><valUSD>1060753</valUSD><pctVal>0.7382</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></securityLending></invstOrSec><invstOrSec><name>Dominion Energy Inc</name><lei>ILUL7B6Z54MRYCF6H308</lei><title>Dominion Energy Inc</title><cusip>25746U109</cusip><identifiers><isin value="US25746U1097"/><ticker value="D"/><other otherDesc="2542049" value="Sedol"/></identifiers><balance>16362</balance><units>NS</units><curCd>USD</curCd><valUSD>1181173</valUSD><pctVal>0.822</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>Dow Inc</name><lei>5493003S21INSLK2IP73</lei><title>Dow Inc</title><cusip>260557103</cusip><identifiers><isin value="US2605571031"/><ticker value="DOW"/><other otherDesc="BHXCF84" value="Sedol"/></identifiers><balance>10988</balance><units>NS</units><curCd>USD</curCd><valUSD>321289</valUSD><pctVal>0.2236</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>DuPont de Nemours Inc</name><lei>5493004JF0SDFLM8GD76</lei><title>DuPont de Nemours Inc</title><cusip>26614N102</cusip><identifiers><isin value="US26614N1028"/><ticker value="DD"/><other otherDesc="BK0VN47" value="Sedol"/></identifiers><balance>10988</balance><units>NS</units><curCd>USD</curCd><valUSD>374691</valUSD><pctVal>0.2608</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>Veolia Environnement SA</name><lei>969500LENY69X51OOT31</lei><title>Veolia Environnement SA</title><cusip>F9686M107</cusip><identifiers><isin value="FR0000124141"/><ticker value="VIE"/><other otherDesc="4031879" value="Sedol"/></identifiers><balance>92829</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1985334</valUSD><pctVal>1.3816</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>Carlsberg A/S</name><lei>5299001O0WJQYB5GYZ19</lei><title>Carlsberg A/S</title><cusip>K36628137</cusip><identifiers><isin value="DK0010181759"/><ticker value="CARLB"/><other otherDesc="4169219" value="Sedol"/></identifiers><balance>8648</balance><units>NS</units><currencyConditional curCd="DKK" exchangeRt="6.7668"/><valUSD>982021</valUSD><pctVal>0.6834</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>Michelin</name><lei>549300SOSI58J6VIW052</lei><title>Cie Generale des Etablissements Michelin SCA</title><cusip>F61824144</cusip><identifiers><isin value="FR0000121261"/><ticker value="ML"/><other otherDesc="4588364" value="Sedol"/></identifiers><balance>13635</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1213255</valUSD><pctVal>0.8443</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>Johnson &amp; Johnson</name><lei>549300G0CFPGEF6X2043</lei><title>Johnson &amp; Johnson</title><cusip>478160104</cusip><identifiers><isin value="US4781601046"/><ticker value="JNJ"/><other otherDesc="2475833" value="Sedol"/></identifiers><balance>15312</balance><units>NS</units><curCd>USD</curCd><valUSD>2007863</valUSD><pctVal>1.3973</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>SGS SA</name><lei>2138007JNS19JHNA2336</lei><title>SGS SA</title><cusip>H7485A108</cusip><identifiers><isin value="CH0002497458"/><ticker value="SGSN"/><other otherDesc="4824778" value="Sedol"/></identifiers><balance>753</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9621"/><valUSD>1747413</valUSD><pctVal>1.2161</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>Schneider Electric SE</name><lei>969500A1YF1XUYYXS284</lei><title>Schneider Electric SE</title><cusip>F86921107</cusip><identifiers><isin value="FR0000121972"/><ticker value="SU"/><other otherDesc="4834108" value="Sedol"/></identifiers><balance>3307</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>284650</valUSD><pctVal>0.1981</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>Vivendi SA</name><lei>969500FU4DRAEVJW7U54</lei><title>Vivendi SA</title><cusip>F97982106</cusip><identifiers><isin value="FR0000127771"/><ticker value="VIV"/><other otherDesc="4834777" value="Sedol"/></identifiers><balance>39472</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>846704</valUSD><pctVal>0.5892</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>UPM-Kymmene Oyj</name><lei>213800EC6PW5VU4J9U64</lei><title>UPM-Kymmene Oyj</title><cusip>X9518S108</cusip><identifiers><isin value="FI0009005987"/><ticker value="UPM"/><other otherDesc="5051252" value="Sedol"/></identifiers><balance>55429</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1527339</valUSD><pctVal>1.0629</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>FI</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>BASF SE</name><lei>529900PM64WH8AF1E917</lei><title>BASF SE</title><cusip>D06216317</cusip><identifiers><isin value="DE000BASF111"/><ticker value="BAS"/><other otherDesc="5086577" value="Sedol"/></identifiers><balance>23170</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1119580</valUSD><pctVal>0.7791</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Orange SA</name><lei>969500MCOONR8990S771</lei><title>Orange SA</title><cusip>F6866T100</cusip><identifiers><isin value="FR0000133308"/><ticker value="ORA"/><other otherDesc="5176177" value="Sedol"/></identifiers><balance>115422</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1430634</valUSD><pctVal>0.9956</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>Las Vegas Sands Corp</name><lei>549300DUOO1KXOHPM605</lei><title>Las Vegas Sands Corp</title><cusip>517834107</cusip><identifiers><isin value="US5178341070"/><ticker value="LVS"/><other otherDesc="B02T2J7" value="Sedol"/></identifiers><balance>21172</balance><units>NS</units><curCd>USD</curCd><valUSD>899175</valUSD><pctVal>0.6258</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>Repsol SA</name><lei>BSYCX13Y0NOTV14V9N85</lei><title>Repsol SA</title><cusip>E8471S130</cusip><identifiers><isin value="ES0173516115"/><ticker value="REP"/><other otherDesc="5669354" value="Sedol"/></identifiers><balance>95101</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>867581</valUSD><pctVal>0.6038</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>Sanofi</name><lei>549300E9PC51EN656011</lei><title>Sanofi</title><cusip>F5548N101</cusip><identifiers><isin value="FR0000120578"/><ticker value="SAN"/><other otherDesc="5671735" value="Sedol"/></identifiers><balance>26811</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>2359813</valUSD><pctVal>1.6422</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>Siemens AG</name><lei>W38RGI023J3WT1HWRP32</lei><title>Siemens AG</title><cusip>D69671218</cusip><identifiers><isin value="DE0007236101"/><ticker value="SIE"/><other otherDesc="5727973" value="Sedol"/></identifiers><balance>17711</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1523938</valUSD><pctVal>1.0605</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Maxim Integrated Products Inc</name><lei>SO0H5YEO14Y4PVKQH532</lei><title>Maxim Integrated Products Inc</title><cusip>57772K101</cusip><identifiers><isin value="US57772K1016"/><ticker value="MXIM"/><other otherDesc="2573760" value="Sedol"/></identifiers><balance>34952</balance><units>NS</units><curCd>USD</curCd><valUSD>1699017</valUSD><pctVal>1.1824</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>McDonald's Corp</name><lei>UE2136O97NLB5BYP9H04</lei><title>McDonald's Corp</title><cusip>580135101</cusip><identifiers><isin value="US5801351017"/><ticker value="MCD"/><other otherDesc="2550707" value="Sedol"/></identifiers><balance>3503</balance><units>NS</units><curCd>USD</curCd><valUSD>579221</valUSD><pctVal>0.4031</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>Microsoft Corp</name><lei>INR2EJN1ERAN0W5ZP974</lei><title>Microsoft Corp</title><cusip>594918104</cusip><identifiers><isin value="US5949181045"/><ticker value="MSFT"/><other otherDesc="2588173" value="Sedol"/></identifiers><balance>35731</balance><units>NS</units><curCd>USD</curCd><valUSD>5635136</valUSD><pctVal>3.9216</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>Zurich Insurance Group AG</name><lei>529900QVNRBND50TXP03</lei><title>Zurich Insurance Group AG</title><cusip>H9870Y105</cusip><identifiers><isin value="CH0011075394"/><ticker value="ZURN"/><other otherDesc="5983816" value="Sedol"/></identifiers><balance>6687</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9621"/><valUSD>2374597</valUSD><pctVal>1.6525</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>Amcor PLC</name><lei>549300GSODGFCDQ3DI89</lei><title>Amcor PLC</title><cusip>G0250X123</cusip><identifiers><isin value="AU000000AMC4"/><ticker value="AMC"/><other otherDesc="6066608" value="Sedol"/></identifiers><balance>139710</balance><units>NS</units><currencyConditional curCd="AUD" exchangeRt="1.62628"/><valUSD>1132948</valUSD><pctVal>0.7884</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>JE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Mondelez International Inc</name><lei>549300DV9GIB88LZ5P30</lei><title>Mondelez International Inc</title><cusip>609207105</cusip><identifiers><isin value="US6092071058"/><ticker value="MDLZ"/><other otherDesc="B8CKK03" value="Sedol"/></identifiers><balance>28072</balance><units>NS</units><curCd>USD</curCd><valUSD>1405846</valUSD><pctVal>0.9784</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>Tokyo Electron Ltd</name><lei>549300H5LSF8DP3RIJ34</lei><title>Tokyo Electron Ltd</title><cusip>J86957115</cusip><identifiers><isin value="JP3571400005"/><ticker value="8035"/><other otherDesc="6895675" value="Sedol"/></identifiers><balance>5000</balance><units>NS</units><currencyConditional curCd="JPY" exchangeRt="107.51"/><valUSD>940328</valUSD><pctVal>0.6544</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>AXA SA</name><lei>F5WCUMTUM4RKZ1MAIE39</lei><title>AXA SA</title><cusip>F06106102</cusip><identifiers><isin value="FR0000120628"/><ticker value="CS"/><other otherDesc="7088429" value="Sedol"/></identifiers><balance>98882</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1711861</valUSD><pctVal>1.1913</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>Novartis AG</name><lei>5493007HIVTX6SY6XD66</lei><title>Novartis AG</title><cusip>H5820Q150</cusip><identifiers><isin value="CH0012005267"/><ticker value="NOVN"/><other otherDesc="7103065" value="Sedol"/></identifiers><balance>36514</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9621"/><valUSD>3018956</valUSD><pctVal>2.1009</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>ABB Ltd</name><lei>5493000LKVGOO9PELI61</lei><title>ABB Ltd</title><cusip>H0010V101</cusip><identifiers><isin value="CH0012221716"/><ticker value="ABBN"/><other otherDesc="7108899" value="Sedol"/></identifiers><balance>109980</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9621"/><valUSD>1934533</valUSD><pctVal>1.3463</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>Roche Holding AG</name><lei>549300U41AUUVOAAOB37</lei><title>Roche Holding AG</title><cusip>H69293217</cusip><identifiers><isin value="CH0012032048"/><ticker value="ROG"/><other otherDesc="7110388" value="Sedol"/></identifiers><balance>15603</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9621"/><valUSD>5074863</valUSD><pctVal>3.5317</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>Nestle SA</name><lei>KY37LUS27QQX7BB93L28</lei><title>Nestle SA</title><cusip>H57312649</cusip><identifiers><isin value="CH0038863350"/><ticker value="NESN"/><other otherDesc="7123870" value="Sedol"/></identifiers><balance>35448</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9621"/><valUSD>3655081</valUSD><pctVal>2.5436</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>Enel SpA</name><lei>WOCMU6HCI0OJWNPRZS33</lei><title>Enel SpA</title><cusip>T3679P115</cusip><identifiers><isin value="IT0003128367"/><ticker value="ENEL"/><other otherDesc="7144569" value="Sedol"/></identifiers><balance>386708</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>2690911</valUSD><pctVal>1.8727</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>IT</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Pfizer Inc</name><lei>765LHXWGK1KXCLTFYQ30</lei><title>Pfizer Inc</title><cusip>717081103</cusip><identifiers><isin value="US7170811035"/><ticker value="PFE"/><other otherDesc="2684703" value="Sedol"/></identifiers><balance>108461</balance><units>NS</units><curCd>USD</curCd><valUSD>3540167</valUSD><pctVal>2.4637</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>BNP Paribas SA</name><lei>R0MUWSFPU8MPRO8K5P83</lei><title>BNP Paribas SA</title><cusip>F1058Q238</cusip><identifiers><isin value="FR0000131104"/><ticker value="BNP"/><other otherDesc="7309681" value="Sedol"/></identifiers><balance>35986</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1084508</valUSD><pctVal>0.7547</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>Sabre Corp</name><lei>529900VKCYZW8GZ4WW58</lei><title>Sabre Corp</title><cusip>78573M104</cusip><identifiers><isin value="US78573M1045"/><ticker value="SABR"/><other otherDesc="BLLHH27" value="Sedol"/></identifiers><balance>68002</balance><units>NS</units><curCd>USD</curCd><valUSD>403252</valUSD><pctVal>0.2806</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>Verizon Communications Inc</name><lei>2S72QS2UO2OESLG6Y829</lei><title>Verizon Communications Inc</title><cusip>92343V104</cusip><identifiers><isin value="US92343V1044"/><ticker value="VZ"/><other otherDesc="2090571" value="Sedol"/></identifiers><balance>50246</balance><units>NS</units><curCd>USD</curCd><valUSD>2699718</valUSD><pctVal>1.8788</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>VICI Properties Inc</name><lei>254900RKH6RY9KCJQH63</lei><title>VICI Properties Inc</title><cusip>925652109</cusip><identifiers><isin value="US9256521090"/><ticker value="VICI"/><other otherDesc="BYWH073" value="Sedol"/></identifiers><balance>58847</balance><units>NS</units><curCd>USD</curCd><valUSD>979214</valUSD><pctVal>0.6815</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>Royal Dutch Shell PLC</name><lei>21380068P1DRHMJ8KU70</lei><title>Royal Dutch Shell PLC</title><cusip>G7690A100</cusip><identifiers><isin value="GB00B03MLX29"/><ticker value="RDSA"/><other otherDesc="B09CBL4" value="Sedol"/></identifiers><balance>85537</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1528076</valUSD><pctVal>1.0634</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Unilever NV</name><lei>549300TK7G7NZTVM1Z30</lei><title>Unilever NV</title><cusip>N8981F289</cusip><identifiers><isin value="NL0000388619"/><ticker value="UNA"/><other otherDesc="B1527V7" value="Sedol"/></identifiers><balance>45850</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>2258408</valUSD><pctVal>1.5717</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></securityLending></invstOrSec><invstOrSec><name>TOTAL SA</name><lei>529900S21EQ1BO4ESM68</lei><title>TOTAL SA</title><cusip>F92124100</cusip><identifiers><isin value="FR0000120271"/><ticker value="FP"/><other otherDesc="B15C557" value="Sedol"/></identifiers><balance>36580</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1418163</valUSD><pctVal>0.9869</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>Danone SA</name><lei>969500KMUQ2B6CBAF162</lei><title>Danone SA</title><cusip>F12033134</cusip><identifiers><isin value="FR0000120644"/><ticker value="BN"/><other otherDesc="B1Y9TB3" value="Sedol"/></identifiers><balance>24362</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1570786</valUSD><pctVal>1.0931</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>Reckitt Benckiser Group PLC</name><lei>5493003JFSMOJG48V108</lei><title>Reckitt Benckiser Group PLC</title><cusip>G74079107</cusip><identifiers><isin value="GB00B24CGK77"/><ticker value="RB/"/><other otherDesc="B24CGK7" value="Sedol"/></identifiers><balance>17597</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>1350207</valUSD><pctVal>0.9396</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Iberdrola SA</name><lei>5QK37QC7NWOJ8D7WVQ45</lei><title>Iberdrola SA</title><cusip>E6165F166</cusip><identifiers><isin value="ES0144580Y14"/><ticker value="IBE"/><other otherDesc="B288C92" value="Sedol"/></identifiers><balance>187359</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1849474</valUSD><pctVal>1.2871</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>Tele2 AB</name><lei>213800EKD193RVI9HL76</lei><title>Tele2 AB</title><cusip>W95878166</cusip><identifiers><isin value="SE0005190238"/><ticker value="TEL2B"/><other otherDesc="B97C733" value="Sedol"/></identifiers><balance>157770</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="9.8839"/><valUSD>2122002</valUSD><pctVal>1.4767</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>SIG Combibloc Group AG</name><lei>5493004Z6P7TSVB1L042</lei><title>SIG Combibloc Group AG</title><cusip>H76406117</cusip><identifiers><isin value="CH0435377954"/><ticker value="SIGN"/><other otherDesc="BD5GN60" value="Sedol"/></identifiers><balance>66685</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9621"/><valUSD>999552</valUSD><pctVal>0.6956</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>Prosegur Cash SA</name><lei>9598005HY5DEFPU2SM35</lei><title>Prosegur Cash SA</title><cusip>E8S56X108</cusip><identifiers><isin value="ES0105229001"/><ticker value="CASH"/><other otherDesc="BDH3Q71" value="Sedol"/></identifiers><balance>608377</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>584691</valUSD><pctVal>0.4069</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>ES</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>BHP Group PLC</name><lei>549300C116EOWV835768</lei><title>BHP Group PLC</title><cusip>G10877127</cusip><identifiers><isin value="GB00BH0P3Z91"/><ticker value="BHP"/><other otherDesc="BH0P3Z9" value="Sedol"/></identifiers><balance>36610</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>566110</valUSD><pctVal>0.394</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Vodafone Group PLC</name><lei>213800TB53ELEUKM7Q61</lei><title>Vodafone Group PLC</title><cusip>G9T75R103</cusip><identifiers><isin value="GB00BH4HKS39"/><ticker value="VOD"/><other otherDesc="BH4HKS3" value="Sedol"/></identifiers><balance>489453</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>683558</valUSD><pctVal>0.4757</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>M&amp;G PLC</name><lei>254900TWUJUQ44TQJY84</lei><title>M&amp;G PLC</title><cusip>G6107R102</cusip><identifiers><isin value="GB00BKFB1C65"/><ticker value="MNG"/><other otherDesc="BKFB1C6" value="Sedol"/></identifiers><balance>59433</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.80528"/><valUSD>82739</valUSD><pctVal>0.0576</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>NN Group NV</name><lei>724500OHYNDT9OY6Q215</lei><title>NN Group NV</title><cusip>N64038107</cusip><identifiers><isin value="NL0010773842"/><ticker value="NN"/><other otherDesc="BNG8PQ9" value="Sedol"/></identifiers><balance>25171</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>679654</valUSD><pctVal>0.473</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></securityLending></invstOrSec><invstOrSec><name>RELX PLC</name><lei>549300WSX3VBUFFJOO66</lei><title>RELX PLC</title><cusip>G7493L105</cusip><identifiers><isin value="GB00B2B0DG97"/><ticker value="REN"/><other otherDesc="BYWLC68" value="Sedol"/></identifiers><balance>116861</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>2514217</valUSD><pctVal>1.7497</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>BAWAG Group AG</name><lei>529900S9YO2JHTIIDG38</lei><title>BAWAG Group AG</title><cusip>A0997C107</cusip><identifiers><isin value="AT0000BAWAG2"/><ticker value="BG"/><other otherDesc="BZ1GZ06" value="Sedol"/></identifiers><balance>34950</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>981720</valUSD><pctVal>0.6832</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>AT</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>ING Groep NV</name><lei>549300NYKK9MWM7GGW15</lei><title>ING Groep NV</title><cusip>N4578E595</cusip><identifiers><isin value="NL0011821202"/><ticker value="INGA"/><other otherDesc="BZ57390" value="Sedol"/></identifiers><balance>166876</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>873866</valUSD><pctVal>0.6081</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></securityLending></invstOrSec><invstOrSec><name>Fidelity Investments Money Market Treasury Portfolio</name><lei>N/A</lei><title>Fidelity Investments Money Market Treasury Portfolio</title><cusip>G0171W105</cusip><identifiers><isin value="BMG0171W1055"/><ticker value="1060"/><other otherDesc="BPYM749" value="Sedol"/></identifiers><balance>3956555</balance><units>NS</units><curCd>USD</curCd><valUSD>3956555</valUSD><pctVal>2.7534</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></securityLending></invstOrSec><invstOrSec><name>Medtronic PLC</name><lei>549300GX3ZBSQWUXY261</lei><title>Medtronic PLC</title><cusip>G5960L103</cusip><identifiers><isin value="IE00BTN1Y115"/><ticker value="MDT"/><other otherDesc="BTN1Y11" value="Sedol"/></identifiers><balance>26056</balance><units>NS</units><curCd>USD</curCd><valUSD>2349730</valUSD><pctVal>1.6352</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>IE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Henkel AG &amp; Co KGaA</name><lei>549300VZCL1HTH4O4Y49</lei><title>Henkel AG &amp; Co KGaA</title><cusip>D3207M110</cusip><identifiers><isin value="DE0006048432"/><ticker value="HEN3"/><other otherDesc="5076705" value="Sedol"/></identifiers><balance>18789</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.90695"/><valUSD>1531807</valUSD><pctVal>1.066</pctVal><payoffProfile>Long</payoffProfile><assetCat>EP</assetCat><issuerCat>CORP</issuerCat><invCountry>DE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Samsung Electronics Co Ltd</name><lei>9884007ER46L6N7EI764</lei><title>Samsung Electronics Co Ltd</title><cusip>Y74718118</cusip><identifiers><isin value="KR7005931001"/><ticker value="5935"/><other otherDesc="6773812" value="Sedol"/></identifiers><balance>67105</balance><units>NS</units><currencyConditional curCd="KRW" exchangeRt="1217.2"/><valUSD>2190744</valUSD><pctVal>1.5246</pctVal><payoffProfile>Long</payoffProfile><assetCat>EP</assetCat><issuerCat>CORP</issuerCat><invCountry>KR</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>AT&amp;T INC</name><lei>549300Z40J86GGSTL398</lei><title>AT&amp;T Inc</title><cusip>00206RCL4</cusip><identifiers><isin value="US00206RCL42"/><ticker value="T"/><other otherDesc="BX2K4H3" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>999406</valUSD><pctVal>0.6955</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2020-06-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>2.45</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>AMERICAN TOWER CORP</name><lei>5493006ORUSIL88JOE18</lei><title>American Tower Corp</title><cusip>03027XAW0</cusip><identifiers><isin value="US03027XAW02"/><ticker value="AMT"/><other otherDesc="BG0X453" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1020763</valUSD><pctVal>0.7104</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2029-08-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.8</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>ANHEUSER-BUSCH INBEV WOR</name><lei>549300CRGMZK3K53BF92</lei><title>Anheuser-Busch InBev Worldwide Inc</title><cusip>035240AQ3</cusip><identifiers><isin value="US035240AQ30"/><ticker value="ABIBB"/><other otherDesc="BJ52100" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1099401</valUSD><pctVal>0.7651</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2029-01-23</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>APPLE INC</name><lei>HWUPKR0MPOU8FGXBT394</lei><title>Apple Inc</title><cusip>037833CJ7</cusip><identifiers><isin value="US037833CJ77"/><ticker value="AAPL"/><other otherDesc="BD894X0" value="Sedol"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>545424</valUSD><pctVal>0.3796</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2027-02-09</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.35</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>ARAMARK SERVICES INC</name><lei>42YMHYH0XMHJEXDUB065</lei><title>Aramark Services Inc</title><cusip>038522AN8</cusip><identifiers><isin value="US038522AN85"/><ticker value="ARMK"/><other otherDesc="BDZZ1T6" value="Sedol"/></identifiers><balance>291000</balance><units>PA</units><curCd>USD</curCd><valUSD>274209</valUSD><pctVal>0.1908</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2026-06-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>CCO HLDGS LLC/CAP CORP</name><lei>N/A</lei><title>CCO Holdings LLC / CCO Holdings Capital Corp</title><cusip>1248EPBK8</cusip><identifiers><isin value="US1248EPBK83"/><ticker value="CHTR"/><other otherDesc="BWX1WV8" value="Sedol"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>514940</valUSD><pctVal>0.3584</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2027-05-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.875</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>CSC HOLDINGS LLC</name><lei>3HG2WD2W22M120IUNG49</lei><title>CSC Holdings LLC</title><cusip>126307BA4</cusip><identifiers><isin value="US126307BA42"/><ticker value="CSCHLD"/><other otherDesc="BKFH0Y9" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1008460</valUSD><pctVal>0.7018</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2030-01-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>COMCAST CORP</name><lei>51M0QTTNCGUN7KFCFZ59</lei><title>Comcast Corp</title><cusip>20030NCS8</cusip><identifiers><isin value="US20030NCS80"/><ticker value="CMCSA"/><other otherDesc="BGGFFK5" value="Sedol"/></identifiers><balance>283000</balance><units>PA</units><curCd>USD</curCd><valUSD>311582</valUSD><pctVal>0.2168</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2025-10-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.95</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>CONSTELLATION BRANDS INC</name><lei>5493005GKEG8QCVY7037</lei><title>Constellation Brands Inc</title><cusip>21036PAN8</cusip><identifiers><isin value="US21036PAN87"/><ticker value="STZ"/><other otherDesc="BRSG3M1" value="Sedol"/></identifiers><balance>381000</balance><units>PA</units><curCd>USD</curCd><valUSD>393683</valUSD><pctVal>0.274</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2024-11-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>CROWN AMER/CAP CORP IV</name><lei>RPPGGRL1J75WGF2DFO04</lei><title>Crown Americas LLC / Crown Americas Capital Corp IV</title><cusip>228189AB2</cusip><identifiers><isin value="US228189AB23"/><ticker value="CCK"/><other otherDesc="BGY5X14" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1024010</valUSD><pctVal>0.7126</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2023-01-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>CROWN CASTLE INTL CORP</name><lei>54930012H97VSM0I2R19</lei><title>Crown Castle International Corp</title><cusip>22822VAK7</cusip><identifiers><isin value="US22822VAK70"/><ticker value="CCI"/><other otherDesc="BFWK3V4" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1001698</valUSD><pctVal>0.6971</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2028-02-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.8</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>DIGITAL REALTY TRUST LP</name><lei>CD4SPTZ3YBTHY0C1AH38</lei><title>Digital Realty Trust LP</title><cusip>25389JAQ9</cusip><identifiers><isin value="US25389JAQ94"/><ticker value="DLR"/><other otherDesc="BD9NRY3" value="Sedol"/></identifiers><balance>450000</balance><units>PA</units><curCd>USD</curCd><valUSD>469462</valUSD><pctVal>0.3267</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2025-10-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>ELANCO ANIMAL HEALTH INC</name><lei>549300SHPNDCE059M934</lei><title>Elanco Animal Health Inc</title><cusip>28414HAG8</cusip><identifiers><isin value="US28414HAG83"/><ticker value="ELAN"/><other otherDesc="BK6ZHZ2" value="Sedol"/></identifiers><balance>670000</balance><units>PA</units><curCd>USD</curCd><valUSD>707052</valUSD><pctVal>0.4921</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2028-08-28</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.65</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>HCA INC</name><lei>L3CJ6J7LJ2DX62FTXD46</lei><title>HCA Inc</title><cusip>404119BT5</cusip><identifiers><isin value="US404119BT57"/><ticker value="HCA"/><other otherDesc="BZ57YX1" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1048972</valUSD><pctVal>0.73</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2026-06-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>IQVIA INC</name><lei>549300PLWY28YB00C717</lei><title>IQVIA Inc</title><cusip>46266TAA6</cusip><identifiers><isin value="US46266TAA60"/><ticker value="IQV"/><other otherDesc="BK62T46" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1022500</valUSD><pctVal>0.7116</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2027-05-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>MICROSOFT CORP</name><lei>INR2EJN1ERAN0W5ZP974</lei><title>Microsoft Corp</title><cusip>594918BY9</cusip><identifiers><isin value="US594918BY93"/><ticker value="MSFT"/><other otherDesc="BYP2PD6" value="Sedol"/></identifiers><balance>500000</balance><units>PA</units><curCd>USD</curCd><valUSD>554859</valUSD><pctVal>0.3861</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2027-02-06</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.3</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>SERVICE CORP INTL</name><lei>549300RKVM2ME20JHZ15</lei><title>Service Corp International/US</title><cusip>817565BU7</cusip><identifiers><isin value="US817565BU72"/><ticker value="SCI"/><other otherDesc="B5NRXX6" value="Sedol"/></identifiers><balance>200000</balance><units>PA</units><curCd>USD</curCd><valUSD>204000</valUSD><pctVal>0.142</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2021-11-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>8</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>SERVICE CORP INTL</name><lei>549300RKVM2ME20JHZ15</lei><title>Service Corp International/US</title><cusip>817565CE2</cusip><identifiers><isin value="US817565CE22"/><ticker value="SCI"/><other otherDesc="BK62T02" value="Sedol"/></identifiers><balance>800000</balance><units>PA</units><curCd>USD</curCd><valUSD>816000</valUSD><pctVal>0.5679</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2029-06-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.125</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>SIRIUS XM RADIO INC</name><lei>WP5O65E6BMU84LNO4227</lei><title>Sirius XM Radio Inc</title><cusip>82967NBC1</cusip><identifiers><isin value="US82967NBC11"/><ticker value="SIRI"/><other otherDesc="BJYHK54" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1020000</valUSD><pctVal>0.7098</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2029-07-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>T-MOBILE USA INC</name><lei>549300V2JRLO5DIFGE82</lei><title>T-Mobile USA Inc</title><cusip>87264AAU9</cusip><identifiers><isin value="US87264AAU97"/><ticker value="TMUS"/><other otherDesc="BFN9L94" value="Sedol"/></identifiers><balance>91000</balance><units>PA</units><curCd>USD</curCd><valUSD>92592</valUSD><pctVal>0.0644</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2026-02-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.5</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>T-MOBILE USA INC</name><lei>549300V2JRLO5DIFGE82</lei><title>T-Mobile USA Inc</title><cusip>87264AAV7</cusip><identifiers><isin value="US87264AAV70"/><ticker value="TMUS"/><other otherDesc="BFN9L83" value="Sedol"/></identifiers><balance>57000</balance><units>PA</units><curCd>USD</curCd><valUSD>58852</valUSD><pctVal>0.041</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2028-02-01</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>US TREASURY N/B</name><lei>254900HROIFWPRGM1V77</lei><title>United States Treasury Note/Bond</title><cusip>9128285K2</cusip><identifiers><isin value="US9128285K26"/><ticker value="UST1"/><other otherDesc="BGN70C1" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1090664</valUSD><pctVal>0.759</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>UST</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2023-10-31</maturityDt><couponKind>Fixed</couponKind><annualizedRt>2.875</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>US TREASURY N/B</name><lei>254900HROIFWPRGM1V77</lei><title>United States Treasury Note/Bond</title><cusip>9128285Q9</cusip><identifiers><isin value="US9128285Q95"/><ticker value="UST1"/><other otherDesc="BGSLD18" value="Sedol"/></identifiers><balance>2000000</balance><units>PA</units><curCd>USD</curCd><valUSD>2034609</valUSD><pctVal>1.4159</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>UST</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2020-11-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>2.75</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>VMWARE INC</name><lei>549300BUDHS3LRWBE814</lei><title>VMware Inc</title><cusip>928563AC9</cusip><identifiers><isin value="US928563AC98"/><ticker value="VMW"/><other otherDesc="BDT5HN8" value="Sedol"/></identifiers><balance>353000</balance><units>PA</units><curCd>USD</curCd><valUSD>348129</valUSD><pctVal>0.2423</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2027-08-21</maturityDt><couponKind>Fixed</couponKind><annualizedRt>3.9</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>BARCLAYS BANK PLC</name><lei>G5GSEF7VJP5I7OUK5573</lei><title>Barclays Bank PLC</title><cusip>06738C828</cusip><identifiers><isin value="US06738C8284"/><ticker value="BACR"/><other otherDesc="B0BFNY8" value="Sedol"/></identifiers><balance>910000</balance><units>PA</units><curCd>USD</curCd><valUSD>887250</valUSD><pctVal>0.6175</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2099-12-31</maturityDt><couponKind>Variable</couponKind><annualizedRt>6.278</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>DEUTSCHE TELEKOM INT FIN</name><lei>529900ERDFHS6C1M4U58</lei><title>Deutsche Telekom International Finance BV</title><cusip>25156PAU7</cusip><identifiers><isin value="US25156PAU75"/><ticker value="DT"/><other otherDesc="BD915M1" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>987454</valUSD><pctVal>0.6872</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>NL</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2021-09-19</maturityDt><couponKind>Fixed</couponKind><annualizedRt>1.95</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>LLOYDS BANKING GROUP PLC</name><lei>549300PPXHEU2JF0AM85</lei><title>Lloyds Banking Group PLC</title><cusip>539439AF6</cusip><identifiers><isin value="US539439AF68"/><ticker value="LLOYDS"/><other otherDesc="B3L4LR5" value="Sedol"/></identifiers><balance>412000</balance><units>PA</units><curCd>USD</curCd><valUSD>443930</valUSD><pctVal>0.3089</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2099-12-31</maturityDt><couponKind>Variable</couponKind><annualizedRt>6.657</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>ROYAL BK SCOTLND GRP PLC</name><lei>2138005O9XJIJN4JPN90</lei><title>Royal Bank of Scotland Group PLC</title><cusip>780097AY7</cusip><identifiers><isin value="US780097AY76"/><ticker value="RBS"/><other otherDesc="BBDY0Z0" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1028192</valUSD><pctVal>0.7155</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2023-06-10</maturityDt><couponKind>Fixed</couponKind><annualizedRt>6.1</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>VODAFONE GROUP PLC</name><lei>213800TB53ELEUKM7Q61</lei><title>Vodafone Group PLC</title><cusip>92857WBK5</cusip><identifiers><isin value="US92857WBK53"/><ticker value="VOD"/><other otherDesc="BYWFV85" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>1051368</valUSD><pctVal>0.7317</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2028-05-30</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.375</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>ZIGGO BV</name><lei>213800TQASLF9JXH5J59</lei><title>Ziggo BV</title><cusip>98955DAA8</cusip><identifiers><isin value="US98955DAA81"/><ticker value="ZIGGO"/><other otherDesc="BK73JD7" value="Sedol"/></identifiers><balance>1000000</balance><units>PA</units><curCd>USD</curCd><valUSD>973935</valUSD><pctVal>0.6778</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>NL</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2030-01-15</maturityDt><couponKind>Fixed</couponKind><annualizedRt>4.875</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>HBOS CAPITAL FUNDING LP</name><lei>213800KYUD5TC7VH5419</lei><title>HBOS Capital Funding LP</title><cusip>EC9026716</cusip><identifiers><isin value="XS0165483164"/><ticker value="LLOYDS"/><other otherDesc="7567155" value="Sedol"/></identifiers><balance>100000</balance><units>PA</units><curCd>USD</curCd><valUSD>94150</valUSD><pctVal>0.0655</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>JE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2099-12-31</maturityDt><couponKind>Fixed</couponKind><annualizedRt>6.85</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>PRUDENTIAL PLC</name><lei>5493001Z3ZE83NGK8Y12</lei><title>Prudential PLC</title><cusip>LW1914032</cusip><identifiers><isin value="XS1426796477"/><ticker value="PRUFIN"/><other otherDesc="BD34CL4" value="Sedol"/></identifiers><balance>900000</balance><units>PA</units><curCd>USD</curCd><valUSD>823500</valUSD><pctVal>0.5731</pctVal><payoffProfile>Long</payoffProfile><assetCat>DBT</assetCat><issuerCat>CORP</issuerCat><invCountry>GB</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><debtSec><maturityDt>2099-12-31</maturityDt><couponKind>Fixed</couponKind><annualizedRt>5.25</annualizedRt><isDefault>N</isDefault><areIntrstPmntsInArrs>N</areIntrstPmntsInArrs><isPaidKind>N</isPaidKind></debtSec><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>TSMC</name><lei>549300KB6NK5SBD14S87</lei><title>Taiwan Semiconductor Manufacturing Co Ltd (ADR)</title><cusip>874039100</cusip><identifiers><isin value="US8740391003"/><ticker value="TSM"/><other otherDesc="2113382" value="Sedol"/></identifiers><balance>56670</balance><units>NS</units><curCd>USD</curCd><valUSD>2708259</valUSD><pctVal>1.8847</pctVal><payoffProfile>Long</payoffProfile><assetConditional assetCat="OTHER" desc="GDR"/><issuerCat>CORP</issuerCat><invCountry>TW</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>N/A</name><lei>N/A</lei><title>Sell GBP / Buy USD</title><cusip>N/A</cusip><identifiers><other otherDesc="FXF110073504" value="Internal ID"/></identifiers><balance>1</balance><units>NC</units><curCd>USD</curCd><valUSD>96248</valUSD><pctVal>0.067</pctVal><payoffProfile>N/A</payoffProfile><assetCat>DFE</assetCat><issuerConditional desc="N/A" issuerCat="OTHER"/><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><derivativeInfo><fwdDeriv derivCat="FWD"><counterparties><counterpartyName>BNP Paribas</counterpartyName><counterpartyLei>R0MUWSFPU8MPRO8K5P83</counterpartyLei></counterparties><amtCurSold>5277849</amtCurSold><curSold>GBP</curSold><amtCurPur>6653211</amtCurPur><curPur>USD</curPur><settlementDt>2020-04-22</settlementDt><unrealizedAppr>96248</unrealizedAppr></fwdDeriv></derivativeInfo><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>N/A</name><lei>N/A</lei><title>Sell EUR / Buy USD</title><cusip>N/A</cusip><identifiers><other otherDesc="FXF110073511" value="Internal ID"/></identifiers><balance>1</balance><units>NC</units><curCd>USD</curCd><valUSD>136718</valUSD><pctVal>0.0951</pctVal><payoffProfile>N/A</payoffProfile><assetCat>DFE</assetCat><issuerConditional desc="N/A" issuerCat="OTHER"/><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><derivativeInfo><fwdDeriv derivCat="FWD"><counterparties><counterpartyName>BNP Paribas</counterpartyName><counterpartyLei>R0MUWSFPU8MPRO8K5P83</counterpartyLei></counterparties><amtCurSold>7099267</amtCurSold><curSold>EUR</curSold><amtCurPur>7970762</amtCurPur><curPur>USD</curPur><settlementDt>2020-04-22</settlementDt><unrealizedAppr>136718</unrealizedAppr></fwdDeriv></derivativeInfo><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec></invstOrSecs><explntrNotes><explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/></explntrNotes><signature><ncom:dateSigned>2020-05-15</ncom:dateSigned><ncom:nameOfApplicant>JESPER NERGAARD</ncom:nameOfApplicant><ncom:signature>JESPER NERGAARD</ncom:signature><ncom:signerName>JESPER NERGAARD</ncom:signerName><ncom:title>VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER</ncom:title></signature></nport:formData><nport:documents>XXXX</nport:documents></nport:edgarSubmission>
