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exchangeRt="0.92217"/><valUSD>7606618</valUSD><pctVal>1.597</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>Sampo Oyj</name><lei>743700UF3RL386WIDA22</lei><title>Sampo Oyj</title><cusip>X75653109</cusip><identifiers><isin value="FI0009003305"/><ticker value="SAMPO FH"/><other otherDesc="5226038" value="Sedol"/></identifiers><balance>97593</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>4603193</valUSD><pctVal>0.966</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>Wolters Kluwer NV</name><lei>724500TEM53I0U077B74</lei><title>Wolters Kluwer NV</title><cusip>N9643A197</cusip><identifiers><isin value="NL0000395903"/><ticker value="WKL NA"/><other otherDesc="5671519" value="Sedol"/></identifiers><balance>83717</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>10563180</valUSD><pctVal>2.217</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>Siemens AG</name><lei>W38RGI023J3WT1HWRP32</lei><title>Siemens AG</title><cusip>D69671218</cusip><identifiers><isin value="DE0007236101"/><ticker value="SIE GR"/><other otherDesc="5727973" value="Sedol"/></identifiers><balance>44982</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>7280500</valUSD><pctVal>1.528</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>Chocoladefabriken Lindt &amp; Spru</name><lei>529900JYJNNOKKAGK736</lei><title>Chocoladefabriken Lindt &amp; Spruengli AG (PC)</title><cusip>H49983184</cusip><identifiers><isin value="CH0010570767"/><ticker value="LISP SW"/><other otherDesc="5962280" value="Sedol"/></identifiers><balance>652</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>7715829</valUSD><pctVal>1.619</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>STMicroelectronics NV</name><lei>213800Z8NOHIKRI42W10</lei><title>STMicroelectronics NV</title><cusip>N83574108</cusip><identifiers><isin value="NL0000226223"/><ticker value="STMPA FP"/><other otherDesc="5962332" value="Sedol"/></identifiers><balance>151986</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>8129907</valUSD><pctVal>1.706</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>Deutsche Boerse AG</name><lei>529900G3SW56SHYNPR95</lei><title>Deutsche Boerse AG</title><cusip>D1882G119</cusip><identifiers><isin value="DE0005810055"/><ticker value="DB1 GR"/><other otherDesc="7021963" value="Sedol"/></identifiers><balance>39734</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>7732369</valUSD><pctVal>1.623</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>Novartis AG</name><lei>5493007HIVTX6SY6XD66</lei><title>Novartis AG</title><cusip>H5820Q150</cusip><identifiers><isin value="CH0012005267"/><ticker value="NOVN SW"/><other otherDesc="7103065" value="Sedol"/></identifiers><balance>40549</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>3723613</valUSD><pctVal>0.782</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 SW"/><other otherDesc="7110388" value="Sedol"/></identifiers><balance>40042</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>11462647</valUSD><pctVal>2.406</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 (REG)</title><cusip>H57312649</cusip><identifiers><isin value="CH0038863350"/><ticker value="NESN SW"/><other otherDesc="7123870" value="Sedol"/></identifiers><balance>152682</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>18644026</valUSD><pctVal>3.913</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>BNP Paribas SA</name><lei>R0MUWSFPU8MPRO8K5P83</lei><title>BNP Paribas SA</title><cusip>F1058Q238</cusip><identifiers><isin value="FR0000131104"/><ticker value="BNP FP"/><other otherDesc="7309681" value="Sedol"/></identifiers><balance>124906</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>7469898</valUSD><pctVal>1.568</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>Cie de Saint-Gobain</name><lei>NFONVGN05Z0FMN5PEC35</lei><title>Cie de Saint-Gobain</title><cusip>F80343100</cusip><identifiers><isin value="FR0000125007"/><ticker value="SGO FP"/><other otherDesc="7380482" value="Sedol"/></identifiers><balance>139857</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>7962393</valUSD><pctVal>1.671</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>Janus Henderson Cash Collateral Fund</name><lei>N/A</lei><title>Janus Henderson Cash Collateral Fund</title><cusip>N/A</cusip><identifiers><other otherDesc="896" value="Internal ID"/></identifiers><balance>7075000</balance><units>NS</units><curCd>USD</curCd><valUSD>7075000</valUSD><pctVal>1.485</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>PF</issuerCat><invCountry>US</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><cashCollateralCondition cashCollateralVal="7075000" isCashCollateral="Y"/><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Nordic Semiconductor ASA</name><lei>5967007LIEEXZXJGFK95</lei><title>Nordic Semiconductor ASA</title><cusip>R4988P103</cusip><identifiers><isin value="NO0003055501"/><ticker value="NOD NO"/><other otherDesc="B00ZG06" value="Sedol"/></identifiers><balance>625965</balance><units>NS</units><currencyConditional curCd="NOK" exchangeRt="10.4649"/><valUSD>9619128</valUSD><pctVal>2.019</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>NO</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Safran SA</name><lei>969500UIC89GT3UL7L24</lei><title>Safran SA</title><cusip>F4035A557</cusip><identifiers><isin value="FR0000073272"/><ticker value="SAF FP"/><other otherDesc="B058TZ6" value="Sedol"/></identifiers><balance>48831</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>7251006</valUSD><pctVal>1.522</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>Unilever PLC</name><lei>549300MKFYEKVRWML317</lei><title>Unilever PLC</title><cusip>G92087165</cusip><identifiers><isin value="GB00B10RZP78"/><ticker value="ULVR LN"/><other otherDesc="B10RZP7" value="Sedol"/></identifiers><balance>177912</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>9215711</valUSD><pctVal>1.934</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>Wacker Chemie AG</name><lei>0NURKC5Q3CJYZPPK5046</lei><title>Wacker Chemie AG</title><cusip>D9540Z106</cusip><identifiers><isin value="DE000WCH8881"/><ticker value="WCH GR"/><other otherDesc="B11Y568" value="Sedol"/></identifiers><balance>37802</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>6125545</valUSD><pctVal>1.286</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>Kuehne + Nagel International A</name><lei>529900Q0YED3805QXQ66</lei><title>Kuehne + Nagel International AG</title><cusip>H4673L145</cusip><identifiers><isin value="CH0025238863"/><ticker value="KNIN SW"/><other otherDesc="B142S60" value="Sedol"/></identifiers><balance>32474</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>9694231</valUSD><pctVal>2.035</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>Logitech International SA</name><lei>549300SN6PRK6IJJC215</lei><title>Logitech International SA (REG)</title><cusip>H50430232</cusip><identifiers><isin value="CH0025751329"/><ticker value="LOGN SW"/><other otherDesc="B18ZRK2" value="Sedol"/></identifiers><balance>129731</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>7539217</valUSD><pctVal>1.582</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>Smurfit Kappa Group PLC</name><lei>635400CPLP8H5ITDVT56</lei><title>Smurfit Kappa Group PLC</title><cusip>G8248F104</cusip><identifiers><isin value="IE00B1RR8406"/><ticker value="SKG ID"/><other otherDesc="B1RR828" value="Sedol"/></identifiers><balance>188077</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>6827334</valUSD><pctVal>1.433</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>IE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Sandvik AB</name><lei>5299008ZUAXN43LVZF54</lei><title>Sandvik AB</title><cusip>W74857165</cusip><identifiers><isin value="SE0000667891"/><ticker value="SAND SS"/><other otherDesc="B1VQ252" value="Sedol"/></identifiers><balance>400892</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="10.3752"/><valUSD>8522633</valUSD><pctVal>1.789</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>Svenska Cellulosa AB SCA</name><lei>549300FW5JDRV1IJ0M67</lei><title>Svenska Cellulosa AB SCA</title><cusip>W90152120</cusip><identifiers><isin value="SE0000112724"/><ticker value="SCAB SS"/><other otherDesc="B1VVGZ5" value="Sedol"/></identifiers><balance>834361</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="10.3752"/><valUSD>10976787</valUSD><pctVal>2.304</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><loanByFundCondition isLoanByFund="Y" loanVal="8395692.01"/></securityLending></invstOrSec><invstOrSec><name>Anglo American PLC</name><lei>549300S9XF92D1X8ME43</lei><title>ANGLO AMERICAN PLC</title><cusip>G03764134</cusip><identifiers><isin value="GB00B1XZS820"/><ticker value="AAL LN"/><other otherDesc="B1XZS82" value="Sedol"/></identifiers><balance>406313</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>13445722</valUSD><pctVal>2.822</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>Danone SA</name><lei>969500KMUQ2B6CBAF162</lei><title>Danone SA</title><cusip>F12033134</cusip><identifiers><isin value="FR0000120644"/><ticker value="BN FP"/><other otherDesc="B1Y9TB3" value="Sedol"/></identifiers><balance>207290</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>12885637</valUSD><pctVal>2.705</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>RELX PLC</name><lei>549300WSX3VBUFFJOO66</lei><title>RELX PLC</title><cusip>G7493L105</cusip><identifiers><isin value="GB00B2B0DG97"/><ticker value="REL LN"/><other otherDesc="B2B0DG9" value="Sedol"/></identifiers><balance>326136</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>10556048</valUSD><pctVal>2.216</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>Glencore PLC</name><lei>2138002658CPO9NBH955</lei><title>Glencore PLC</title><cusip>G39420107</cusip><identifiers><isin value="JE00B4T3BW64"/><ticker value="GLEN LN"/><other otherDesc="B4T3BW6" value="Sedol"/></identifiers><balance>846376</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>4867641</valUSD><pctVal>1.022</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>Meyer Burger Technology AG</name><lei>529900ULZXRB8EM0TH56</lei><title>Meyer Burger Technology AG</title><cusip>H5498Z128</cusip><identifiers><isin value="CH0108503795"/><ticker value="MBTN SW"/><other otherDesc="B5NC0D0" value="Sedol"/></identifiers><balance>5928312</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>4187623</valUSD><pctVal>0.879</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>HUGO BOSS AG</name><lei>529900LFVU534EBRXD13</lei><title>Hugo Boss AG</title><cusip>D34902102</cusip><identifiers><isin value="DE000A1PHFF7"/><ticker value="BOSS GR"/><other otherDesc="B88MHC4" value="Sedol"/></identifiers><balance>176878</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>12682942</valUSD><pctVal>2.662</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>Commerzbank AG</name><lei>851WYGNLUQLFZBSYGB56</lei><title>Commerzbank AG</title><cusip>D172W1279</cusip><identifiers><isin value="DE000CBK1001"/><ticker value="CBK GR"/><other otherDesc="B90LKT4" value="Sedol"/></identifiers><balance>470824</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>4952690</valUSD><pctVal>1.04</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>ASML Holding NV</name><lei>724500Y6DUVHQD6OXN27</lei><title>ASML HOLDING NV</title><cusip>N07059202</cusip><identifiers><isin value="NL0010273215"/><ticker value="ASML NA"/><other otherDesc="B929F46" value="Sedol"/></identifiers><balance>7111</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>4858457</valUSD><pctVal>1.02</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>Ferrari NV</name><lei>549300RIVY5EX8RCON76</lei><title>Ferrari NV</title><cusip>N3167Y103</cusip><identifiers><isin value="NL0011585146"/><ticker value="RACE IM"/><other otherDesc="BD6G507" value="Sedol"/></identifiers><balance>23124</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>6262290</valUSD><pctVal>1.314</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>Compass Group PLC</name><lei>2138008M6MH9OZ6U2T68</lei><title>Compass Group PLC</title><cusip>G23296208</cusip><identifiers><isin value="GB00BD6K4575"/><ticker value="CPG LN"/><other otherDesc="BD6K457" value="Sedol"/></identifiers><balance>277230</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>6969499</valUSD><pctVal>1.463</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>BE Semiconductor Industries NV</name><lei>7245007A1YFLI2GNYX06</lei><title>BE Semiconductor Industries NV</title><cusip>N13107144</cusip><identifiers><isin value="NL0012866412"/><ticker value="BESI NA"/><other otherDesc="BG0SCK9" value="Sedol"/></identifiers><balance>96102</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>8403956</valUSD><pctVal>1.764</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>Novo Nordisk A/S</name><lei>549300DAQ1CVT6CXN342</lei><title>Novo Nordisk A/S</title><cusip>K72807132</cusip><identifiers><isin value="DK0060534915"/><ticker value="NOVOB DC"/><other otherDesc="BHC8X90" value="Sedol"/></identifiers><balance>114694</balance><units>NS</units><currencyConditional curCd="DKK" exchangeRt="6.8686"/><valUSD>18203076</valUSD><pctVal>3.821</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>Atlas Copco AB</name><lei>213800T8PC8Q4FYJZR07</lei><title>Atlas Copco AB - Class A</title><cusip>W1R924252</cusip><identifiers><isin value="SE0017486889"/><ticker value="ATCOA SS"/><other otherDesc="BLDBN41" value="Sedol"/></identifiers><balance>365784</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="10.3752"/><valUSD>4639294</valUSD><pctVal>0.974</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>NatWest Group PLC</name><lei>2138005O9XJIJN4JPN90</lei><title>Natwest Group PLC</title><cusip>G6422B147</cusip><identifiers><isin value="GB00BM8PJY71"/><ticker value="NWG LN"/><other otherDesc="BM8PJY7" value="Sedol"/></identifiers><balance>1503603</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>4912035</valUSD><pctVal>1.031</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>Azelis Group NV</name><lei>699400M9RRMTV264FM70</lei><title>Azelis Group NV</title><cusip>B0R5SJ106</cusip><identifiers><isin value="BE0974400328"/><ticker value="AZE BB"/><other otherDesc="BMHT025" value="Sedol"/></identifiers><balance>250965</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>6370595</valUSD><pctVal>1.337</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>BE</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Shell PLC</name><lei>21380068P1DRHMJ8KU70</lei><title>Shell PLC</title><cusip>G80827101</cusip><identifiers><isin value="GB00BP6MXD84"/><ticker value="SHEL LN"/><other otherDesc="BP6MXD8" value="Sedol"/></identifiers><balance>497393</balance><units>NS</units><currencyConditional curCd="GBP" exchangeRt="0.81077"/><valUSD>14240838</valUSD><pctVal>2.989</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>Daimler Truck Holding AG</name><lei>529900PW78JIYOUBSR24</lei><title>Daimler Truck Holding AG</title><cusip>D1T3RZ100</cusip><identifiers><isin value="DE000DTR0CK8"/><ticker value="DTG GR"/><other otherDesc="BP6VLQ4" value="Sedol"/></identifiers><balance>177727</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>6001797</valUSD><pctVal>1.26</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>UBS Group AG</name><lei>549300SZJ9VS8SGXAN81</lei><title>UBS Group AG</title><cusip>H42097107</cusip><identifiers><isin value="CH0244767585"/><ticker value="UBSG SW"/><other otherDesc="BRJL176" value="Sedol"/></identifiers><balance>454499</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>9599895</valUSD><pctVal>2.015</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>ArcelorMittal SA</name><lei>2EULGUTUI56JI9SAL165</lei><title>ArcelorMittal SA</title><cusip>L0302D210</cusip><identifiers><isin value="LU1598757687"/><ticker value="MT NA"/><other otherDesc="BYPBS67" value="Sedol"/></identifiers><balance>180884</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>5484544</valUSD><pctVal>1.151</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>Nordea Bank Abp</name><lei>529900ODI3047E2LIV03</lei><title>Nordea Bank Abp</title><cusip>X5S8VL105</cusip><identifiers><isin value="FI4000297767"/><ticker value="NDA SS"/><other otherDesc="BYZF9J9" value="Sedol"/></identifiers><balance>929499</balance><units>NS</units><currencyConditional curCd="SEK" exchangeRt="10.3752"/><valUSD>9923693</valUSD><pctVal>2.083</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>VAT Group AG</name><lei>529900MVFK7NVALR7Y83</lei><title>VAT Group AG</title><cusip>H90508104</cusip><identifiers><isin value="CH0311864901"/><ticker value="VACN SW"/><other otherDesc="BYZWMR9" value="Sedol"/></identifiers><balance>17167</balance><units>NS</units><currencyConditional curCd="CHF" exchangeRt="0.9147"/><valUSD>6203519</valUSD><pctVal>1.302</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>CH</invCountry><isRestrictedSec>Y</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Jungheinrich AG</name><lei>529900PHZORTU6FSXE73</lei><title>Jungheinrich AG</title><cusip>D37552102</cusip><identifiers><isin value="DE0006219934"/><ticker value="45080"/><other otherDesc="5545670" value="Sedol"/></identifiers><balance>87933</balance><units>NS</units><currencyConditional curCd="EUR" exchangeRt="0.92217"/><valUSD>3066255</valUSD><pctVal>0.644</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></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>2023-05-15</ncom:dateSigned><ncom:nameOfApplicant>JANUS INVESTMENT FUND</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></formData></edgarSubmission>
