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        <balance>25298.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>1202828.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>adidas AG</name>
        <lei>549300JSX0Z4CW0V5023</lei>
        <title>adidas AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A1EWWW0"/>
          <other otherDesc="Inhouse Asset ID" value="S40319766"/>
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        <balance>6670.00000000</balance>
        <units>NS</units>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Funds III</name>
        <lei>549300JDHS1T46VWOG19</lei>
        <title>BlackRock Cash Funds: Institutional, SL Agency Shares</title>
        <cusip>066922519</cusip>
        <identifiers>
          <isin value="US0669225197"/>
          <other otherDesc="Inhouse Asset ID" value="066922519"/>
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        <balance>1241863.25400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1242360.00000000</valUSD>
        <pctVal>1.670039497358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1242360.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mastercard, Inc.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard, Inc., Class A</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <isin value="US57636Q1040"/>
          <other otherDesc="Inhouse Asset ID" value="57636Q104"/>
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        <balance>2577.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1448119.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <other otherDesc="Inhouse Asset ID" value="S68891068"/>
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        <balance>110000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Industria de Diseno Textil SA</name>
        <lei>549300TTCXZOGZM2EY83</lei>
        <title>Industria de Diseno Textil SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0148396007"/>
          <other otherDesc="Inhouse Asset ID" value="SBP9DL901"/>
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        <balance>29259.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cie de Saint-Gobain SA</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>Cie de Saint-Gobain SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000125007"/>
          <other otherDesc="Inhouse Asset ID" value="S73804825"/>
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        <balance>9972.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG (Registered)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
          <other otherDesc="Inhouse Asset ID" value="SBRJL1761"/>
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        <balance>45811.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79345000"/>
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        <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>
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      <invstOrSec>
        <name>Waste Connections, Inc.</name>
        <lei>549300HDLRTPBQU69P29</lei>
        <title>Waste Connections, Inc.</title>
        <cusip>94106B101</cusip>
        <identifiers>
          <isin value="CA94106B1013"/>
          <other otherDesc="Inhouse Asset ID" value="SBYQFRK54"/>
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        <balance>9303.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
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        <pctVal>2.336080919139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Koninklijke KPN NV</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000009082"/>
          <other otherDesc="Inhouse Asset ID" value="S59560789"/>
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        <balance>480523.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <pctVal>3.151027730270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
          <other otherDesc="Inhouse Asset ID" value="SBK1N4611"/>
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        <balance>58871.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="85.76000000"/>
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        <pctVal>1.847494596102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Novo Nordisk A/S, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0062498333"/>
          <other otherDesc="Inhouse Asset ID" value="SBP6KMJ14"/>
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        <balance>27885.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.33375000"/>
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        <pctVal>2.597442100476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Air Liquide SA</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>Air Liquide SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000120073"/>
          <other otherDesc="Inhouse Asset ID" value="SB1YXBJ76"/>
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        <balance>12767.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ASM International NV</name>
        <lei>7245001I22ND6ZFHX623</lei>
        <title>ASM International NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000334118"/>
          <other otherDesc="Inhouse Asset ID" value="S51652949"/>
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        <balance>3253.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RELX plc</name>
        <lei>549300WSX3VBUFFJOO66</lei>
        <title>RELX plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2B0DG97"/>
          <other otherDesc="Inhouse Asset ID" value="SBYWLC687"/>
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        <balance>44173.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Otis Worldwide Corp.</name>
        <lei>549300ZLBKR8VSU25153</lei>
        <title>Otis Worldwide Corp.</title>
        <cusip>68902V107</cusip>
        <identifiers>
          <isin value="US68902V1070"/>
          <other otherDesc="Inhouse Asset ID" value="68902V107"/>
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        <balance>15702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1554812.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SMC Corp.</name>
        <lei>353800O40V08DOZ70X62</lei>
        <title>SMC Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3162600005"/>
          <other otherDesc="Inhouse Asset ID" value="S67639658"/>
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        <balance>6200.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <other otherDesc="Inhouse Asset ID" value="SBMMV2K87"/>
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        <balance>34000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84995000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MediaTek, Inc.</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MediaTek, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
          <other otherDesc="Inhouse Asset ID" value="S63724801"/>
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        <balance>25000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAP SE</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007164600"/>
          <other otherDesc="Inhouse Asset ID" value="S48462881"/>
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        <balance>7741.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Haleon plc</name>
        <lei>549300PSB3WWEODCUP19</lei>
        <title>Haleon plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMX86B70"/>
          <other otherDesc="Inhouse Asset ID" value="SBMX86B72"/>
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        <balance>286187.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Assa Abloy AB</name>
        <lei>549300YECS8HKCIMMB67</lei>
        <title>Assa Abloy AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0007100581"/>
          <other otherDesc="Inhouse Asset ID" value="SBYPC1T40"/>
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        <balance>47644.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.46090000"/>
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        <pctVal>2.002290626475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria SA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0113211835"/>
          <other otherDesc="Inhouse Asset ID" value="S55019061"/>
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        <balance>151389.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>2331128.51000000</valUSD>
        <pctVal>3.133613996844</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>Zurich Insurance Group AG</name>
        <lei>529900QVNRBND50TXP03</lei>
        <title>Zurich Insurance Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0011075394"/>
          <other otherDesc="Inhouse Asset ID" value="S59838169"/>
        </identifiers>
        <balance>2203.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79345000"/>
        <valUSD>1541490.18000000</valUSD>
        <pctVal>2.072144535715</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>BlackRock Liquidity Funds</name>
        <lei>5493002L9DNZ83RX7V61</lei>
        <title>BlackRock Liquidity Funds, T-Fund, Institutional Class</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US09248U7182"/>
          <other otherDesc="Inhouse Asset ID" value="09248U718"/>
        </identifiers>
        <balance>189692.07000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189692.07000000</valUSD>
        <pctVal>0.254993117321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
          <other otherDesc="Inhouse Asset ID" value="S09895293"/>
        </identifiers>
        <balance>15962.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>2221418.26000000</valUSD>
        <pctVal>2.986136252257</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>Beiersdorf AG</name>
        <lei>L47NHHI0Z9X22DV46U41</lei>
        <title>Beiersdorf AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005200000"/>
          <other otherDesc="Inhouse Asset ID" value="S51074011"/>
        </identifiers>
        <balance>16980.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>2134351.45000000</valUSD>
        <pctVal>2.869096898439</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>Teck Resources Ltd.</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>Teck Resources Ltd., Class B</title>
        <cusip>878742204</cusip>
        <identifiers>
          <isin value="CA8787422044"/>
          <other otherDesc="Inhouse Asset ID" value="S28793271"/>
        </identifiers>
        <balance>48511.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>1961814.41000000</valUSD>
        <pctVal>2.637164389700</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>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA (Registered)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
          <other otherDesc="Inhouse Asset ID" value="S71238703"/>
        </identifiers>
        <balance>21411.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79345000"/>
        <valUSD>2128818.07000000</valUSD>
        <pctVal>2.861658665436</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>Axis Bank Ltd.</name>
        <lei>549300HVNWMJPOFVNI41</lei>
        <title>Axis Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE238A01034"/>
          <other otherDesc="Inhouse Asset ID" value="SBPFJHC71"/>
        </identifiers>
        <balance>94086.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.76000000"/>
        <valUSD>1315892.45000000</valUSD>
        <pctVal>1.768885319695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG (Registered)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005557508"/>
          <other otherDesc="Inhouse Asset ID" value="S58423591"/>
        </identifiers>
        <balance>60654.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>2220154.79000000</valUSD>
        <pctVal>2.984437835692</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>Keyence Corp.</name>
        <lei>529900M7PQBS7A89DZ11</lei>
        <title>Keyence Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3236200006"/>
          <other otherDesc="Inhouse Asset ID" value="S64909955"/>
        </identifiers>
        <balance>4400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
        <valUSD>1759244.49000000</valUSD>
        <pctVal>2.364860252914</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>GE Aerospace</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>GE Aerospace</title>
        <cusip>369604301</cusip>
        <identifiers>
          <isin value="US3696043013"/>
          <other otherDesc="Inhouse Asset ID" value="369604301"/>
        </identifiers>
        <balance>6155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1584235.45000000</valUSD>
        <pctVal>2.129604764010</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>FinecoBank Banca Fineco SpA</name>
        <lei>549300L7YCATGO57ZE10</lei>
        <title>FinecoBank Banca Fineco SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0000072170"/>
          <other otherDesc="Inhouse Asset ID" value="BRSNPVCF8"/>
        </identifiers>
        <balance>106143.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>2354627.72000000</valUSD>
        <pctVal>3.165202754416</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>United Overseas Bank Ltd.</name>
        <lei>IO66REGK3RCBAMA8HR66</lei>
        <title>United Overseas Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1M31001969"/>
          <other otherDesc="Inhouse Asset ID" value="S69167815"/>
        </identifiers>
        <balance>48600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.27150000"/>
        <valUSD>1375560.57000000</valUSD>
        <pctVal>1.849094049156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taylor Wimpey plc</name>
        <lei>21380089BTRXTD8S3R66</lei>
        <title>Taylor Wimpey plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0008782301"/>
          <other otherDesc="Inhouse Asset ID" value="S08782302"/>
        </identifiers>
        <balance>731165.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>1192320.62000000</valUSD>
        <pctVal>1.602774178913</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>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Variable Series Funds, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
