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        <name>Sanofi</name>
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        <name>Ferguson Enterprises Inc</name>
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        <name>Schneider Electric SE</name>
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        <name>Wolters Kluwer NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Daikin Industries Ltd.</name>
        <lei>549300Y7FWSTSHMW5Y57</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Terumo Corp.</name>
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        <name>Deutsche Boerse AG</name>
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        <name>Shopify Inc</name>
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        <title>Shopify Inc COM NPV CL A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>London Stock Exchange Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Experian PLC</name>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Volvo AB</name>
        <lei>549300HGV012CNC8JD22</lei>
        <title>Volvo AB SER'B'NPV</title>
        <cusip>928856301</cusip>
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        <currencyConditional curCd="SEK" exchangeRt="0.098465"/>
        <valUSD>3447911.52</valUSD>
        <pctVal>0.6388606952</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>Vinci SA</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>Vinci SA EUR2.50</title>
        <cusip>F5879X108</cusip>
        <identifiers>
          <isin value="FR0000125486"/>
          <ticker value="VCISF"/>
        </identifiers>
        <balance>28124</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>3287605.87</valUSD>
        <pctVal>0.6091577929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Liquide S.A.(L')</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>Air Liquide S.A.(L') EUR5.50</title>
        <cusip>F01764103</cusip>
        <identifiers>
          <isin value="FR0000120073"/>
          <ticker value="AIQUF"/>
        </identifiers>
        <balance>49193</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>9499687.76</valUSD>
        <pctVal>1.7601893470</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 ORD GBP0.1444</title>
        <cusip>G7493L105</cusip>
        <identifiers>
          <isin value="GB00B2B0DG97"/>
          <ticker value="RLXXF"/>
        </identifiers>
        <balance>193456</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>9131691.63</valUSD>
        <pctVal>1.6920036462</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>Amadeus IT Group SA</name>
        <lei>9598004A3FTY3TEHHN09</lei>
        <title>Amadeus IT Group SA EUR0.01</title>
        <cusip>E04648114</cusip>
        <identifiers>
          <isin value="ES0109067019"/>
          <ticker value="AMADF"/>
        </identifiers>
        <balance>130000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>9414945.73</valUSD>
        <pctVal>1.7444875658</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>Kinaxis Inc</name>
        <lei>5299009VAZ14K7PFUQ15</lei>
        <title>Kinaxis Inc COM NPV</title>
        <cusip>49448Q109</cusip>
        <identifiers>
          <isin value="CA49448Q1090"/>
          <ticker value="KXSCF"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="0.739399"/>
        <valUSD>8909941.13</valUSD>
        <pctVal>1.6509156781</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>Interroll Holding AG</name>
        <lei>529900MU4QAEI94TB543</lei>
        <title>Interroll Holding AG CHF1 (REGD)</title>
        <cusip>H4247Q117</cusip>
        <identifiers>
          <isin value="CH0006372897"/>
          <ticker value="IRRHF"/>
        </identifiers>
        <balance>2100</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>6374545.23</valUSD>
        <pctVal>1.1811342530</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>Tecan Group AG</name>
        <lei>529900CSN9R3BLETSL26</lei>
        <title>Tecan Group AG CHF0.10 (REGD)</title>
        <cusip>H84774167</cusip>
        <identifiers>
          <isin value="CH0012100191"/>
          <ticker value="TCHBF"/>
        </identifiers>
        <balance>18000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>5915164.04</valUSD>
        <pctVal>1.0960158894</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>Compagnie Financiere Richemont Sa</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>Compagnie Financiere Richemont Sa CHF1 (REGD)</title>
        <cusip>H25662182</cusip>
        <identifiers>
          <isin value="CH0210483332"/>
          <ticker value="CFRHF"/>
        </identifiers>
        <balance>42478</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>6745688.69</valUSD>
        <pctVal>1.2499031200</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>Alcon AG</name>
        <lei>549300LDT5AP8S0NBM78</lei>
        <title>Alcon AG CHF0.04</title>
        <cusip>H01301128</cusip>
        <identifiers>
          <isin value="CH0432492467"/>
          <ticker value="ALC"/>
        </identifiers>
        <balance>70000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>7005616.98</valUSD>
        <pctVal>1.2980650195</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>CTS Eventim AG &amp; Co. KGaA</name>
        <lei>529900FDHSN08UBJII80</lei>
        <title>CTS Eventim AG &amp; Co. KGaA NPV</title>
        <cusip>D1648T108</cusip>
        <identifiers>
          <isin value="DE0005470306"/>
          <ticker value="CEVMF"/>
        </identifiers>
        <balance>70000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>7288809.13</valUSD>
        <pctVal>1.3505374605</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>MTU Aero Engines AG</name>
        <lei>529900807L67JY81RD65</lei>
        <title>MTU Aero Engines AG NPV (REGD)</title>
        <cusip>D5565H104</cusip>
        <identifiers>
          <isin value="DE000A0D9PT0"/>
          <ticker value="MTUAF"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>6250572.88</valUSD>
        <pctVal>1.1581635180</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>Delivery Hero SE</name>
        <lei>529900C3EX1FZGE48X78</lei>
        <title>Delivery Hero SE NPV</title>
        <cusip>D1T0KZ103</cusip>
        <identifiers>
          <isin value="DE000A2E4K43"/>
          <ticker value="DLVHF"/>
        </identifiers>
        <balance>15248</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>617080.34</valUSD>
        <pctVal>0.1143383097</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>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Novo Nordisk A/S SER'B'DKK0.1</title>
        <cusip>K72807140</cusip>
        <identifiers>
          <isin value="DK0062498333"/>
          <ticker value="NONOF"/>
        </identifiers>
        <balance>124034</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="0.149331"/>
        <valUSD>14711861.73</valUSD>
        <pctVal>2.7259487834</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>Dassault Systemes</name>
        <lei>96950065LBWY0APQIM86</lei>
        <title>Dassault Systemes EUR0.10</title>
        <cusip>F24571451</cusip>
        <identifiers>
          <isin value="FR0014003TT8"/>
          <ticker value="DASTF"/>
        </identifiers>
        <balance>108384</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>4305105.7</valUSD>
        <pctVal>0.7976895012</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>Allfunds Group Plc</name>
        <lei>9598005U8TZQ8Q64SC71</lei>
        <title>Allfunds Group Plc EUR0.0025</title>
        <cusip>G0236L102</cusip>
        <identifiers>
          <isin value="GB00BNTJ3546"/>
          <ticker value="ALLFG"/>
        </identifiers>
        <balance>74002</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>455416.26</valUSD>
        <pctVal>0.0843837050</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>Compass Group PLC</name>
        <lei>2138008M6MH9OZ6U2T68</lei>
        <title>Compass Group PLC ORD GBP0.1105</title>
        <cusip>G23296208</cusip>
        <identifiers>
          <isin value="GB00BD6K4575"/>
          <ticker value="CMPGF"/>
        </identifiers>
        <balance>48111</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>1541781.4</valUSD>
        <pctVal>0.2856754100</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>RS Group plc</name>
        <lei>549300KVXDURRKVW7R37</lei>
        <title>RS Group plc ORD GBP0.10</title>
        <cusip>G29848101</cusip>
        <identifiers>
          <isin value="GB0003096442"/>
          <ticker value="EENEF"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>5431115.52</valUSD>
        <pctVal>1.0063269365</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>Linde PLC</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde PLC COM EUR0.001</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
          <ticker value="LIN"/>
        </identifiers>
        <balance>12540</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5979824.39</valUSD>
        <pctVal>1.1079967526</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>Sage Group PLC</name>
        <lei>2138005RN5XYLTF8G138</lei>
        <title>Sage Group PLC GBP0.01051948</title>
        <cusip>G7771K142</cusip>
        <identifiers>
          <isin value="GB00B8C3BL03"/>
          <ticker value="SGGEF"/>
        </identifiers>
        <balance>188750</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>2591453.27</valUSD>
        <pctVal>0.4801682491</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>Straumann Holding AG</name>
        <lei>50670046ML5FVIM60Z37</lei>
        <title>Straumann Holding AG CHF0.01 (REGD) (POST SPLIT)</title>
        <cusip>H8300N127</cusip>
        <identifiers>
          <isin value="CH1175448666"/>
          <ticker value="SAUHF"/>
        </identifiers>
        <balance>13056</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>2135638.75</valUSD>
        <pctVal>0.3957107509</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>VAT Group AG</name>
        <lei>529900MVFK7NVALR7Y83</lei>
        <title>VAT Group AG CHF0.10 (REGD)</title>
        <cusip>H90508104</cusip>
        <identifiers>
          <isin value="CH0311864901"/>
          <ticker value="VTTGF"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>5113987.06</valUSD>
        <pctVal>0.9475664644</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>DISCO Corp.</name>
        <lei>N/A</lei>
        <title>DISCO Corp. NPV</title>
        <cusip>J12327102</cusip>
        <identifiers>
          <isin value="JP3548600000"/>
          <ticker value="DISPF"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>9219971.26</valUSD>
        <pctVal>1.7083609064</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>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd. HKD0.00002</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="TCTZF"/>
        </identifiers>
        <balance>57800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="0.128636"/>
        <valUSD>3213962.63</valUSD>
        <pctVal>0.5955124975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nova Ltd</name>
        <lei>529900B2DSWE5V3SC292</lei>
        <title>Nova Ltd COM</title>
        <cusip>M7516K103</cusip>
        <identifiers>
          <isin value="IL0010845571"/>
          <ticker value="NVMI"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="1"/>
        <valUSD>5208500</valUSD>
        <pctVal>0.9650786895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Monday.Com Limited</name>
        <lei>984500MDAFVD86E3B328</lei>
        <title>Monday.Com Limited SHS</title>
        <cusip>M7S64H106</cusip>
        <identifiers>
          <isin value="IL0011762130"/>
          <ticker value="MNDY"/>
        </identifiers>
        <balance>24000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6666480</valUSD>
        <pctVal>1.2352266069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASML Holding N.V.</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding N.V. EUR0.09</title>
        <cusip>N07059202</cusip>
        <identifiers>
          <isin value="NL0010273215"/>
          <ticker value="ASMLF"/>
        </identifiers>
        <balance>26565</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>22098414.46</valUSD>
        <pctVal>4.0945970753</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>Ferrovial SE</name>
        <lei>72450022R2ZFL41Y6I04</lei>
        <title>Ferrovial SE EUR0.01</title>
        <cusip>N3168P101</cusip>
        <identifiers>
          <isin value="NL0015001FS8"/>
          <ticker value="FER"/>
        </identifiers>
        <balance>81657</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>3509383.35</valUSD>
        <pctVal>0.6502507602</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>Mercadolibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>Mercadolibre Inc COM USD0.001</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
          <ticker value="MELI"/>
        </identifiers>
        <balance>3696</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7584044.27</valUSD>
        <pctVal>1.4052413373</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>Lonza Group AG</name>
        <lei>549300EFW4H2TCZ71055</lei>
        <title>Lonza Group AG CHF1 (REGD)</title>
        <cusip>H50524133</cusip>
        <identifiers>
          <isin value="CH0013841017"/>
          <ticker value="LZAGF"/>
        </identifiers>
        <balance>1300</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>824958.78</valUSD>
        <pctVal>0.1528559352</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>Coloplast AS</name>
        <lei>529900NN7SOJ5QG82X67</lei>
        <title>Coloplast AS SER'B'DKK1</title>
        <cusip>K16018192</cusip>
        <identifiers>
          <isin value="DK0060448595"/>
          <ticker value="CLPBF"/>
        </identifiers>
        <balance>21422</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="0.149331"/>
        <valUSD>2792261.92</valUSD>
        <pctVal>0.5173759191</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>Diageo PLC</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>Diageo PLC ORD GBP0.28 101/108</title>
        <cusip>G42089113</cusip>
        <identifiers>
          <isin value="GB0002374006"/>
          <ticker value="DGEAF"/>
        </identifiers>
        <balance>38794</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>1354812.47</valUSD>
        <pctVal>0.2510320904</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>Sse PLC</name>
        <lei>549300KI75VYLLMSK856</lei>
        <title>Sse PLC GBP0.50</title>
        <cusip>G8842P102</cusip>
        <identifiers>
          <isin value="GB0007908733"/>
          <ticker value="SSEZF"/>
        </identifiers>
        <balance>136140</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>3430422.01</valUSD>
        <pctVal>0.6356200783</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>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC ORD USD0.25</title>
        <cusip>G0593M107</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
          <ticker value="AZNCF"/>
        </identifiers>
        <balance>22983</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>3579827.22</valUSD>
        <pctVal>0.6633032470</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>Next PLC</name>
        <lei>213800WQD8ECPZP9PH98</lei>
        <title>Next PLC ORD GBP0.10</title>
        <cusip>G6500M106</cusip>
        <identifiers>
          <isin value="GB0032089863"/>
          <ticker value="NXGPF"/>
        </identifiers>
        <balance>11099</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>1453635.06</valUSD>
        <pctVal>0.2693428470</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>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE EUR1</title>
        <cusip>N0280G100</cusip>
        <identifiers>
          <isin value="NL0000235190"/>
          <ticker value="EADSF"/>
        </identifiers>
        <balance>40097</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>5868460</valUSD>
        <pctVal>1.0873621361</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>LVMH Moet Hennessy Vuitton SE</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Vuitton SE EUR0.30</title>
        <cusip>F58485115</cusip>
        <identifiers>
          <isin value="FR0000121014"/>
          <ticker value="LVMHF"/>
        </identifiers>
        <balance>8850</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>6786865.21</valUSD>
        <pctVal>1.2575326836</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>Puma SE</name>
        <lei>529900GRZ2BQY5ZM9N49</lei>
        <title>Puma SE NPV</title>
        <cusip>D62318148</cusip>
        <identifiers>
          <isin value="DE0006969603"/>
          <ticker value="PMMAF"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>8363224.36</valUSD>
        <pctVal>1.5496149765</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>CSL Ltd.</name>
        <lei>529900ECSECK5ZDQTE14</lei>
        <title>CSL Ltd. ORD NPV</title>
        <cusip>Q3018U109</cusip>
        <identifiers>
          <isin value="AU000000CSL8"/>
          <ticker value="CMXHF"/>
        </identifiers>
        <balance>32000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="0.691348"/>
        <valUSD>6321053.63</valUSD>
        <pctVal>1.1712228383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Otsuka Corp.</name>
        <lei>529900RG9DJ58J3UIE72</lei>
        <title>Otsuka Corp. NPV</title>
        <cusip>J6243L115</cusip>
        <identifiers>
          <isin value="JP3188200004"/>
          <ticker value="OSUKF"/>
        </identifiers>
        <balance>122400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>3022900.64</valUSD>
        <pctVal>0.5601107782</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>Samsung Electronics Co Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd. KRW100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
        </identifiers>
        <balance>24789</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="0.000765"/>
        <valUSD>1158607.94</valUSD>
        <pctVal>0.2146775141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Ryanair Holdings PLC</name>
        <lei>635400BR2ROC1FVEBQ56</lei>
        <title>Ryanair Holdings PLC ADS EACH REPR 5 ORD EUR0.01</title>
        <cusip>783513203</cusip>
        <identifiers>
          <isin value="US7835132033"/>
          <ticker value="RYAAY"/>
        </identifiers>
        <balance>56325</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2544763.49</valUSD>
        <pctVal>0.4715171381</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>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
          <ticker value="TSM"/>
        </identifiers>
        <balance>27588</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4791207.91</valUSD>
        <pctVal>0.8877589807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <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>Yum China Holdings Inc.</name>
        <lei>529900DO9BYZ7VA3K502</lei>
        <title>Yum China Holdings Inc. COM USD0.01</title>
        <cusip>98850P109</cusip>
        <identifiers>
          <isin value="US98850P1093"/>
          <ticker value="YUMC"/>
        </identifiers>
        <balance>65449</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2946514.04</valUSD>
        <pctVal>0.5459571678</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>Goodman Group</name>
        <lei>N/A</lei>
        <title>Goodman Group NPV (STAPLED UNITS)</title>
        <cusip>Q4229W132</cusip>
        <identifiers>
          <isin value="AU000000GMG2"/>
          <ticker value="GMGSF"/>
        </identifiers>
        <balance>102747</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="0.691348"/>
        <valUSD>2620966.84</valUSD>
        <pctVal>0.4856367943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</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 EUR0.20</title>
        <cusip>F4035A557</cusip>
        <identifiers>
          <isin value="FR0000073272"/>
          <ticker value="SAFRF"/>
        </identifiers>
        <balance>45408</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>10685565.08</valUSD>
        <pctVal>1.9799195822</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>Daiichi Sankyo Co Ltd.</name>
        <lei>353800XGIU2IHQGC9504</lei>
        <title>Daiichi Sankyo Co Ltd. NPV</title>
        <cusip>J11257102</cusip>
        <identifiers>
          <isin value="JP3475350009"/>
          <ticker value="DSKYF"/>
        </identifiers>
        <balance>302800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>10002198.33</valUSD>
        <pctVal>1.8532991180</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>Macquarie Group Ltd.</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>Macquarie Group Ltd. NPV</title>
        <cusip>Q57085286</cusip>
        <identifiers>
          <isin value="AU000000MQG1"/>
          <ticker value="MCQEF"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="0.691348"/>
        <valUSD>6400447.13</valUSD>
        <pctVal>1.1859335948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sika AG</name>
        <lei>549300R3N69ECGYPU434</lei>
        <title>Sika AG CHF0.01 (REG)</title>
        <cusip>H7631K273</cusip>
        <identifiers>
          <isin value="CH0418792922"/>
          <ticker value="SKFOF"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>8286637.63</valUSD>
        <pctVal>1.5354242842</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>Scout24 SE</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>Scout24 SE NPV</title>
        <cusip>D345XT105</cusip>
        <identifiers>
          <isin value="DE000A12DM80"/>
          <ticker value="SCOTF"/>
        </identifiers>
        <balance>65000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>5596370.02</valUSD>
        <pctVal>1.0369468071</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>Genmab As</name>
        <lei>529900MTJPDPE4MHJ122</lei>
        <title>Genmab As DKK1</title>
        <cusip>K3967W102</cusip>
        <identifiers>
          <isin value="DK0010272202"/>
          <ticker value="GNMSF"/>
        </identifiers>
        <balance>11000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="0.149331"/>
        <valUSD>2666771.88</valUSD>
        <pctVal>0.4941239726</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>Inditex (Industria de Diseno Textil SA)</name>
        <lei>549300TTCXZOGZM2EY83</lei>
        <title>Inditex (Industria de Diseno Textil SA) EUR0.03 (POST SUBD)</title>
        <cusip>E6282J125</cusip>
        <identifiers>
          <isin value="ES0148396007"/>
          <ticker value="IDEXF"/>
        </identifiers>
        <balance>122748</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>7269944.75</valUSD>
        <pctVal>1.3470420950</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>InterContinental Hotels Group PLC</name>
        <lei>2138007ZFQYRUSLU3J98</lei>
        <title>InterContinental Hotels Group PLC ORD GBP0.208521303</title>
        <cusip>G4804L163</cusip>
        <identifiers>
          <isin value="GB00BHJYC057"/>
          <ticker value="ICHGF"/>
        </identifiers>
        <balance>75142</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>8180978.07</valUSD>
        <pctVal>1.5158467111</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>Rakuten Bank Ltd.</name>
        <lei>3538007HFAF2NOCBUE44</lei>
        <title>Rakuten Bank Ltd. NPV</title>
        <cusip>J6S87A100</cusip>
        <identifiers>
          <isin value="JP3967220009"/>
          <ticker value="5838"/>
        </identifiers>
        <balance>141900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>3232142.69</valUSD>
        <pctVal>0.5988810659</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>Recruit Holdings Co Ltd.</name>
        <lei>353800R2LRSMVVC4I806</lei>
        <title>Recruit Holdings Co Ltd. NPV</title>
        <cusip>J6433A101</cusip>
        <identifiers>
          <isin value="JP3970300004"/>
          <ticker value="RCRRF"/>
        </identifiers>
        <balance>159700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>9702159.96</valUSD>
        <pctVal>1.7977052548</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>Cyberark Software Ltd.</name>
        <lei>529900YEXNDM894PWS93</lei>
        <title>Cyberark Software Ltd. COM ILS0.01</title>
        <cusip>M2682V108</cusip>
        <identifiers>
          <isin value="IL0011334468"/>
          <ticker value="CYBR"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7290250</valUSD>
        <pctVal>1.3508044381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adyen NV</name>
        <lei>724500973ODKK3IFQ447</lei>
        <title>Adyen NV EUR0.01</title>
        <cusip>N3501V104</cusip>
        <identifiers>
          <isin value="NL0012969182"/>
          <ticker value="ADYYF"/>
        </identifiers>
        <balance>1069</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>1673650.74</valUSD>
        <pctVal>0.3101093718</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>Atlas Copco AB</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>Atlas Copco AB SER'A'NPV</title>
        <cusip>W1R924252</cusip>
        <identifiers>
          <isin value="SE0017486889"/>
          <ticker value="ATLPF"/>
        </identifiers>
        <balance>366942</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="0.098465"/>
        <valUSD>7111487.07</valUSD>
        <pctVal>1.3176816016</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>Intermediate Capital Group PLC</name>
        <lei>549300OGASR5WRKJ8R68</lei>
        <title>Intermediate Capital Group PLC ORD GBP0.2625</title>
        <cusip>G4807D192</cusip>
        <identifiers>
          <isin value="GB00BYT1DJ19"/>
          <ticker value="ICGUF"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>8950558.32</valUSD>
        <pctVal>1.6584416039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DSV AS</name>
        <lei>529900X41C0BSLK67H70</lei>
        <title>DSV AS DKK1</title>
        <cusip>K31864117</cusip>
        <identifiers>
          <isin value="DK0060079531"/>
          <ticker value="DSDVF"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="0.149331"/>
        <valUSD>8232402.83</valUSD>
        <pctVal>1.5253751626</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>Hitachi Ltd.</name>
        <lei>549300T6IPOCDWLKC615</lei>
        <title>Hitachi Ltd. NPV</title>
        <cusip>J20454112</cusip>
        <identifiers>
          <isin value="JP3788600009"/>
          <ticker value="HTHIF"/>
        </identifiers>
        <balance>291900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>7740411.47</valUSD>
        <pctVal>1.4342144874</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>HOYA Corp.</name>
        <lei>353800X4VR3BHEUCJB42</lei>
        <title>HOYA Corp. NPV</title>
        <cusip>J22848105</cusip>
        <identifiers>
          <isin value="JP3837800006"/>
          <ticker value="HOCPF"/>
        </identifiers>
        <balance>47200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>6537367.83</valUSD>
        <pctVal>1.2113035189</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>Keyence Corp.</name>
        <lei>529900M7PQBS7A89DZ11</lei>
        <title>Keyence Corp. NPV</title>
        <cusip>J32491102</cusip>
        <identifiers>
          <isin value="JP3236200006"/>
          <ticker value="KYCCF"/>
        </identifiers>
        <balance>16700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>8003678.61</valUSD>
        <pctVal>1.4829950397</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>Tokio Marine Holdings Inc.</name>
        <lei>5299009QN2NZ191KLS29</lei>
        <title>Tokio Marine Holdings Inc. NPV</title>
        <cusip>J86298106</cusip>
        <identifiers>
          <isin value="JP3910660004"/>
          <ticker value="8766"/>
        </identifiers>
        <balance>144500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>5328357.75</valUSD>
        <pctVal>0.9872870336</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>Nice Limited</name>
        <lei>254900YTY4EF5Z4W0A51</lei>
        <title>Nice Limited SPONSORED ADR</title>
        <cusip>653656108</cusip>
        <identifiers>
          <isin value="US6536561086"/>
          <ticker value="NICE"/>
        </identifiers>
        <balance>29000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5036430</valUSD>
        <pctVal>0.9331959804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Denso Corp.</name>
        <lei>549300RYPA10CQM3QK38</lei>
        <title>Denso Corp. NPV</title>
        <cusip>J12075107</cusip>
        <identifiers>
          <isin value="JP3551500006"/>
          <ticker value="DNZOF"/>
        </identifiers>
        <balance>185800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>2792833.92</valUSD>
        <pctVal>0.5174819045</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>QBE Insurance Group Ltd.</name>
        <lei>549300D2FBW76FPUSG65</lei>
        <title>QBE Insurance Group Ltd. NPV</title>
        <cusip>Q78063114</cusip>
        <identifiers>
          <isin value="AU000000QBE9"/>
          <ticker value="QBEIF"/>
        </identifiers>
        <balance>254947</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="0.691348"/>
        <valUSD>2911113.01</valUSD>
        <pctVal>0.5393977400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shin-Etsu Chemical Co Ltd.</name>
        <lei>353800PX8Q64N86H5W41</lei>
        <title>Shin-Etsu Chemical Co Ltd. NPV</title>
        <cusip>J72810120</cusip>
        <identifiers>
          <isin value="JP3371200001"/>
          <ticker value="SHECF"/>
        </identifiers>
        <balance>148200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>6193337.16</valUSD>
        <pctVal>1.1475583584</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>Shimano Inc.</name>
        <lei>529900L32YT3P9DECR10</lei>
        <title>Shimano Inc. NPV</title>
        <cusip>J72262108</cusip>
        <identifiers>
          <isin value="JP3358000002"/>
          <ticker value="SHMDF"/>
        </identifiers>
        <balance>20400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>3883503.48</valUSD>
        <pctVal>0.7195711720</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>Sony Group Corp.</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Group Corp. NPV</title>
        <cusip>J76379106</cusip>
        <identifiers>
          <isin value="JP3435000009"/>
          <ticker value="SNEJF"/>
        </identifiers>
        <balance>467500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>9082400.75</valUSD>
        <pctVal>1.6828705795</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>Advantest Corp.</name>
        <lei>353800EMK32PDKS9XR54</lei>
        <title>Advantest Corp. NPV</title>
        <cusip>J00210104</cusip>
        <identifiers>
          <isin value="JP3122400009"/>
          <ticker value="ADTTF"/>
        </identifiers>
        <balance>57600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.006958"/>
        <valUSD>2709001.02</valUSD>
        <pctVal>0.5019485753</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>Heineken N.V.</name>
        <lei>724500K5PTPSST86UQ23</lei>
        <title>Heineken N.V. EUR1.60</title>
        <cusip>N39427211</cusip>
        <identifiers>
          <isin value="NL0000009165"/>
          <ticker value="HINKF"/>
        </identifiers>
        <balance>54571</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>4844287.25</valUSD>
        <pctVal>0.8975940080</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="4856955.510000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Legrand SA</name>
        <lei>969500XXRPGD7HCAFA90</lei>
        <title>Legrand SA EUR4</title>
        <cusip>F56196185</cusip>
        <identifiers>
          <isin value="FR0010307819"/>
          <ticker value="LGRVF"/>
        </identifiers>
        <balance>37870</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>4362852.98</valUSD>
        <pctVal>0.8083894473</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>3i Group PLC</name>
        <lei>35GDVHRBMFE7NWATNM84</lei>
        <title>3i Group PLC ORD GBP0.738636</title>
        <cusip>G88473148</cusip>
        <identifiers>
          <isin value="GB00B1YW4409"/>
          <ticker value="TGOPF"/>
        </identifiers>
        <balance>203481</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.336952"/>
        <valUSD>9011189.37</valUSD>
        <pctVal>1.6696758813</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>Sig Group AG</name>
        <lei>5493004Z6P7TSVB1L042</lei>
        <title>Sig Group AG CHF0.01</title>
        <cusip>H76406117</cusip>
        <identifiers>
          <isin value="CH0435377954"/>
          <ticker value="SCBGF"/>
        </identifiers>
        <balance>310000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="1.181544"/>
        <valUSD>6911421.63</valUSD>
        <pctVal>1.2806116404</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1912513.130000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Sumber Alfaria Trijaya Tbk</name>
        <lei>N/A</lei>
        <title>PT Sumber Alfaria Trijaya Tbk IDR10</title>
        <cusip>Y71362118</cusip>
        <identifiers>
          <isin value="ID1000128705"/>
          <ticker value="PSBAF"/>
        </identifiers>
        <balance>25000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="0.000066"/>
        <valUSD>5217950.04</valUSD>
        <pctVal>0.9668296796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Argenx SE</name>
        <lei>7245009C5FZE6G9ODQ71</lei>
        <title>Argenx SE EUR0.10</title>
        <cusip>N0610Q109</cusip>
        <identifiers>
          <isin value="NL0010832176"/>
          <ticker value="ARGNF"/>
        </identifiers>
        <balance>4470</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.113152"/>
        <valUSD>2416889.21</valUSD>
        <pctVal>0.4478234178</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-03-21</ncom:dateSigned>
      <ncom:nameOfApplicant>EMPOWER FUNDS, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/Kelly New</ncom:signature>
      <ncom:signerName>Kelly New</ncom:signerName>
      <ncom:title>Treasurer, Empower Funds, Inc.</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
