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        <balance>88888.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.18540000"/>
        <valUSD>12965168.56000000</valUSD>
        <pctVal>3.295313365609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VNV GLOBAL AB PUBL</name>
        <lei>549300ONMNSTOBAU0S14</lei>
        <title>VNV GLOBAL AB PUBL WT 08/10/23</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014555876"/>
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        <balance>162854.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
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        <pctVal>0.085565728949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELISA CORP</name>
        <lei>743700TU2S3DXWGU7H32</lei>
        <title>ELISA CORP CL A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009007884"/>
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        <balance>132000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177376"/>
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        <pctVal>1.903431470947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</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>VNV GLOBAL AB PUBL</name>
        <lei>549300ONMNSTOBAU0S14</lei>
        <title>VNV GLOBAL AB PUBL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014428835"/>
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        <balance>955496.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>11783496.93000000</valUSD>
        <pctVal>2.994971854576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</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>SELVAAG BOLIG ASA</name>
        <lei>5967007LIEEXZXIHPK59</lei>
        <title>SELVAAG BOLIG ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010612450"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="8.32400000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</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>KAMBI GROUP PLC</name>
        <lei>2138003TN71ZS4RHIJ87</lei>
        <title>KAMBI GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MT0000780107"/>
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        <balance>126188.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>6382775.08000000</valUSD>
        <pctVal>1.622288513524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVO-NORDISK AS</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>NOVO-NORDISK AS CL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060534915"/>
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        <balance>341000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.18540000"/>
        <valUSD>25154711.14000000</valUSD>
        <pctVal>6.393488479850</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>
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      </invstOrSec>
      <invstOrSec>
        <name>TRYG AS</name>
        <lei>213800ZRS8AC4LSTCE39</lei>
        <title>TRYG AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060636678"/>
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        <balance>359783.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.18540000"/>
        <valUSD>8233466.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SWEDISH MATCH CO</name>
        <lei>529900YVXCGNWAUYZG78</lei>
        <title>SWEDISH MATCH AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000310336"/>
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        <balance>174100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
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        <pctVal>3.629709404437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUBSEA 7 SA</name>
        <lei>222100AIF0CBCY80AH62</lei>
        <title>SUBSEA 7 SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU0075646355"/>
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        <balance>337789.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.32400000"/>
        <valUSD>3428209.36000000</valUSD>
        <pctVal>0.871336463682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UPM KYMMENE CORP</name>
        <lei>213800EC6PW5VU4J9U64</lei>
        <title>UPM KYMMENE CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009005987"/>
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        <balance>323400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177376"/>
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        <pctVal>3.216653977218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCHIBSTED ASA</name>
        <lei>5967007LIEEXZXHT0O36</lei>
        <title>SCHIBSTED ASA B SHARES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010736879"/>
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        <balance>203350.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.32400000"/>
        <valUSD>8916716.72000000</valUSD>
        <pctVal>2.266331953093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ERICSSON</name>
        <lei>549300W9JLPW15XIFM52</lei>
        <title>ERICSSON (LM) TELE CO CL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000108656"/>
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        <balance>1528400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
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        <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>
        <name>DUSTIN GROUP AB</name>
        <lei>549300C3IRYAOWOT0783</lei>
        <title>DUSTIN GROUP AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0006625471"/>
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        <balance>707400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
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        <pctVal>2.244933165273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KONE OYJ</name>
        <lei>2138001CNF45JP5XZK38</lei>
        <title>KONE OYJ B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009013403"/>
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        <balance>46000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.83177376"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AUTOLIV INC</name>
        <lei>A23RUXWKASG834LTMK28</lei>
        <title>AUTOLIV INC SWED DEP RCPTS (SWEDISH DEPOSITORY RECEIPTS)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000382335"/>
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        <balance>57200.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
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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>FORTNOX AB</name>
        <lei>549300MSNMHPC3O60W78</lei>
        <title>FORTNOX AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0001966656"/>
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        <balance>33000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JOHN MATTSON FASTIGHETSFORETAGEN AB</name>
        <lei>549300UP4ZA93HCPRZ59</lei>
        <title>JOHN MATTSON FASTIGHETSFORETAGEN AB</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>120731.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ASSA ABLOY AB</name>
        <lei>549300YECS8HKCIMMB67</lei>
        <title>ASSA ABLOY AB SER B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0007100581"/>
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        <balance>425300.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LAGERCRANTZ GROUP AB</name>
        <lei>5493002L6I4YHANEYR87</lei>
        <title>LAGERCRANTZ GROUP AB CL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014990966"/>
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        <balance>326653.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>3370500.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STORA ENSO CORP</name>
        <lei>7437000ZP669LKUTZ738</lei>
        <title>STORA ENSO AB R 1/10 VTG(FINL)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009005961"/>
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        <balance>460700.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.83177376"/>
        <valUSD>8823253.81000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>KONGSBERG GRUPPEN ASA</name>
        <lei>5967007LIEEXZXJ9HK73</lei>
        <title>KONGSBERG GRUPPEN ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>335000.00000000</balance>
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        <valUSD>8451465.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALFA-LAVAL AB</name>
        <lei>549300UCKT2UK88AG251</lei>
        <title>ALFA LAVAL AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000695876"/>
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        <balance>310000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>10487682.43000000</valUSD>
        <pctVal>2.665619033482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEMNET SE</name>
        <lei>5493008VIU67J3HUAR07</lei>
        <title>HEMNET GROUP AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0015671995"/>
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        <balance>7800.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>147421.02000000</valUSD>
        <pctVal>0.037469505724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWEDBANK AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDBANK AB A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000242455"/>
        </identifiers>
        <balance>1001699.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>17599885.33000000</valUSD>
        <pctVal>4.473303767146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Cash Central Fund</title>
        <cusip>31635A105</cusip>
        <identifiers>
          <isin value="US31635A1051"/>
        </identifiers>
        <balance>5438939.90700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5440027.69000000</valUSD>
        <pctVal>1.382673574445</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>ATLAS COPCO AB</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>ATLAS COPCO AB SER B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0011166628"/>
        </identifiers>
        <balance>232100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>12049772.31000000</valUSD>
        <pctVal>3.062650173958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="9033435.50000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GN GREAT NORDIC LTD</name>
        <lei>5493008U3H3W0NKPFL10</lei>
        <title>GN STORE NORDIC LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010272632"/>
        </identifiers>
        <balance>90500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.18540000"/>
        <valUSD>8170077.93000000</valUSD>
        <pctVal>2.076561278490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INSTALCO AB</name>
        <lei>549300DZ9ONT2AXY4029</lei>
        <title>INSTALCO AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0009664253"/>
        </identifiers>
        <balance>160000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>6800266.96000000</valUSD>
        <pctVal>1.728401023040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NANOFORM FINLAND PLC</name>
        <lei>743700JJO2NU8LBS1592</lei>
        <title>NANOFORM FINLAND PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI4000330972"/>
        </identifiers>
        <balance>527400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177376"/>
        <valUSD>4438466.54000000</valUSD>
        <pctVal>1.128110139438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOLUE ASA</name>
        <lei>549300WCI347SOTFJB71</lei>
        <title>VOLUE ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010894603"/>
        </identifiers>
        <balance>85700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.32400000"/>
        <valUSD>494185.49000000</valUSD>
        <pctVal>0.125605466890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMPO OYJ</name>
        <lei>743700UF3RL386WIDA22</lei>
        <title>SAMPO OYJ SER A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009003305"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177376"/>
        <valUSD>15200287.16000000</valUSD>
        <pctVal>3.863405956323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELTEL AB</name>
        <lei>549300QPTTHTI8KCH937</lei>
        <title>ELTEL AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0006509949"/>
        </identifiers>
        <balance>1477623.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>4538180.98000000</valUSD>
        <pctVal>1.153454223887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="34803.64000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AP MOLLER MAERSK AS</name>
        <lei>549300D2K6PKKKXVNN73</lei>
        <title>A P MOLLER - MAERSK A/S B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010244508"/>
        </identifiers>
        <balance>2974.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.18540000"/>
        <valUSD>7398205.86000000</valUSD>
        <pctVal>1.880377145824</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>MOMENTUM GROUP AB</name>
        <lei>549300AZV2TAMUBEZS90</lei>
        <title>MOMENTUM GROUP AB CL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0009922305"/>
        </identifiers>
        <balance>236969.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>5514454.82000000</valUSD>
        <pctVal>1.401590468207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOLVO AB</name>
        <lei>549300HGV012CNC8JD22</lei>
        <title>VOLVO AB SER B</title>
        <cusip>928856301</cusip>
        <identifiers>
          <isin value="SE0000115446"/>
        </identifiers>
        <balance>570000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>13927565.25000000</valUSD>
        <pctVal>3.539922501302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STILLFRONT GROUP AB</name>
        <lei>529900SYKCO4GYBTIJ54</lei>
        <title>STILLFRONT GROUP AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0015346135"/>
        </identifiers>
        <balance>560000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>5725322.04000000</valUSD>
        <pctVal>1.455185881580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Securities Lending Cash Central Fund</title>
        <cusip>31635A303</cusip>
        <identifiers>
          <isin value="US31635A3032"/>
        </identifiers>
        <balance>23805052.02800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23807432.53000000</valUSD>
        <pctVal>6.051055198695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="23807432.53000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESTOR AB</name>
        <lei>549300VEBQPHRZBKUX38</lei>
        <title>INVESTOR AB SER B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000107419"/>
        </identifiers>
        <balance>133250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>11315676.48000000</valUSD>
        <pctVal>2.876067501389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADDLIFE AB</name>
        <lei>5493005T3M7CD7XWE013</lei>
        <title>ADDLIFE AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014401378"/>
        </identifiers>
        <balance>363084.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>10061898.68000000</valUSD>
        <pctVal>2.557399007206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SECURITAS AB</name>
        <lei>635400TTYKE8EIWDS617</lei>
        <title>SECURITAS AB SER B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000163594"/>
        </identifiers>
        <balance>398300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>6796302.07000000</valUSD>
        <pctVal>1.727393280260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIBE INDUSTRIER AB</name>
        <lei>549300ZQH0FIF1P0MX67</lei>
        <title>NIBE INDUSTRIER AB B SHS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0008321293"/>
        </identifiers>
        <balance>184400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.46555000"/>
        <valUSD>6748187.65000000</valUSD>
        <pctVal>1.715164199661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOKIAN TYRES OYJ</name>
        <lei>743700YQIO8Y4L4WKR40</lei>
        <title>NOKIAN TYRES OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009005318"/>
        </identifiers>
        <balance>259300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177376"/>
        <valUSD>9657811.28000000</valUSD>
        <pctVal>2.454693469370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
