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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALD SA</name>
        <lei>969500E7V019H9NP7427</lei>
        <title>ALD SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013258662"/>
        </identifiers>
        <balance>378377.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>5538805.52000000</valUSD>
        <pctVal>0.496658512449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LANCASHIRE HOLDINGS LTD</name>
        <lei>5493002UNUYXLHOWF752</lei>
        <title>LANCASHIRE HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG5361W1047"/>
        </identifiers>
        <balance>1115958.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>9904294.65000000</valUSD>
        <pctVal>0.888107053040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXPOL AB</name>
        <lei>549300MN30TBRLYN3465</lei>
        <title>HEXPOL AB B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0007074281"/>
        </identifiers>
        <balance>1405300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>19132610.01000000</valUSD>
        <pctVal>1.715599797200</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>PRADA SPA</name>
        <lei>8156000FE0A2DC5B7852</lei>
        <title>PRADA SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003874101"/>
        </identifiers>
        <balance>2337100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77115000"/>
        <valUSD>18254951.97000000</valUSD>
        <pctVal>1.636901179779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORSTED A/S</name>
        <lei>W9NG6WMZIYEU8VEDOG48</lei>
        <title>ORSTED A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060094928"/>
        </identifiers>
        <balance>108000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.27100000"/>
        <valUSD>16040695.26000000</valUSD>
        <pctVal>1.438351250593</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>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"/>
        </identifiers>
        <balance>338136.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>648116.26000000</valUSD>
        <pctVal>0.058115862061</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>CORBION NV</name>
        <lei>724500BKS1TSAVLTWG46</lei>
        <title>CORBION NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0010583399"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>4382482.02000000</valUSD>
        <pctVal>0.392972274081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1643430.75000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELISA CORP</name>
        <lei>743700TU2S3DXWGU7H32</lei>
        <title>ELISA CORP CL A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009007884"/>
        </identifiers>
        <balance>270000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>17353176.83000000</valUSD>
        <pctVal>1.556040008904</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>VNV GLOBAL AB PUBL</name>
        <lei>549300ONMNSTOBAU0S14</lei>
        <title>VNV GLOBAL AB PUBL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014428835"/>
        </identifiers>
        <balance>1549670.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>18739910.67000000</valUSD>
        <pctVal>1.680386885437</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>THG PLC</name>
        <lei>21380066N3SV9O8IDP37</lei>
        <title>THG PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMTV7393"/>
        </identifiers>
        <balance>996900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>8113220.81000000</valUSD>
        <pctVal>0.727503459747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAMBI GROUP PLC</name>
        <lei>2138003TN71ZS4RHIJ87</lei>
        <title>KAMBI GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MT0000780107"/>
        </identifiers>
        <balance>210767.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>9059034.20000000</valUSD>
        <pctVal>0.812313491375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUSE SA</name>
        <lei>213800C9JTKV8DLW6403</lei>
        <title>SUSE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU2333210958"/>
        </identifiers>
        <balance>37500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>1196184.85000000</valUSD>
        <pctVal>0.107260561157</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATRIZIA AG</name>
        <lei>5299002NZCMF1NIHZ018</lei>
        <title>PATRIZIA AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000PAT1AG3"/>
        </identifiers>
        <balance>330000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>8416443.79000000</valUSD>
        <pctVal>0.754693126119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUFRY GROUP</name>
        <lei>549300X53WDBVW7TIF57</lei>
        <title>DUFRY GROUP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0023405456"/>
        </identifiers>
        <balance>72708.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.90585000"/>
        <valUSD>3846819.42000000</valUSD>
        <pctVal>0.344940006270</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>TRYG AS</name>
        <lei>213800ZRS8AC4LSTCE39</lei>
        <title>TRYG AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060636678"/>
        </identifiers>
        <balance>492400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.27100000"/>
        <valUSD>12174552.70000000</valUSD>
        <pctVal>1.091678559914</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>SWEDISH MATCH AB</name>
        <lei>529900YVXCGNWAUYZG78</lei>
        <title>SWEDISH MATCH AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0015812219"/>
        </identifiers>
        <balance>2752000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>24644081.93000000</valUSD>
        <pctVal>2.209807336228</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>MERCK KGAA</name>
        <lei>529900OAREIS0MOPTW25</lei>
        <title>MERCK KGAA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0006599905"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>15360454.76000000</valUSD>
        <pctVal>1.377354843766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INSTONE REAL ESTATE GROUP</name>
        <lei>391200DINUIRPDZQHX03</lei>
        <title>INSTONE REAL ESTATE GROUP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A2NBX80"/>
        </identifiers>
        <balance>432055.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>13376908.92000000</valUSD>
        <pctVal>1.199492500935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUBSEA 7 SA</name>
        <lei>222100AIF0CBCY80AH62</lei>
        <title>SUBSEA 7 SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU0075646355"/>
        </identifiers>
        <balance>1320000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.83475000"/>
        <valUSD>10593169.02000000</valUSD>
        <pctVal>0.949877649359</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCHE HOLDING AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>ROCHE HOLDINGS AG (GENUSSCHEINE)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0012032048"/>
        </identifiers>
        <balance>113150.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.90585000"/>
        <valUSD>43711224.18000000</valUSD>
        <pctVal>3.919536712418</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>UPM KYMMENE CORP</name>
        <lei>213800EC6PW5VU4J9U64</lei>
        <title>UPM KYMMENE CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009005987"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>14299057.56000000</valUSD>
        <pctVal>1.282180540828</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>KBC GROUPE SA/NV</name>
        <lei>213800X3Q9LSAKRUWY91</lei>
        <title>KBC GROUPE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0003565737"/>
        </identifiers>
        <balance>120300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>9689728.96000000</valUSD>
        <pctVal>0.868867186965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHIBSTED ASA</name>
        <lei>5967007LIEEXZXHT0O36</lei>
        <title>SCHIBSTED ASA B SHARES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010736879"/>
        </identifiers>
        <balance>245500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.83475000"/>
        <valUSD>11348617.67000000</valUSD>
        <pctVal>1.017617887103</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>FLUTTER ENTERTAINMENT PLC</name>
        <lei>635400EG4YIJLJMZJ782</lei>
        <title>FLUTTER ENTERTAINMENT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BWT6H894"/>
        </identifiers>
        <balance>8100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>1384857.00000000</valUSD>
        <pctVal>0.124178582384</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>NICE LTD</name>
        <lei>254900YTY4EF5Z4W0A51</lei>
        <title>NICE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0002730112"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.23250000"/>
        <valUSD>8400000.00000000</valUSD>
        <pctVal>0.753218629813</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>ERICSSON</name>
        <lei>549300W9JLPW15XIFM52</lei>
        <title>ERICSSON (LM) TELE CO CL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000108656"/>
        </identifiers>
        <balance>815200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>9402663.08000000</valUSD>
        <pctVal>0.843126309727</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>SMITH (WH) PLC</name>
        <lei>2138001KJNGUJ34G7X91</lei>
        <title>SMITH (WH) PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2PDGW16"/>
        </identifiers>
        <balance>610700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>13794186.26000000</valUSD>
        <pctVal>1.236909294541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A2E4K43"/>
        </identifiers>
        <balance>53800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>8054115.59000000</valUSD>
        <pctVal>0.722203560601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD SPORTS FASHION PLC</name>
        <lei>213800HROV6Y9MUU8375</lei>
        <title>JD SPORTS FASHION PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYX91H57"/>
        </identifiers>
        <balance>151100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>1883960.13000000</valUSD>
        <pctVal>0.168932603302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUSTIN GROUP AB</name>
        <lei>549300C3IRYAOWOT0783</lei>
        <title>DUSTIN GROUP AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0006625471"/>
        </identifiers>
        <balance>1424954.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>16544787.92000000</valUSD>
        <pctVal>1.483552677101</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>STABILUS SA</name>
        <lei>529900JOSL94HJN4VZ28</lei>
        <title>STABILUS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU1066226637"/>
        </identifiers>
        <balance>190900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>15138525.17000000</valUSD>
        <pctVal>1.357454664992</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BFF BANK SPA</name>
        <lei>815600522538355AE429</lei>
        <title>BFF BANK SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005244402"/>
        </identifiers>
        <balance>2001700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>20919491.56000000</valUSD>
        <pctVal>1.875827472525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>126400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>12654096.00000000</valUSD>
        <pctVal>1.134678672695</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="30033.46000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASSA ABLOY AB</name>
        <lei>549300YECS8HKCIMMB67</lei>
        <title>ASSA ABLOY AB SER B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0007100581"/>
        </identifiers>
        <balance>480083.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>15399283.32000000</valUSD>
        <pctVal>1.380836557428</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>BIG YELLOW GROUP PLC (THE)</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>BIG YELLOW GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
        </identifiers>
        <balance>503800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>10168094.65000000</valUSD>
        <pctVal>0.911761704771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>35358.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>699826.09000000</valUSD>
        <pctVal>0.062752624835</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>NASPERS LTD</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>NASPERS LTD N SHS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000015889"/>
        </identifiers>
        <balance>86500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.65125000"/>
        <valUSD>16692796.53000000</valUSD>
        <pctVal>1.496824444056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DALATA HOTEL GROUP PLC</name>
        <lei>635400L2CWET7ONOBJ04</lei>
        <title>DALATA HOTEL GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BJMZDW83"/>
        </identifiers>
        <balance>1123271.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>5143373.69000000</valUSD>
        <pctVal>0.461200581357</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>KONINKLIJKE PHILIPS NV</name>
        <lei>H1FJE8H61JGM1JSGM897</lei>
        <title>KONINKLIJKE PHILIPS NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000009538"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>9221899.89000000</valUSD>
        <pctVal>0.826917476121</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>KONGSBERG GRUPPEN ASA</name>
        <lei>5967007LIEEXZXJ9HK73</lei>
        <title>KONGSBERG GRUPPEN ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0003043309"/>
        </identifiers>
        <balance>730000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.83475000"/>
        <valUSD>20904949.21000000</valUSD>
        <pctVal>1.874523476222</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>HISCOX LTD</name>
        <lei>5493007JXOLJ0QCY2D70</lei>
        <title>HISCOX LTD (NE HISCOX BERMUDA)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG4593F1389"/>
        </identifiers>
        <balance>833314.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>10151397.83000000</valUSD>
        <pctVal>0.910264519547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONDI PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>MONDI PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1CRLC47"/>
        </identifiers>
        <balance>632639.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>17552189.48000000</valUSD>
        <pctVal>1.573885251231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEMENOS AG</name>
        <lei>5067007NW6550481FH64</lei>
        <title>TEMENOS AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0012453913"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.90585000"/>
        <valUSD>13512170.89000000</valUSD>
        <pctVal>1.211621290900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALFA-LAVAL AB</name>
        <lei>549300UCKT2UK88AG251</lei>
        <title>ALFA LAVAL AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000695876"/>
        </identifiers>
        <balance>467000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>19497212.03000000</valUSD>
        <pctVal>1.748293253620</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>ASTRAZENECA PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
        </identifiers>
        <balance>259100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>29773150.05000000</valUSD>
        <pctVal>2.669725153081</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>HEINEKEN NV</name>
        <lei>724500K5PTPSST86UQ23</lei>
        <title>HEINEKEN NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000009165"/>
        </identifiers>
        <balance>119800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>13955472.11000000</valUSD>
        <pctVal>1.251371616796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BALTIC CLASSIFIEDS GROUP PLC</name>
        <lei>N/A</lei>
        <title>BALTIC CLASSIFIEDS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BN44P254"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>9174000.01000000</valUSD>
        <pctVal>0.822622347314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRUDENTIAL PLC</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>PRUDENTIAL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007099541"/>
        </identifiers>
        <balance>1416774.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>26605359.85000000</valUSD>
        <pctVal>2.385672939512</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>SWEDBANK AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDBANK AB A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000242455"/>
        </identifiers>
        <balance>1267400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>24699017.70000000</valUSD>
        <pctVal>2.214733365443</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>FDM GROUP PLC</name>
        <lei>213800YR62D7GUZLMZ71</lei>
        <title>FDM GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BLWDVP51"/>
        </identifiers>
        <balance>275189.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>4528950.49000000</valUSD>
        <pctVal>0.406105938401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARKSON PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>CLARKSON PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
        </identifiers>
        <balance>372115.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>16680985.17000000</valUSD>
        <pctVal>1.495765332581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>6642994.17900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6644322.78000000</valUSD>
        <pctVal>0.595789011950</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>WORLDLINE SA</name>
        <lei>549300CJMQNCA0U4TS33</lei>
        <title>WORLDLINE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0011981968"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>13104978.31000000</valUSD>
        <pctVal>1.175108786474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRISH RESIDENTIAL PROPERTIES REIT PLC</name>
        <lei>635400EOPACLULRENY18</lei>
        <title>IRISH RESIDENTIAL PROPERTIES REIT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BJ34P519"/>
        </identifiers>
        <balance>4085947.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>7464310.16000000</valUSD>
        <pctVal>0.669316365620</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>AUTO TRADER GROUP PLC</name>
        <lei>213800QLK9BZILB1DI86</lei>
        <title>AUTO TRADER GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BVYVFW23"/>
        </identifiers>
        <balance>1791800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>16233983.34000000</valUSD>
        <pctVal>1.455683177114</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>INTERTRUST NV</name>
        <lei>724500NRH17KKW68GO66</lei>
        <title>INTERTRUST NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0010937058"/>
        </identifiers>
        <balance>786719.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>12990776.22000000</valUSD>
        <pctVal>1.164868412456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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>112800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.27100000"/>
        <valUSD>9885963.96000000</valUSD>
        <pctVal>0.886463360515</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>NOVEM GROUP SA</name>
        <lei>N/A</lei>
        <title>NOVEM GROUP SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU2356314745"/>
        </identifiers>
        <balance>340000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>6687128.53000000</valUSD>
        <pctVal>0.599627355803</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOLUE AS</name>
        <lei>549300WCI347SOTFJB71</lei>
        <title>VOLUE ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010894603"/>
        </identifiers>
        <balance>114300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.83475000"/>
        <valUSD>595774.07000000</valUSD>
        <pctVal>0.053422396271</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>SABRE INSURANCE GROUP PLC</name>
        <lei>2138006RXRQ8P8VKGV98</lei>
        <title>SABRE INSURANCE GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYWVDP49"/>
        </identifiers>
        <balance>5214522.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>16852031.48000000</valUSD>
        <pctVal>1.511102864396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE POST AG</name>
        <lei>8ER8GIG7CSMVD8VUFE78</lei>
        <title>DEUTSCHE POST AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005552004"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>20331374.57000000</valUSD>
        <pctVal>1.823091678075</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>ULTRA ELECTRONICS HLDGS PLC</name>
        <lei>213800E68EATZGAJIP64</lei>
        <title>ULTRA ELECTRONICS HLDGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009123323"/>
        </identifiers>
        <balance>308600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>13597841.81000000</valUSD>
        <pctVal>1.219303306731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RHI MAGNESITA NV</name>
        <lei>724500UWG6A61XNA3Y36</lei>
        <title>RHI MAGNESITA NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0012650360"/>
        </identifiers>
        <balance>258942.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>13619727.75000000</valUSD>
        <pctVal>1.221265794557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</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>280000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>13491933.06000000</valUSD>
        <pctVal>1.209806587260</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>LEG IMMOBILIEN GMBH</name>
        <lei>391200SO40AKONBO0Z96</lei>
        <title>LEG IMMOBILIEN SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000LEG1110"/>
        </identifiers>
        <balance>70739.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>11189950.45000000</valUSD>
        <pctVal>1.003390374479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UCB SA</name>
        <lei>2138008J191VLSGY5A09</lei>
        <title>UCB SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0003739530"/>
        </identifiers>
        <balance>82000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>8871252.04000000</valUSD>
        <pctVal>0.795475274559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KRY INTERNATIONAL AB</name>
        <lei>N/A</lei>
        <title>KRY INTERNATIONAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="HEH039000"/>
        </identifiers>
        <balance>406.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>172240.87000000</valUSD>
        <pctVal>0.015444646678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIAGEO PLC</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>DIAGEO PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002374006"/>
        </identifiers>
        <balance>584400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>28978210.80000000</valUSD>
        <pctVal>2.598443837287</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>FAGRON</name>
        <lei>549300TRKRUFK2RRG779</lei>
        <title>FAGRON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0003874915"/>
        </identifiers>
        <balance>434308.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>9010810.70000000</valUSD>
        <pctVal>0.807989343923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLOSE BROTHERS GROUP PLC</name>
        <lei>213800W73SYHR14I3X91</lei>
        <title>CLOSE BROTHERS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007668071"/>
        </identifiers>
        <balance>255531.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>5480552.23000000</valUSD>
        <pctVal>0.491435004916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>984000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>7504251.66000000</valUSD>
        <pctVal>0.672897875371</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>9474493.04800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9475440.50000000</valUSD>
        <pctVal>0.849652179795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="9475440.50000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHIBSTED ASA</name>
        <lei>5967007LIEEXZXHT0O36</lei>
        <title>SCHIBSTED ASA A SHARES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0003028904"/>
        </identifiers>
        <balance>168533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.83475000"/>
        <valUSD>8935267.80000000</valUSD>
        <pctVal>0.801215496348</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>ASM INTL NV</name>
        <lei>7245001I22ND6ZFHX623</lei>
        <title>ASM INTERNATIONAL NV (NETH)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000334118"/>
        </identifiers>
        <balance>41800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>14821031.29000000</valUSD>
        <pctVal>1.328985342937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASML HOLDING NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML HOLDING NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0010273215"/>
        </identifiers>
        <balance>27900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>21326333.33000000</valUSD>
        <pctVal>1.912308520209</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>AENA SME SA</name>
        <lei>959800R7QMXKF0NFMT29</lei>
        <title>AENA SME SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0105046009"/>
        </identifiers>
        <balance>69500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>11064035.18000000</valUSD>
        <pctVal>0.992099692676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICAT (SA DES CIMENTS)</name>
        <lei>9695009YI1863TOVDP79</lei>
        <title>VICAT (SA DES CIMENTS)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000031775"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>5545718.78000000</valUSD>
        <pctVal>0.497278416761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMPASS GROUP PLC</name>
        <lei>2138008M6MH9OZ6U2T68</lei>
        <title>COMPASS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BD6K4575"/>
        </identifiers>
        <balance>315700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>6674497.83000000</valUSD>
        <pctVal>0.598494775024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NESTLE SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>NESTLE SA (REG)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
        </identifiers>
        <balance>349160.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.90585000"/>
        <valUSD>44214018.50000000</valUSD>
        <pctVal>3.964621718226</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>TALANX AG</name>
        <lei>5299006ZIILJ6VJVSJ32</lei>
        <title>TALANX AKTIENGESELLSCHAFT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000TLX1005"/>
        </identifiers>
        <balance>81300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>3458414.62000000</valUSD>
        <pctVal>0.310112181119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANOFI</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000120578"/>
        </identifiers>
        <balance>267500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>27572117.11000000</valUSD>
        <pctVal>2.472360984600</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>AUTO1 GROUP SE</name>
        <lei>391200S2LPXG5ZD5G304</lei>
        <title>AUTO1 GROUP SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A2LQ884"/>
        </identifiers>
        <balance>127875.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>6258800.34000000</valUSD>
        <pctVal>0.561219644805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARR SPA</name>
        <lei>815600576D5536AC7B34</lei>
        <title>MARR SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003428445"/>
        </identifiers>
        <balance>278382.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>6465916.11000000</valUSD>
        <pctVal>0.579791484864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</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>440100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>18564760.39000000</valUSD>
        <pctVal>1.664681355210</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>DELIVEROO PLC</name>
        <lei>984500F6537F74DDEE77</lei>
        <title>DELIVEROO HOLDINGS PLC CL A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNC5T391"/>
        </identifiers>
        <balance>1647800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>7558458.60000000</valUSD>
        <pctVal>0.677758551213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7259377.03000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROSEGUR CASH SA</name>
        <lei>9598005HY5DEFPU2SM35</lei>
        <title>PROSEGUR CASH SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0105229001"/>
        </identifiers>
        <balance>8817139.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84299262"/>
        <valUSD>8628948.23000000</valUSD>
        <pctVal>0.773748162205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-08-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
