<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000756913</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000008289</seriesId>
        <classId>C000022637</classId>
        <classId>C000022638</classId>
        <classId>C000022636</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>John Hancock Variable Insurance Trust</regName>
      <regFileNumber>811-04146</regFileNumber>
      <regCik>0000756913</regCik>
      <regLei>Z5DUWKEPW78QKD87GA06</regLei>
      <regStreet1>200 Berkeley Street</regStreet1>
      <regCity>Boston</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02116</regZipOrPostalCode>
      <regPhone>617-663-4497</regPhone>
      <seriesName>Mid Value Trust</seriesName>
      <seriesId>S000008289</seriesId>
      <seriesLei>549300W2XFWJR15NWT44</seriesLei>
      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>529229922.480000000000</totAssets>
      <totLiabs>4540325.040000000000</totLiabs>
      <netAssets>524689597.440000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>15762.070000000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="1513390.000000000000" lei="N/A" name="BNP Paribas Securities Corp."/>
        <borrower aggrVal="1798.610000000000" lei="N/A" name="Citigroup Global Markets Inc."/>
        <borrower aggrVal="160857.600000000000" lei="N/A" name="Credit Suisse Securities LLC"/>
        <borrower aggrVal="126195.840000000000" lei="N/A" name="Goldman Sachs and Co."/>
        <borrower aggrVal="4895962.500000000000" lei="N/A" name="HSBC Bank Plc."/>
        <borrower aggrVal="10927833.050000000000" lei="N/A" name="J.P. Morgan Chase and Co."/>
        <borrower aggrVal="68400.000000000000" lei="N/A" name="Jefferies and Co."/>
        <borrower aggrVal="2095432.590000000000" lei="N/A" name="Merrill Lynch Pierce Fenner and Smith Inc."/>
        <borrower aggrVal="1666316.080000000000" lei="N/A" name="Morgan Stanley and Co. LLC"/>
        <borrower aggrVal="1763339.150000000000" lei="N/A" name="National Financial Services LLC"/>
        <borrower aggrVal="269673.600000000000" lei="N/A" name="Scotia Capital Inc."/>
        <borrower aggrVal="9880269.820000000000" lei="N/A" name="State Street Bank and Trust Co."/>
        <borrower aggrVal="342102.000000000000" lei="N/A" name="UBS Securities LLC"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000022636" rtn1="15.770000000000" rtn2="3.530000000000" rtn3="1.950000000000"/>
          <monthlyTotReturn classId="C000022637" rtn1="15.650000000000" rtn2="3.630000000000" rtn3="1.930000000000"/>
          <monthlyTotReturn classId="C000022638" rtn1="15.800000000000" rtn2="3.500000000000" rtn3="1.930000000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-7579507.05" netUnrealizedAppr="80452144.16"/>
        <othMon2 netRealizedGain="-3810109.66" netUnrealizedAppr="21375180.35"/>
        <othMon3 netRealizedGain="-401547.11" netUnrealizedAppr="10643541.1"/>
      </returnInfo>
      <mon1Flow redemption="32470786.260000000000" reinvestment="0.000000000000" sales="3120525.250000000000"/>
      <mon2Flow redemption="13111772.090000000000" reinvestment="0.000000000000" sales="8587859.870000000000"/>
      <mon3Flow redemption="14936827.580000000000" reinvestment="0.000000000000" sales="267379.580000000000"/>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Frank's International N.V.</name>
        <lei>N/A</lei>
        <title>FRANK'S INTERNATIONAL NV COMMON STOCK EUR.01</title>
        <cusip>N33462107</cusip>
        <identifiers>
          <isin value="NL0010556684"/>
          <ticker value="FI "/>
        </identifiers>
        <balance>746837</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1665446.51</valUSD>
        <pctVal>0.3174155764</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="16362.000000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Kraft Heinz Company</name>
        <lei>N/A</lei>
        <title>KRAFT HEINZ CO/THE COMMON STOCK USD.01</title>
        <cusip>500754106</cusip>
        <identifiers>
          <isin value="US5007541064"/>
          <ticker value="KHC "/>
        </identifiers>
        <balance>128754</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4105965.06</valUSD>
        <pctVal>0.7825512608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Popular Inc.</name>
        <lei>N/A</lei>
        <title>POPULAR INC COMMON STOCK USD.01</title>
        <cusip>733174700</cusip>
        <identifiers>
          <isin value="PR7331747001"/>
          <ticker value="BPOP "/>
        </identifiers>
        <balance>21989</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>817331.13</valUSD>
        <pctVal>0.1557742204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ralph Lauren Corporation</name>
        <lei>HO1QNWM0IXBZ0QSMMO20</lei>
        <title>RALPH LAUREN CORP COMMON STOCK USD.01</title>
        <cusip>751212101</cusip>
        <identifiers>
          <isin value="US7512121010"/>
          <ticker value="RL "/>
        </identifiers>
        <balance>48834</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3541441.68</valUSD>
        <pctVal>0.6749593850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rayonier Inc.</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>RAYONIER INC REIT</title>
        <cusip>754907103</cusip>
        <identifiers>
          <isin value="US7549071030"/>
          <ticker value="RYN "/>
        </identifiers>
        <balance>334335</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8288164.65</valUSD>
        <pctVal>1.5796319749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WEATHERFORD INTERNATIONAL LTD COMPANY GUAR 144A 12/24 11</title>
        <cusip>947075AP2</cusip>
        <identifiers>
          <isin value="US947075AP29"/>
          <ticker value="WFTLF"/>
        </identifiers>
        <balance>1883000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1313392.5</valUSD>
        <pctVal>0.2503179988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROWE T PRICE GOV RES FD 20340919 00000.0000000000</name>
        <lei>N/A</lei>
        <title>ROWE T PRICE GOV RES FD 20340919 00000.0000000000</title>
        <cusip>76105Y109</cusip>
        <identifiers>
          <isin value="US76105Y1091"/>
          <ticker value="76105Y109010"/>
        </identifiers>
        <balance>100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100</valUSD>
        <pctVal>0.0000190589</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>SSC GOVERNMENT MM GVMXX</name>
        <lei>N/A</lei>
        <title>SSC GOVERNMENT MM GVMXX</title>
        <cusip>7839989D1</cusip>
        <identifiers>
          <ticker value="7839989D1010"/>
        </identifiers>
        <balance>1405811.49</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1405811.49</valUSD>
        <pctVal>0.2679320301</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>AGCO Corporation</name>
        <lei>LYOM0B2GCF1JWXK5ZG04</lei>
        <title>AGCO CORP COMMON STOCK USD.01</title>
        <cusip>001084102</cusip>
        <identifiers>
          <isin value="US0010841023"/>
          <ticker value="AGCO "/>
        </identifiers>
        <balance>54190</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3005377.4</valUSD>
        <pctVal>0.5727914970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southwest Airlines Co.</name>
        <lei>UDTZ87G0STFETI6HGH41</lei>
        <title>SOUTHWEST AIRLINES CO COMMON STOCK USD1.0</title>
        <cusip>844741108</cusip>
        <identifiers>
          <isin value="US8447411088"/>
          <ticker value="LUV "/>
        </identifiers>
        <balance>132009</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4512067.62</valUSD>
        <pctVal>0.8599498908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Corporation</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP COMMON STOCK USD1.0</title>
        <cusip>857477103</cusip>
        <identifiers>
          <isin value="US8574771031"/>
          <ticker value="STT "/>
        </identifiers>
        <balance>189729</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12057277.95</valUSD>
        <pctVal>2.2979830377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMC Networks Inc.</name>
        <lei>549300VGG9K75226LR46</lei>
        <title>AMC NETWORKS INC COMMON STOCK</title>
        <cusip>00164V103</cusip>
        <identifiers>
          <isin value="US00164V1035"/>
          <ticker value="AMCX "/>
        </identifiers>
        <balance>49960</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1168564.4</valUSD>
        <pctVal>0.2227153741</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="44487.600000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ally Financial Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINANCIAL INC COMMON STOCK USD.1</title>
        <cusip>02005N100</cusip>
        <identifiers>
          <isin value="US02005N1000"/>
          <ticker value="ALLY "/>
        </identifiers>
        <balance>139097</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2758293.51</valUSD>
        <pctVal>0.5257000565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Strategic Education Inc.</name>
        <lei>0PYXF82EO1UCNGL5I740</lei>
        <title>STRATEGIC EDUCATION INC COMMON STOCK USD.01</title>
        <cusip>86272C103</cusip>
        <identifiers>
          <isin value="US86272C1036"/>
          <ticker value="STRA "/>
        </identifiers>
        <balance>44345</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6813609.25</valUSD>
        <pctVal>1.2985981203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Summit Materials Inc.</name>
        <lei>N/A</lei>
        <title>SUMMIT MATERIALS INC COMMON STOCK USD.01</title>
        <cusip>86614U100</cusip>
        <identifiers>
          <isin value="US86614U1007"/>
          <ticker value="SUM "/>
        </identifiers>
        <balance>137034</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2203506.72</valUSD>
        <pctVal>0.4199638664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>SYNCHRONY FINANCIAL COMMON STOCK USD.001</title>
        <cusip>87165B103</cusip>
        <identifiers>
          <isin value="US87165B1035"/>
          <ticker value="SYF "/>
        </identifiers>
        <balance>23376</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>518012.16</valUSD>
        <pctVal>0.0987273547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sysco Corporation</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>SYSCO CORP COMMON STOCK USD1.0</title>
        <cusip>871829107</cusip>
        <identifiers>
          <isin value="US8718291078"/>
          <ticker value="SYY "/>
        </identifiers>
        <balance>136754</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7474973.64</valUSD>
        <pctVal>1.4246468153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apache Corporation</name>
        <lei>72ZZ1XRHOOU9P9X16K08</lei>
        <title>APACHE CORP COMMON STOCK USD.625</title>
        <cusip>037411105</cusip>
        <identifiers>
          <isin value="US0374111054"/>
          <ticker value="APA "/>
        </identifiers>
        <balance>53009</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>715621.5</valUSD>
        <pctVal>0.1363894965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Applied Materials Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
        <title>APPLIED MATERIALS INC COMMON STOCK USD.01</title>
        <cusip>038222105</cusip>
        <identifiers>
          <isin value="US0382221051"/>
          <ticker value="AMAT "/>
        </identifiers>
        <balance>127872</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7729862.4</valUSD>
        <pctVal>1.4732257772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Archer-Daniels-Midland Company</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>ARCHER-DANIELS-MIDLAND CO COMMON STOCK</title>
        <cusip>039483102</cusip>
        <identifiers>
          <isin value="US0394831020"/>
          <ticker value="ADM "/>
        </identifiers>
        <balance>45860</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1829814</valUSD>
        <pctVal>0.3487421914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon Corporation</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BANK OF NEW YORK MELLON CORP/T COMMON STOCK USD.01</title>
        <cusip>064058100</cusip>
        <identifiers>
          <isin value="US0640581007"/>
          <ticker value="BK "/>
        </identifiers>
        <balance>13270</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>512885.5</valUSD>
        <pctVal>0.0977502704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xylem Inc.</name>
        <lei>549300DF5MV96DRYLQ48</lei>
        <title>XYLEM INC/NY COMMON STOCK</title>
        <cusip>98419M100</cusip>
        <identifiers>
          <isin value="US98419M1009"/>
          <ticker value="XYL "/>
        </identifiers>
        <balance>50080</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3253196.8</valUSD>
        <pctVal>0.6200231176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zimmer Biomet Holdings Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>ZIMMER BIOMET HOLDINGS INC COMMON STOCK USD.01</title>
        <cusip>98956P102</cusip>
        <identifiers>
          <isin value="US98956P1021"/>
          <ticker value="ZBH "/>
        </identifiers>
        <balance>64568</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7706836.48</valUSD>
        <pctVal>1.4688372931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TD Ameritrade Holding Corporation</name>
        <lei>ZI85ER3E6RXD4HPHW309</lei>
        <title>TD AMERITRADE HOLDING CORP COMMON STOCK USD.01</title>
        <cusip>87236Y108</cusip>
        <identifiers>
          <isin value="US87236Y1082"/>
          <ticker value="AMTD "/>
        </identifiers>
        <balance>53569</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1948840.22</valUSD>
        <pctVal>0.3714272647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alcon Inc.</name>
        <lei>N/A</lei>
        <title>ALCON INC COMMON STOCK CHF.04</title>
        <cusip>ACI198PY5</cusip>
        <identifiers>
          <isin value="CH0432492467"/>
          <ticker value="ALC "/>
        </identifiers>
        <balance>20567</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.94745"/>
        <valUSD>1181763.96</valUSD>
        <pctVal>0.2252310634</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>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>EQUINOR ASA COMMON STOCK NOK2.5</title>
        <cusip>B0334H909</cusip>
        <identifiers>
          <isin value="NO0010096985"/>
          <ticker value="DNQ "/>
        </identifiers>
        <balance>124931</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.890076"/>
        <valUSD>1789763.08</valUSD>
        <pctVal>0.3411089316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresnillo PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>FRESNILLO PLC COMMON STOCK USD.5</title>
        <cusip>B2QPKJ909</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
          <ticker value="FRES "/>
        </identifiers>
        <balance>713707</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.807037"/>
        <valUSD>7457530.98</valUSD>
        <pctVal>1.4213224383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compass Group PLC</name>
        <lei>N/A</lei>
        <title>COMPASS GROUP PLC COMMON STOCK GBP.1105</title>
        <cusip>BD6K45906</cusip>
        <identifiers>
          <isin value="GB00BD6K4575"/>
          <ticker value="CPG "/>
        </identifiers>
        <balance>137434</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.807037"/>
        <valUSD>1890880.15</valUSD>
        <pctVal>0.3603807202</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>Alkermes Public Limited Company</name>
        <lei>549300YHRMYLL071E243</lei>
        <title>ALKERMES PLC COMMON STOCK USD.01</title>
        <cusip>G01767105</cusip>
        <identifiers>
          <isin value="IE00B56GVS15"/>
          <ticker value="ALKS "/>
        </identifiers>
        <balance>219747</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4264190.54</valUSD>
        <pctVal>0.8127072770</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>Bunge Limited</name>
        <lei>5493007M0RIN8HY3MM77</lei>
        <title>BUNGE LTD COMMON STOCK USD.01</title>
        <cusip>G16962105</cusip>
        <identifiers>
          <isin value="BMG169621056"/>
          <ticker value="BG "/>
        </identifiers>
        <balance>336239</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13829510.07</valUSD>
        <pctVal>2.6357507634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jazz Pharmaceuticals Public Limited Company</name>
        <lei>N/A</lei>
        <title>JAZZ PHARMACEUTICALS PLC COMMON STOCK USD.0001</title>
        <cusip>G50871105</cusip>
        <identifiers>
          <isin value="IE00B4Q5ZN47"/>
          <ticker value="JAZZ "/>
        </identifiers>
        <balance>16166</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1783756.44</valUSD>
        <pctVal>0.3399641328</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>Lazard Ltd</name>
        <lei>N/A</lei>
        <title>LAZARD LTD COMMON STOCK USD.01</title>
        <cusip>G54050102</cusip>
        <identifiers>
          <isin value="BMG540501027"/>
          <ticker value="LAZ "/>
        </identifiers>
        <balance>251257</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7193487.91</valUSD>
        <pctVal>1.3709987667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perrigo Company Public Limited Company</name>
        <lei>549300IFOQS6R1QLY196</lei>
        <title>PERRIGO CO PLC COMMON STOCK EUR.001</title>
        <cusip>G97822103</cusip>
        <identifiers>
          <isin value="IE00BGH1M568"/>
          <ticker value="PRGO "/>
        </identifiers>
        <balance>195952</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10830267.04</valUSD>
        <pctVal>2.0641284090</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>The Kroger Co.</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KROGER CO/THE COMMON STOCK USD1.0</title>
        <cusip>501044101</cusip>
        <identifiers>
          <isin value="US5010441013"/>
          <ticker value="KR "/>
        </identifiers>
        <balance>55220</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1869197</valUSD>
        <pctVal>0.3562481530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loews Corporation</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
        <title>LOEWS CORP COMMON STOCK USD.01</title>
        <cusip>540424108</cusip>
        <identifiers>
          <isin value="US5404241086"/>
          <ticker value="L "/>
        </identifiers>
        <balance>223190</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7653185.1</valUSD>
        <pctVal>1.4586119369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marsh and McLennan Companies Inc.</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>MARSH and MCLENNAN COS INC COMMON STOCK USD1.0</title>
        <cusip>571748102</cusip>
        <identifiers>
          <isin value="US5717481023"/>
          <ticker value="MMC "/>
        </identifiers>
        <balance>37719</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4049889.03</valUSD>
        <pctVal>0.7718637933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Molson Coors Beverage Company</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>MOLSON COORS BREWING CO COMMON STOCK USD.01</title>
        <cusip>60871R209</cusip>
        <identifiers>
          <isin value="US60871R2094"/>
          <ticker value="TAP "/>
        </identifiers>
        <balance>16980</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>583432.8</valUSD>
        <pctVal>0.1111958009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAC Kazatomprom JSC</name>
        <lei>N/A</lei>
        <title>NAC KAZATOMPROM JSC DEPOSITORY RECEIPT</title>
        <cusip>63253R201</cusip>
        <identifiers>
          <isin value="US63253R2013"/>
          <ticker value="KAP "/>
        </identifiers>
        <balance>156038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2165636.58</valUSD>
        <pctVal>0.4127462390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAC Kazatomprom JSC</name>
        <lei>N/A</lei>
        <title>NAC KAZATOMPROM JSC DEPOSITORY RECEIPT</title>
        <cusip>63253R201</cusip>
        <identifiers>
          <isin value="US63253R2013"/>
          <ticker value="KAP "/>
        </identifiers>
        <balance>961</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13337.63</valUSD>
        <pctVal>0.0025420039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Fuel Gas Company</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>NATIONAL FUEL GAS CO COMMON STOCK USD1.0</title>
        <cusip>636180101</cusip>
        <identifiers>
          <isin value="US6361801011"/>
          <ticker value="NFG "/>
        </identifiers>
        <balance>50297</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2108953.21</valUSD>
        <pctVal>0.4019430193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Instruments Corporation</name>
        <lei>549300TP4OOPCYWDUP86</lei>
        <title>NATIONAL INSTRUMENTS CORP COMMON STOCK USD.01</title>
        <cusip>636518102</cusip>
        <identifiers>
          <isin value="US6365181022"/>
          <ticker value="NATI "/>
        </identifiers>
        <balance>148861</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5762409.31</valUSD>
        <pctVal>1.0982511066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corporation</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT GOLDCORP CORP COMMON STOCK USD1.6</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <ticker value="NEM "/>
        </identifiers>
        <balance>45787</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2826889.38</valUSD>
        <pctVal>0.5387736661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>News Corporation</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>NEWS CORP COMMON STOCK USD.01</title>
        <cusip>65249B109</cusip>
        <identifiers>
          <isin value="US65249B1098"/>
          <ticker value="NWSA "/>
        </identifiers>
        <balance>932632</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11061015.52</valUSD>
        <pctVal>2.1081065022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nordstrom Inc.</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>NORDSTROM INC COMMON STOCK</title>
        <cusip>655664100</cusip>
        <identifiers>
          <isin value="US6556641008"/>
          <ticker value="JWN "/>
        </identifiers>
        <balance>114578</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1774813.22</valUSD>
        <pctVal>0.3382596546</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="1666316.080000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Trust Corporation</name>
        <lei>549300GLF98S992BC502</lei>
        <title>NORTHERN TRUST CORP COMMON STOCK USD1.667</title>
        <cusip>665859104</cusip>
        <identifiers>
          <isin value="US6658591044"/>
          <ticker value="NTRS "/>
        </identifiers>
        <balance>101614</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8062054.76</valUSD>
        <pctVal>1.5365379454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nucor Corporation</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>NUCOR CORP COMMON STOCK USD.4</title>
        <cusip>670346105</cusip>
        <identifiers>
          <isin value="US6703461052"/>
          <ticker value="NUE "/>
        </identifiers>
        <balance>19996</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>828034.36</valUSD>
        <pctVal>0.1578141370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ovintiv Inc.</name>
        <lei>N/A</lei>
        <title>OVINTIV INC COMMON STOCK</title>
        <cusip>69047Q102</cusip>
        <identifiers>
          <isin value="US69047Q1022"/>
          <ticker value="OVV "/>
        </identifiers>
        <balance>485265</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4634280.75</valUSD>
        <pctVal>0.8832423537</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="4251646.200000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PGandE Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PGandE CORP COMMON STOCK</title>
        <cusip>69331C108</cusip>
        <identifiers>
          <isin value="US69331C1080"/>
          <ticker value="PCG "/>
        </identifiers>
        <balance>973622</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8636027.14</valUSD>
        <pctVal>1.6459306954</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="4897761.110000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PPG Industries Inc.</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG INDUSTRIES INC COMMON STOCK USD1.67</title>
        <cusip>693506107</cusip>
        <identifiers>
          <isin value="US6935061076"/>
          <ticker value="PPG "/>
        </identifiers>
        <balance>19981</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2119184.86</valUSD>
        <pctVal>0.4038930580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PACCAR Inc</name>
        <lei>KDTEY8BWE486IKZ3CC07</lei>
        <title>PACCAR INC COMMON STOCK USD1.0</title>
        <cusip>693718108</cusip>
        <identifiers>
          <isin value="US6937181088"/>
          <ticker value="PCAR "/>
        </identifiers>
        <balance>80110</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5996233.5</valUSD>
        <pctVal>1.1428153959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Patterson Companies Inc.</name>
        <lei>YM48Q2087CUE26GWEK09</lei>
        <title>PATTERSON COS INC COMMON STOCK USD.01</title>
        <cusip>703395103</cusip>
        <identifiers>
          <isin value="US7033951036"/>
          <ticker value="PDCO "/>
        </identifiers>
        <balance>441973</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9723406</valUSD>
        <pctVal>1.8531730088</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="1622083.200000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Peabody Energy Corporation</name>
        <lei>EJCO258LNNVSKAR2JX59</lei>
        <title>PEABODY ENERGY CORP COMMON STOCK</title>
        <cusip>704551100</cusip>
        <identifiers>
          <isin value="US7045511000"/>
          <ticker value="BTU "/>
        </identifiers>
        <balance>290755</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>837374.4</valUSD>
        <pctVal>0.1595942447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Groupe Bruxelles Lambert SA</name>
        <lei>549300KV0ZEHT2KVU152</lei>
        <title>GROUPE BRUXELLES LAMBERT SA COMMON STOCK</title>
        <cusip>709732903</cusip>
        <identifiers>
          <isin value="BE0003797140"/>
          <ticker value="GBLB "/>
        </identifiers>
        <balance>72380.9</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.890076"/>
        <valUSD>6062628.52</valUSD>
        <pctVal>1.1554695480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cardinal Health Inc.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
        <title>CARDINAL HEALTH INC COMMON STOCK</title>
        <cusip>14149Y108</cusip>
        <identifiers>
          <isin value="US14149Y1082"/>
          <ticker value="CAH "/>
        </identifiers>
        <balance>236237</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12329209.03</valUSD>
        <pctVal>2.3498100763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CenterPoint Energy Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CENTERPOINT ENERGY INC COMMON STOCK USD.01</title>
        <cusip>15189T107</cusip>
        <identifiers>
          <isin value="US15189T1079"/>
          <ticker value="CNP "/>
        </identifiers>
        <balance>254766</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4756481.22</valUSD>
        <pctVal>0.9065324038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cintas Corporation</name>
        <lei>N/A</lei>
        <title>CINTAS CORP COMMON STOCK</title>
        <cusip>172908105</cusip>
        <identifiers>
          <isin value="US1729081059"/>
          <ticker value="CTAS "/>
        </identifiers>
        <balance>11609</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3092173.24</valUSD>
        <pctVal>0.5893338185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cognizant Technology Solutions Corporation</name>
        <lei>N/A</lei>
        <title>COGNIZANT TECHNOLOGY SOLUTIONS COMMON STOCK USD.01</title>
        <cusip>192446102</cusip>
        <identifiers>
          <isin value="US1924461023"/>
          <ticker value="CTSH "/>
        </identifiers>
        <balance>48559</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2759122.38</valUSD>
        <pctVal>0.5258580299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compania de Minas Buenaventura S.A.A.</name>
        <lei>N/A</lei>
        <title>CIA DE MINAS BUENAVENTURA SAA ADR</title>
        <cusip>204448104</cusip>
        <identifiers>
          <isin value="US2044481040"/>
          <ticker value="BVN "/>
        </identifiers>
        <balance>447559</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4090689.26</valUSD>
        <pctVal>0.7796398633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corteva Inc.</name>
        <lei>N/A</lei>
        <title>CORTEVA INC COMMON STOCK USD.01</title>
        <cusip>22052L104</cusip>
        <identifiers>
          <isin value="US22052L1044"/>
          <ticker value="CTVA "/>
        </identifiers>
        <balance>220228</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5899908.12</valUSD>
        <pctVal>1.1244568501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Covetrus Inc.</name>
        <lei>N/A</lei>
        <title>COVETRUS INC COMMON STOCK</title>
        <cusip>22304C100</cusip>
        <identifiers>
          <isin value="US22304C1009"/>
          <ticker value="CVET "/>
        </identifiers>
        <balance>232494</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4159317.66</valUSD>
        <pctVal>0.7927196728</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="1474997.000000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DENTSPLY SIRONA Inc.</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
        <title>DENTSPLY SIRONA INC COMMON STOCK USD.01</title>
        <cusip>24906P109</cusip>
        <identifiers>
          <isin value="US24906P1093"/>
          <ticker value="XRAY "/>
        </identifiers>
        <balance>180107</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7935514.42</valUSD>
        <pctVal>1.5124207643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>EQUINOR ASA COMMON STOCK NOK2.5</title>
        <cusip>713360907</cusip>
        <identifiers>
          <isin value="NO0010096985"/>
          <ticker value="EQNR "/>
        </identifiers>
        <balance>15962</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.62525"/>
        <valUSD>229943.27</valUSD>
        <pctVal>0.0438246291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equity Commonwealth</name>
        <lei>549300YPGVU9PR4L0606</lei>
        <title>EQUITY COMMONWEALTH REIT USD.01</title>
        <cusip>294628102</cusip>
        <identifiers>
          <isin value="US2946281027"/>
          <ticker value="EQC "/>
        </identifiers>
        <balance>113567</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3656857.4</valUSD>
        <pctVal>0.6969563372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equity Residential</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL REIT USD.01</title>
        <cusip>29476L107</cusip>
        <identifiers>
          <isin value="US29476L1070"/>
          <ticker value="EQR "/>
        </identifiers>
        <balance>64260</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3779773.2</valUSD>
        <pctVal>0.7203827212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Expeditors International of Washington Inc.</name>
        <lei>N/A</lei>
        <title>EXPEDITORS INTERNATIONAL OF WA COMMON STOCK USD.01</title>
        <cusip>302130109</cusip>
        <identifiers>
          <isin value="US3021301094"/>
          <ticker value="EXPD "/>
        </identifiers>
        <balance>43785</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3329411.4</valUSD>
        <pctVal>0.6345487725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Realty Investment Trust</name>
        <lei>549300LI6XZ51GOCJ427</lei>
        <title>FEDERAL REALTY INVESTMENT TRUS REIT USD.01</title>
        <cusip>313747206</cusip>
        <identifiers>
          <isin value="US3137472060"/>
          <ticker value="FRT "/>
        </identifiers>
        <balance>11494</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>979403.74</valUSD>
        <pctVal>0.1866634568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP COMMON STOCK</title>
        <cusip>316773100</cusip>
        <identifiers>
          <isin value="US3167731005"/>
          <ticker value="FITB "/>
        </identifiers>
        <balance>387330</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7467722.4</valUSD>
        <pctVal>1.4232648096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstEnergy Corp.</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FIRSTENERGY CORP COMMON STOCK USD.1</title>
        <cusip>337932107</cusip>
        <identifiers>
          <isin value="US3379321074"/>
          <ticker value="FE "/>
        </identifiers>
        <balance>247653</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9603983.34</valUSD>
        <pctVal>1.8304123785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flowers Foods Inc.</name>
        <lei>7YNCQQNDK8FBM9BBTK25</lei>
        <title>FLOWERS FOODS INC COMMON STOCK USD.01</title>
        <cusip>343498101</cusip>
        <identifiers>
          <isin value="US3434981011"/>
          <ticker value="FLO "/>
        </identifiers>
        <balance>520515</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11638715.4</valUSD>
        <pctVal>2.2182096723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fox Corporation</name>
        <lei>N/A</lei>
        <title>FOX CORP COMMON STOCK USD.01</title>
        <cusip>35137L105</cusip>
        <identifiers>
          <isin value="US35137L1052"/>
          <ticker value="FOXA "/>
        </identifiers>
        <balance>57865</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1551939.3</valUSD>
        <pctVal>0.2957823650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franco-Nevada Corporation</name>
        <lei>N/A</lei>
        <title>FRANCO-NEVADA CORP COMMON STOCK</title>
        <cusip>351858105</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
          <ticker value="FNV "/>
        </identifiers>
        <balance>70742</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3576"/>
        <valUSD>9882307.23</valUSD>
        <pctVal>1.8834578155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freeport-McMoRan Inc.</name>
        <lei>N/A</lei>
        <title>FREEPORT-MCMORAN INC COMMON STOCK USD.1</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
          <ticker value="FCX "/>
        </identifiers>
        <balance>643260</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7442518.2</valUSD>
        <pctVal>1.4184611695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Fields Limited</name>
        <lei>N/A</lei>
        <title>GOLD FIELDS LTD ADR</title>
        <cusip>38059T106</cusip>
        <identifiers>
          <isin value="US38059T1060"/>
          <ticker value="GFI "/>
        </identifiers>
        <balance>326823</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3072136.2</valUSD>
        <pctVal>0.5855149816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Textron Inc.</name>
        <lei>3PPKBHUG1HD6BO7RNR87</lei>
        <title>TEXTRON INC COMMON STOCK USD.125</title>
        <cusip>883203101</cusip>
        <identifiers>
          <isin value="US8832031012"/>
          <ticker value="TXT "/>
        </identifiers>
        <balance>262501</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8638907.91</valUSD>
        <pctVal>1.6464797381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tidewater Inc.</name>
        <lei>N/A</lei>
        <title>TIDEWATER INC COMMON STOCK</title>
        <cusip>88642R109</cusip>
        <identifiers>
          <isin value="US88642R1095"/>
          <ticker value="TDW "/>
        </identifiers>
        <balance>218777</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1222963.43</valUSD>
        <pctVal>0.2330832241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tiffany and Co.</name>
        <lei>549300EJG9IEYQL5XT21</lei>
        <title>TIFFANY and CO COMMON STOCK USD.01</title>
        <cusip>886547108</cusip>
        <identifiers>
          <isin value="US8865471085"/>
          <ticker value="TIF "/>
        </identifiers>
        <balance>8065</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>983446.1</valUSD>
        <pctVal>0.1874338856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ViacomCBS Inc.</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>VIACOMCBS INC COMMON STOCK USD.001</title>
        <cusip>92556H206</cusip>
        <identifiers>
          <isin value="US92556H2067"/>
          <ticker value="VIAC "/>
        </identifiers>
        <balance>279654</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6521531.28</valUSD>
        <pctVal>1.2429313087</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="3957960.960000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JH COLLATERAL</name>
        <lei>N/A</lei>
        <title>JH COLLATERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="926EMC902"/>
        </identifiers>
        <balance>3517106.27</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35210806.05</valUSD>
        <pctVal>6.7107879062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="35210806.050000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>VULCAN MATERIALS CO COMMON STOCK USD1.0</title>
        <cusip>929160109</cusip>
        <identifiers>
          <isin value="US9291601097"/>
          <ticker value="VMC "/>
        </identifiers>
        <balance>29617</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3431129.45</valUSD>
        <pctVal>0.6539351012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westamerica Bancorporation</name>
        <lei>N/A</lei>
        <title>WESTAMERICA BANCORPORATION COMMON STOCK</title>
        <cusip>957090103</cusip>
        <identifiers>
          <isin value="US9570901036"/>
          <ticker value="WABC "/>
        </identifiers>
        <balance>99864</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5734190.88</valUSD>
        <pctVal>1.0928729878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westlake Chemical Corporation</name>
        <lei>GOXNEVUM0LL78B1OS344</lei>
        <title>WESTLAKE CHEMICAL CORP COMMON STOCK USD.01</title>
        <cusip>960413102</cusip>
        <identifiers>
          <isin value="US9604131022"/>
          <ticker value="WLK "/>
        </identifiers>
        <balance>80967</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4343879.55</valUSD>
        <pctVal>0.8278951157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weyerhaeuser Company</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO REIT USD1.25</title>
        <cusip>962166104</cusip>
        <identifiers>
          <isin value="US9621661043"/>
          <ticker value="WY "/>
        </identifiers>
        <balance>623704</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14008391.84</valUSD>
        <pctVal>2.6698436387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISH Network Corporation</name>
        <lei>N/A</lei>
        <title>DISH NETWORK CORP COMMON STOCK USD.01</title>
        <cusip>25470M109</cusip>
        <identifiers>
          <isin value="US25470M1099"/>
          <ticker value="DISH "/>
        </identifiers>
        <balance>84306</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2909400.06</valUSD>
        <pctVal>0.5544992838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carlsberg A/S</name>
        <lei>N/A</lei>
        <title>CARLSBERG A/S COMMON STOCK DKK20.</title>
        <cusip>416921005</cusip>
        <identifiers>
          <isin value="DK0010181759"/>
          <ticker value="CARLB "/>
        </identifiers>
        <balance>30527</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.6325"/>
        <valUSD>4048128.56</valUSD>
        <pctVal>0.7715282673</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>Hess Corporation</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>HESS CORP COMMON STOCK USD1.0</title>
        <cusip>42809H107</cusip>
        <identifiers>
          <isin value="US42809H1077"/>
          <ticker value="HES "/>
        </identifiers>
        <balance>115221</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5969600.01</valUSD>
        <pctVal>1.1377393490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hologic Inc.</name>
        <lei>549300DYP6F5ZJL0LB74</lei>
        <title>HOLOGIC INC COMMON STOCK USD.01</title>
        <cusip>436440101</cusip>
        <identifiers>
          <isin value="US4364401012"/>
          <ticker value="HOLX "/>
        </identifiers>
        <balance>193317</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11019069</valUSD>
        <pctVal>2.1001119622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.B. Hunt Transport Services Inc.</name>
        <lei>549300XCD1MPI1C5GK90</lei>
        <title>JB HUNT TRANSPORT SERVICES INC COMMON STOCK USD.01</title>
        <cusip>445658107</cusip>
        <identifiers>
          <isin value="US4456581077"/>
          <ticker value="JBHT "/>
        </identifiers>
        <balance>36299</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4368221.66</valUSD>
        <pctVal>0.8325344511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Imperial Oil Limited</name>
        <lei>N/A</lei>
        <title>IMPERIAL OIL LTD COMMON STOCK</title>
        <cusip>453038408</cusip>
        <identifiers>
          <isin value="CA4530384086"/>
          <ticker value="IMO "/>
        </identifiers>
        <balance>684435</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10985181.75</valUSD>
        <pctVal>2.0936534293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="342102.000000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Incyte Corporation</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>INCYTE CORP COMMON STOCK USD.001</title>
        <cusip>45337C102</cusip>
        <identifiers>
          <isin value="US45337C1027"/>
          <ticker value="INCY "/>
        </identifiers>
        <balance>31509</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3275990.73</valUSD>
        <pctVal>0.6243673871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ionis Pharmaceuticals Inc.</name>
        <lei>549300SI4ZGLG0BLUZ92</lei>
        <title>IONIS PHARMACEUTICALS INC COMMON STOCK USD.001</title>
        <cusip>462222100</cusip>
        <identifiers>
          <isin value="US4622221004"/>
          <ticker value="IONS "/>
        </identifiers>
        <balance>3500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>206360</valUSD>
        <pctVal>0.0393299202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kansas City Southern</name>
        <lei>5493008C12PZMWP3WY03</lei>
        <title>KANSAS CITY SOUTHERN COMMON STOCK USD.01</title>
        <cusip>485170302</cusip>
        <identifiers>
          <isin value="US4851703029"/>
          <ticker value="KSU "/>
        </identifiers>
        <balance>4334</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>647022.86</valUSD>
        <pctVal>0.1233153589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE and DATA SYSTEMS INC COMMON STOCK USD.01</title>
        <cusip>879433829</cusip>
        <identifiers>
          <isin value="US8794338298"/>
          <ticker value="TDS "/>
        </identifiers>
        <balance>97666</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1941600.08</valUSD>
        <pctVal>0.3700473746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bunge Limited</name>
        <lei>5493007M0RIN8HY3MM77</lei>
        <title>BUNGE LTD PREFERRED STOCK 4.875</title>
        <cusip>EP0237628</cusip>
        <identifiers>
          <isin value="BMG169622047"/>
          <ticker value="BG"/>
        </identifiers>
        <balance>15222</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1400271.78</valUSD>
        <pctVal>0.2668762230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regency Centers Corporation</name>
        <lei>N/A</lei>
        <title>REGENCY CENTERS CORP REIT USD.01</title>
        <cusip>758849103</cusip>
        <identifiers>
          <isin value="US7588491032"/>
          <ticker value="REG "/>
        </identifiers>
        <balance>90602</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4157725.78</valUSD>
        <pctVal>0.7924162782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royalty Pharma PLC</name>
        <lei>N/A</lei>
        <title>ROYALTY PHARMA PLC COMMON STOCK</title>
        <cusip>76028H209</cusip>
        <identifiers>
          <isin value="GB00BMVP7Y09"/>
          <ticker value="RPRX "/>
        </identifiers>
        <balance>32344</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1570301.2</valUSD>
        <pctVal>0.2992819388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ryder System Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>RYDER SYSTEM INC COMMON STOCK USD.5</title>
        <cusip>783549108</cusip>
        <identifiers>
          <isin value="US7835491082"/>
          <ticker value="R "/>
        </identifiers>
        <balance>38792</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1455087.92</valUSD>
        <pctVal>0.2773235694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEACOR Marine Holdings Inc.</name>
        <lei>N/A</lei>
        <title>SEACOR MARINE HOLDINGS INC COMMON STOCK USD.01</title>
        <cusip>78413P101</cusip>
        <identifiers>
          <isin value="US78413P1012"/>
          <ticker value="SMHI "/>
        </identifiers>
        <balance>98958</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252342.9</valUSD>
        <pctVal>0.0480937494</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="126195.840000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The St. Joe Company</name>
        <lei>N/A</lei>
        <title>ST JOE CO/THE COMMON STOCK</title>
        <cusip>790148100</cusip>
        <identifiers>
          <isin value="US7901481009"/>
          <ticker value="JOE "/>
        </identifiers>
        <balance>106838</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2074793.96</valUSD>
        <pctVal>0.3954326463</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="1654645.950000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schlumberger Limited</name>
        <lei>N/A</lei>
        <title>SCHLUMBERGER LTD COMMON STOCK USD.01</title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
          <ticker value="SLB "/>
        </identifiers>
        <balance>174308</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3205524.12</valUSD>
        <pctVal>0.6109372352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scholastic Corporation</name>
        <lei>N/A</lei>
        <title>SCHOLASTIC CORP COMMON STOCK USD.01</title>
        <cusip>807066105</cusip>
        <identifiers>
          <isin value="US8070661058"/>
          <ticker value="SCHL "/>
        </identifiers>
        <balance>72120</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2159272.8</valUSD>
        <pctVal>0.4115333734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEACOR Holdings Inc.</name>
        <lei>549300IQTYSR1SC4II14</lei>
        <title>SEACOR HOLDINGS INC COMMON STOCK USD.01</title>
        <cusip>811904101</cusip>
        <identifiers>
          <isin value="US8119041015"/>
          <ticker value="CKH "/>
        </identifiers>
        <balance>46782</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1324866.24</valUSD>
        <pctVal>0.2525047660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Select Medical Holdings Corporation</name>
        <lei>N/A</lei>
        <title>SELECT MEDICAL HOLDINGS CORP COMMON STOCK USD.001</title>
        <cusip>81619Q105</cusip>
        <identifiers>
          <isin value="US81619Q1058"/>
          <ticker value="SEM "/>
        </identifiers>
        <balance>543500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8005755</valUSD>
        <pctVal>1.5258078374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNH Industrial N.V.</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH INDUSTRIAL NV COMMON STOCK EUR.01</title>
        <cusip>N20944109</cusip>
        <identifiers>
          <isin value="NL0010545661"/>
          <ticker value="CNHI "/>
        </identifiers>
        <balance>250558</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1761422.74</valUSD>
        <pctVal>0.3357075781</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="574977.900000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrick Gold Corporation</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK GOLD CORP COMMON STOCK</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
          <ticker value="GOLD "/>
        </identifiers>
        <balance>402810</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10851701.4</valUSD>
        <pctVal>2.0682135596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baxter International Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>BAXTER INTERNATIONAL INC COMMON STOCK USD1.0</title>
        <cusip>071813109</cusip>
        <identifiers>
          <isin value="US0718131099"/>
          <ticker value="BAX "/>
        </identifiers>
        <balance>69189</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5957172.9</valUSD>
        <pctVal>1.1353708801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brighthouse Financial Inc.</name>
        <lei>N/A</lei>
        <title>BRIGHTHOUSE FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>10922N103</cusip>
        <identifiers>
          <isin value="US10922N1037"/>
          <ticker value="BHF "/>
        </identifiers>
        <balance>125381</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3488099.42</valUSD>
        <pctVal>0.6647929437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brown and Brown Inc.</name>
        <lei>N/A</lei>
        <title>BROWN and BROWN INC COMMON STOCK USD.1</title>
        <cusip>115236101</cusip>
        <identifiers>
          <isin value="US1152361010"/>
          <ticker value="BRO "/>
        </identifiers>
        <balance>162605</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6627779.8</valUSD>
        <pctVal>1.2631810946</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="561120.000000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>C.H. Robinson Worldwide Inc.</name>
        <lei>N/A</lei>
        <title>CH ROBINSON WORLDWIDE INC COMMON STOCK USD.1</title>
        <cusip>12541W209</cusip>
        <identifiers>
          <isin value="US12541W2098"/>
          <ticker value="CHRW "/>
        </identifiers>
        <balance>90283</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7137773.98</valUSD>
        <pctVal>1.3603803115</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="4309978.520000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNA Financial Corporation</name>
        <lei>549300YX2GSZD7YG1R84</lei>
        <title>CNA FINANCIAL CORP COMMON STOCK USD2.5</title>
        <cusip>126117100</cusip>
        <identifiers>
          <isin value="US1261171003"/>
          <ticker value="CNA "/>
        </identifiers>
        <balance>170104</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5468843.6</valUSD>
        <pctVal>1.0423007482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cameco Corporation</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>CAMECO CORP COMMON STOCK</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
          <ticker value="CCJ "/>
        </identifiers>
        <balance>610267</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6255236.75</valUSD>
        <pctVal>1.1921785338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4534080.200000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Campbell Soup Company</name>
        <lei>5493007JDSMX8Z5Z1902</lei>
        <title>CAMPBELL SOUP CO COMMON STOCK USD.0375</title>
        <cusip>134429109</cusip>
        <identifiers>
          <isin value="US1344291091"/>
          <ticker value="CPB "/>
        </identifiers>
        <balance>33061</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1640817.43</valUSD>
        <pctVal>0.3127215478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Natural Resources Limited</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>CANADIAN NATURAL RESOURCES LTD COMMON STOCK</title>
        <cusip>136385101</cusip>
        <identifiers>
          <isin value="CA1363851017"/>
          <ticker value="CNQ "/>
        </identifiers>
        <balance>344081</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5997331.83</valUSD>
        <pctVal>1.1430247253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="68400.000000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capitol Federal Financial Inc.</name>
        <lei>N/A</lei>
        <title>CAPITOL FEDERAL FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>14057J101</cusip>
        <identifiers>
          <isin value="US14057J1016"/>
          <ticker value="CFFN "/>
        </identifiers>
        <balance>311783</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3432730.83</valUSD>
        <pctVal>0.6542403064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT CORP COMMON STOCK</title>
        <cusip>26884L109</cusip>
        <identifiers>
          <isin value="US26884L1098"/>
          <ticker value="EQT "/>
        </identifiers>
        <balance>920491</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10953842.9</valUSD>
        <pctVal>2.0876805931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equitrans Midstream Corporation</name>
        <lei>N/A</lei>
        <title>EQUITRANS MIDSTREAM CORP COMMON STOCK</title>
        <cusip>294600101</cusip>
        <identifiers>
          <isin value="US2946001011"/>
          <ticker value="ETRN "/>
        </identifiers>
        <balance>424815</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3530212.65</valUSD>
        <pctVal>0.6728192568</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="3608456.280000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kemper Corporation</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>KEMPER CORP COMMON STOCK USD.1</title>
        <cusip>488401100</cusip>
        <identifiers>
          <isin value="US4884011002"/>
          <ticker value="KMPR "/>
        </identifiers>
        <balance>63754</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4623440.08</valUSD>
        <pctVal>0.8811762426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deduction of sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/Salvatore Schiavone</ncom:signature>
      <ncom:signerName>Salvatore Schiavone</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
