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      <invstOrSec>
        <name>SWEDBANK AB - A SHARES /SEK/</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDBANK AB - A SHARES /SEK/ 0.00000000</title>
        <cusip>W94232100</cusip>
        <identifiers>
          <isin value="SE0000242455"/>
        </identifiers>
        <balance>24984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.40940000"/>
        <valUSD>751957.49000000</valUSD>
        <pctVal>0.896167640726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO SANTANDER SA /EUR/</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER SA /EUR/ 0.00000000</title>
        <cusip>E19790109</cusip>
        <identifiers>
          <isin value="ES0113900J37"/>
        </identifiers>
        <balance>220714.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>2301177.99000000</valUSD>
        <pctVal>2.742497119338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RENK GROUP AG /EUR/</name>
        <lei>894500H8CNSZ53EI6K63</lei>
        <title>RENK GROUP AG /EUR/ 0.00000000</title>
        <cusip>D6S2UZ108</cusip>
        <identifiers>
          <isin value="DE000RENK730"/>
        </identifiers>
        <balance>10358.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1066179.90000000</valUSD>
        <pctVal>1.270651517246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORANGE SA /EUR/</name>
        <lei>969500MCOONR8990S771</lei>
        <title>ORANGE SA /EUR/ 0.00000000</title>
        <cusip>F6866T100</cusip>
        <identifiers>
          <isin value="FR0000133308"/>
        </identifiers>
        <balance>104071.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1688590.38000000</valUSD>
        <pctVal>2.012427666619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>L'OREAL /EUR/</name>
        <lei>529900JI1GG6F7RKVI53</lei>
        <title>L'OREAL /EUR/ 0.00000000</title>
        <cusip>F58149133</cusip>
        <identifiers>
          <isin value="FR0000120321"/>
        </identifiers>
        <balance>2872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1243434.27000000</valUSD>
        <pctVal>1.481899669813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIEMENS ENERGY AG /EUR/</name>
        <lei>5299005CHJZ14D4FDJ62</lei>
        <title>SIEMENS ENERGY AG /EUR/ 0.00000000</title>
        <cusip>D6T47E106</cusip>
        <identifiers>
          <isin value="DE000ENER6Y0"/>
        </identifiers>
        <balance>22010.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>2570956.36000000</valUSD>
        <pctVal>3.064013493039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLICIS GROUPE /EUR/</name>
        <lei>2138004KW8BV57III342</lei>
        <title>PUBLICIS GROUPE /EUR/ 0.00000000</title>
        <cusip>F7607Z165</cusip>
        <identifiers>
          <isin value="FR0000130577"/>
        </identifiers>
        <balance>12750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1223564.36000000</valUSD>
        <pctVal>1.458219115256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERRARI NV /EUR/</name>
        <lei>549300RIVY5EX8RCON76</lei>
        <title>FERRARI NV /EUR/ 0.00000000</title>
        <cusip>N3167Y103</cusip>
        <identifiers>
          <isin value="NL0011585146"/>
        </identifiers>
        <balance>1294.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>625763.96000000</valUSD>
        <pctVal>0.745772758623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEMETSCHEK SE  /EUR/</name>
        <lei>529900R0S2IX1S358J38</lei>
        <title>NEMETSCHEK SE /EUR/ 0.00000000</title>
        <cusip>D56134105</cusip>
        <identifiers>
          <isin value="DE0006452907"/>
        </identifiers>
        <balance>8199.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1067336.97000000</valUSD>
        <pctVal>1.272030489735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CRH PLC /GBP/</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH PLC /GBP/ 0.00000000</title>
        <cusip>G25508105</cusip>
        <identifiers>
          <isin value="IE0001827041"/>
        </identifiers>
        <balance>14401.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74288685"/>
        <valUSD>1722179.93000000</valUSD>
        <pctVal>2.052459009052</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>INFORMA PLC /GBP/</name>
        <lei>5493006VM2LKUPSEDU20</lei>
        <title>INFORMA PLC /GBP/ 0.00000000</title>
        <cusip>G4770L106</cusip>
        <identifiers>
          <isin value="GB00BMJ6DW54"/>
        </identifiers>
        <balance>67813.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74288685"/>
        <valUSD>837613.54000000</valUSD>
        <pctVal>0.998250778753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRESENIUS SE &amp; CO KGAA /EUR/</name>
        <lei>XDFJ0CYCOO1FXRFTQS51</lei>
        <title>FRESENIUS SE &amp; CO KGAA /EUR/ 0.00000000</title>
        <cusip>D27348263</cusip>
        <identifiers>
          <isin value="DE0005785604"/>
        </identifiers>
        <balance>33105.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1843626.06000000</valUSD>
        <pctVal>2.197196036403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRYSMIAN SPA /EUR/</name>
        <lei>529900X0H1IO3RS1A464</lei>
        <title>PRYSMIAN SPA /EUR/ 0.00000000</title>
        <cusip>T7630L105</cusip>
        <identifiers>
          <isin value="IT0004176001"/>
        </identifiers>
        <balance>27946.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>2763945.53000000</valUSD>
        <pctVal>3.294014060178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AXA SA /EUR/</name>
        <lei>F5WCUMTUM4RKZ1MAIE39</lei>
        <title>AXA SA /EUR/ 0.00000000</title>
        <cusip>F06106102</cusip>
        <identifiers>
          <isin value="FR0000120628"/>
        </identifiers>
        <balance>46003.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>2196548.30000000</valUSD>
        <pctVal>2.617801583109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HERMES INTERNATIONAL /EUR/</name>
        <lei>N/A</lei>
        <title>HERMES INTERNATIONAL /EUR/ 0.00000000</title>
        <cusip>F48051100</cusip>
        <identifiers>
          <isin value="FR0000052292"/>
        </identifiers>
        <balance>662.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1620123.66000000</valUSD>
        <pctVal>1.930830422431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHELL PLC-NEW /GBP/</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>SHELL PLC-NEW /GBP/ 0.00000000</title>
        <cusip>G80827101</cusip>
        <identifiers>
          <isin value="GB00BP6MXD84"/>
        </identifiers>
        <balance>22737.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74288685"/>
        <valUSD>809995.09000000</valUSD>
        <pctVal>0.965335671841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOR SE /EUR/</name>
        <lei>96950056ULJ4JI7V3752</lei>
        <title>SCOR SE /EUR/ 0.00000000</title>
        <cusip>F15561677</cusip>
        <identifiers>
          <isin value="FR0010411983"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>2114820.00000000</valUSD>
        <pctVal>2.520399457635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RYANAIR HOLDINGS PLC /EUR/</name>
        <lei>635400BR2ROC1FVEBQ56</lei>
        <title>RYANAIR HOLDINGS PLC /EUR/ 0.00000000</title>
        <cusip>G7727C186</cusip>
        <identifiers>
          <isin value="IE00BYTBXV33"/>
        </identifiers>
        <balance>45306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1314781.48000000</valUSD>
        <pctVal>1.566929823390</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>UNICREDIT SPA /EUR/</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UNICREDIT SPA /EUR/ 0.00000000</title>
        <cusip>T9T23L642</cusip>
        <identifiers>
          <isin value="IT0005239360"/>
        </identifiers>
        <balance>24590.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1862589.30000000</valUSD>
        <pctVal>2.219796040097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KION GROUP AG /EUR/</name>
        <lei>5299005KY91C4C6U9H17</lei>
        <title>KION GROUP AG /EUR/ 0.00000000</title>
        <cusip>D4S14D103</cusip>
        <identifiers>
          <isin value="DE000KGX8881"/>
        </identifiers>
        <balance>17380.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1173115.33000000</valUSD>
        <pctVal>1.398094987505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABN AMRO BANK NV-CVA /EUR/</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO BANK NV-CVA /EUR/ 144A 0.00000000</title>
        <cusip>N0162C102</cusip>
        <identifiers>
          <isin value="NL0011540547"/>
        </identifiers>
        <balance>67370.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>2156919.60000000</valUSD>
        <pctVal>2.570572904551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADIDAS AG /EUR/</name>
        <lei>549300JSX0Z4CW0V5023</lei>
        <title>ADIDAS AG /EUR/ 0.00000000</title>
        <cusip>D0066B185</cusip>
        <identifiers>
          <isin value="DE000A1EWWW0"/>
        </identifiers>
        <balance>7838.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>1652070.60000000</valUSD>
        <pctVal>1.968904135678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASTRAZENECA PLC /GBP/</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC /GBP/ 0.00000000</title>
        <cusip>G0593M107</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
        </identifiers>
        <balance>10638.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74288685"/>
        <valUSD>1601241.36000000</valUSD>
        <pctVal>1.908326881383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAYER AG-REG /EUR/</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>BAYER AG-REG /EUR/ 0.00000000</title>
        <cusip>D0712D163</cusip>
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          <isin value="DE000BAY0017"/>
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        <balance>19979.00000000</balance>
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        <valUSD>662652.02000000</valUSD>
        <pctVal>0.789735198177</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>AIRBUS SE /EUR/</name>
        <lei>MINO79WLOO247M1IL051</lei>
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        <pctVal>3.235582962693</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC /GBP/</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <cusip>G4634U169</cusip>
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          <isin value="GB0005405286"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>INFINEON TECHNOLOGIES AG /EUR/</name>
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        <cusip>D35415104</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AENA SME SA /EUR/</name>
        <lei>N/A</lei>
        <title>AENA SME SA /EUR/ 144A 0.00000000</title>
        <cusip>E526LK101</cusip>
        <identifiers>
          <isin value="ES0105046017"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASML HOLDING NV /EUR/</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML HOLDING NV /EUR/ 0.00000000</title>
        <cusip>N07059202</cusip>
        <identifiers>
          <isin value="NL0010273215"/>
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        <balance>3003.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>2921722.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAP SE /EUR/</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP SE /EUR/ 0.00000000</title>
        <cusip>D66992104</cusip>
        <identifiers>
          <isin value="DE0007164600"/>
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        <balance>13872.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>3714362.70000000</valUSD>
        <pctVal>4.426701910584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS CENTRAL CASH MANAGEMENT GOVERNMENT FUND 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="495583"/>
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        <curCd>USD</curCd>
        <valUSD>6821101.11000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RHEINMETALL AG /EUR/</name>
        <lei>5299001OU9CSE29O6S05</lei>
        <title>RHEINMETALL AG /EUR/ 0.00000000</title>
        <cusip>D65111102</cusip>
        <identifiers>
          <isin value="DE0007030009"/>
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        <balance>1002.00000000</balance>
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        <pctVal>2.784297885112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANGLO AMERICAN PLC /GBP/</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMERICAN PLC /GBP/ 0.00000000</title>
        <cusip>G03764142</cusip>
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          <isin value="GB00BTK05J60"/>
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        <balance>23825.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74288685"/>
        <valUSD>893172.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>E.ON SE /EUR/</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
        <title>E.ON SE /EUR/ 0.00000000</title>
        <cusip>D24914133</cusip>
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          <isin value="DE000ENAG999"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIEMENS AG-REG /EUR/</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>SIEMENS AG-REG /EUR/ 0.00000000</title>
        <cusip>D69671218</cusip>
        <identifiers>
          <isin value="DE0007236101"/>
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        <balance>5257.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTESA SANPAOLO /EUR/</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>INTESA SANPAOLO /EUR/ 0.00000000</title>
        <cusip>T55067101</cusip>
        <identifiers>
          <isin value="IT0000072618"/>
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        <balance>309588.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSE PLC /GBP/</name>
        <lei>549300KI75VYLLMSK856</lei>
        <title>SSE PLC /GBP/ 0.00000000</title>
        <cusip>G8842P102</cusip>
        <identifiers>
          <isin value="GB0007908733"/>
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        <balance>90064.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74288685"/>
        <valUSD>2111310.14000000</valUSD>
        <pctVal>2.516216477883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE GENERALE SA /EUR/</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE SA /EUR/ 0.00000000</title>
        <cusip>F8591M517</cusip>
        <identifiers>
          <isin value="FR0000130809"/>
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        <balance>22396.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
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        <pctVal>1.767414096189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VINCI SA /EUR/</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>VINCI SA /EUR/ 0.00000000</title>
        <cusip>F5879X108</cusip>
        <identifiers>
          <isin value="FR0000125486"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BAYERISCHE MOTOREN WERKE /EUR/</name>
        <lei>YEH5ZCD6E441RHVHD759</lei>
        <title>BAYERISCHE MOTOREN WERKE AG /EUR/ 0.00000000</title>
        <cusip>D12096109</cusip>
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        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>ESSILORLUXOTTICA /EUR/</name>
        <lei>549300M3VH1A3ER1TB49</lei>
        <title>ESSILORLUXOTTICA /EUR/ 0.00000000</title>
        <cusip>F31665106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ING GROEP NV /EUR/</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV /EUR/ 0.00000000</title>
        <cusip>N4578E595</cusip>
        <identifiers>
          <isin value="NL0011821202"/>
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        <balance>33777.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85113626"/>
        <valUSD>876037.49000000</valUSD>
        <pctVal>1.044043660767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>The European Equity Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally </ncom:signature>
      <ncom:signerName>Diane Kenneally </ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
