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      <regStreet1>4900 Tiedeman Road 4th Floor</regStreet1>
      <regCity>Brooklyn</regCity>
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      <regZipOrPostalCode>44144</regZipOrPostalCode>
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      <repPdEnd>2025-12-31</repPdEnd>
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              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pepsico, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PEPSICO INC</title>
        <cusip>713448108</cusip>
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          <isin value="US7134481081"/>
          <other otherDesc="Internal" value="713448108"/>
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        <balance>96570.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12751102.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALPHABET INC.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC CLASS C</title>
        <cusip>02079K107</cusip>
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          <isin value="US02079K1079"/>
          <other otherDesc="Internal" value="02079K107"/>
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        <balance>212475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37690940.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>META PLATFORMS, INC.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META PLATFORMS INC</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
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        <balance>58150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42919933.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VISTRA CORP.</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP</title>
        <cusip>92840M102</cusip>
        <identifiers>
          <isin value="US92840M1027"/>
          <other otherDesc="Internal" value="92840M102"/>
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        <balance>41368.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8017532.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>iShares MSCI ACWI ETF</name>
        <lei>N/A</lei>
        <title>ISHARES MSCI ACWI ETF</title>
        <cusip>464288257</cusip>
        <identifiers>
          <isin value="US4642882579"/>
          <other otherDesc="Internal" value="464288257"/>
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        <balance>116130.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14934318.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ETF"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ELI LILLY AND COMPANY</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>ELI LILLY CO</title>
        <cusip>532457108</cusip>
        <identifiers>
          <isin value="US5324571083"/>
          <other otherDesc="Internal" value="532457108"/>
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        <balance>27451.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21398878.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>APA CORPORATION</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA CORP</title>
        <cusip>03743Q108</cusip>
        <identifiers>
          <isin value="US03743Q1085"/>
          <other otherDesc="Internal" value="03743Q108"/>
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        <balance>461037.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOOKING HOLDINGS INC.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>BOOKING HOLDINGS INC</title>
        <cusip>09857L108</cusip>
        <identifiers>
          <isin value="US09857L1089"/>
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        <balance>3056.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17691917.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CURTISS-WRIGHT CORPORATION</name>
        <lei>TEL51ETZWP7D0ZM4X325</lei>
        <title>CURTISS WRIGHT CORP</title>
        <cusip>231561101</cusip>
        <identifiers>
          <isin value="US2315611010"/>
          <other otherDesc="Internal" value="231561101"/>
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        <balance>37892.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18512136.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>ROCHE HOLDING AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0012032048"/>
          <other otherDesc="Internal" value="7110388"/>
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        <balance>54514.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.79310000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITEDHEALTH GROUP INCORPORATED</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GROUP INC</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <isin value="US91324P1021"/>
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        <balance>35590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11103012.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASM International N.V.</name>
        <lei>7245001I22ND6ZFHX623</lei>
        <title>ASM INTERNATIONAL NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000334118"/>
          <other otherDesc="Internal" value="5165294"/>
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        <balance>13290.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84904000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pandora A/S</name>
        <lei>5299007OWYZ6I1E46843</lei>
        <title>PANDORA A S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060252690"/>
          <other otherDesc="Internal" value="B44XTX8"/>
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        <balance>49725.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.33280000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IDEXX LABORATORIES, INC.</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
        <title>IDEXX LABORATORIES INC</title>
        <cusip>45168D104</cusip>
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          <isin value="US45168D1046"/>
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        <balance>26134.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nestle S.A.</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>NESTLE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
          <other otherDesc="Internal" value="7123870"/>
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        <balance>168168.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLGATE-PALMOLIVE COMPANY</name>
        <lei>YMEGZFW4SBUSS5BQXF88</lei>
        <title>COLGATE PALMOLIVE CO</title>
        <cusip>194162103</cusip>
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          <isin value="US1941621039"/>
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        <balance>218795.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Melexis NV</name>
        <lei>549300QRPSGOJRPUFO80</lei>
        <title>MELEXIS NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0165385973"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SINGAPORE EXCHANGE LIMITED</name>
        <lei>549300IQ650PPXM76X03</lei>
        <title>SINGAPORE EXCHANGE LTD</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="6303866"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FDJ UNITED</name>
        <lei>969500R4CLSQFTYYI535</lei>
        <title>FDJ UNITED</title>
        <cusip>N/A</cusip>
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          <isin value="FR0013451333"/>
          <other otherDesc="Internal" value="BG0SC10"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE CO</title>
        <cusip>46625H100</cusip>
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        <balance>83909.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MINES AGNICO EAGLE LIMITEE</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>AGINCO EAGLE MINES LTD</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOYA CORPORATION</name>
        <lei>353800X4VR3BHEUCJB42</lei>
        <title>HOYA CORP</title>
        <cusip>N/A</cusip>
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          <isin value="JP3837800006"/>
          <other otherDesc="Internal" value="6441506"/>
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        <balance>46000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GEORGE WESTON LIMITEE.</name>
        <lei>549300FAHC3L1QKNT280</lei>
        <title>GEORGE WESTON LIMITED</title>
        <cusip>961148509</cusip>
        <identifiers>
          <isin value="CA9611485090"/>
          <other otherDesc="Internal" value="2956662"/>
        </identifiers>
        <balance>59188.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36160000"/>
        <valUSD>11871940.86000000</valUSD>
        <pctVal>0.778900892140</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>EXXON MOBIL CORPORATION</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>EXXON MOBIL CORP</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <isin value="US30231G1022"/>
          <other otherDesc="Internal" value="30231G102"/>
        </identifiers>
        <balance>189245.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20400611.00000000</valUSD>
        <pctVal>1.338454621319</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>REXEL SA</name>
        <lei>969500N6AVPA51648T62</lei>
        <title>REXEL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0010451203"/>
          <other otherDesc="Internal" value="B1VP0K0"/>
        </identifiers>
        <balance>424688.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904000"/>
        <valUSD>13096850.97000000</valUSD>
        <pctVal>0.859265475212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENEL - SPA</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>ENEL SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003128367"/>
          <other otherDesc="Internal" value="7144569"/>
        </identifiers>
        <balance>1222193.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904000"/>
        <valUSD>11598002.84000000</valUSD>
        <pctVal>0.760928214320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kakaku.com Inc</name>
        <lei>353800KA15Y0DCPWYY65</lei>
        <title>KAKAKU COM INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3206000006"/>
          <other otherDesc="Internal" value="6689533"/>
        </identifiers>
        <balance>682800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99000000"/>
        <valUSD>12663253.85000000</valUSD>
        <pctVal>0.830817794451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIO TINTO PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007188757"/>
          <other otherDesc="Internal" value="0718875"/>
        </identifiers>
        <balance>173444.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72865000"/>
        <valUSD>10093317.44000000</valUSD>
        <pctVal>0.662207978575</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>AENA SME SA</name>
        <lei>N/A</lei>
        <title>AENA SME SA</title>
        <cusip>E526LK101</cusip>
        <identifiers>
          <isin value="ES0105046017"/>
          <other otherDesc="Internal" value="BTMKJR0"/>
        </identifiers>
        <balance>358590.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904000"/>
        <valUSD>9570903.68000000</valUSD>
        <pctVal>0.627933166349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GILEAD SCIENCES, INC.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>GILEAD SCIENCES INC</title>
        <cusip>375558103</cusip>
        <identifiers>
          <isin value="US3755581036"/>
          <other otherDesc="Internal" value="375558103"/>
        </identifiers>
        <balance>94461.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10472891.07000000</valUSD>
        <pctVal>0.687111256188</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>SIMON PROPERTY GROUP, INC.</name>
        <lei>N/A</lei>
        <title>SIMON PROPERTY GROUP INC</title>
        <cusip>828806109</cusip>
        <identifiers>
          <isin value="US8288061091"/>
          <other otherDesc="Internal" value="828806109"/>
        </identifiers>
        <balance>84321.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13555443.96000000</valUSD>
        <pctVal>0.889353098899</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>EATON CORPORATION PUBLIC LIMITED COMPANY</name>
        <lei>549300VDIGTMXUNT7H71</lei>
        <title>EATON CORP PLC</title>
        <cusip>G29183103</cusip>
        <identifiers>
          <isin value="IE00B8KQN827"/>
          <other otherDesc="Internal" value="G29183103"/>
        </identifiers>
        <balance>44882.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16022425.18000000</valUSD>
        <pctVal>1.051208173466</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>MASTERCARD INCORPORATED.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MASTERCARD INC CLASS A</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <isin value="US57636Q1040"/>
          <other otherDesc="Internal" value="57636Q104"/>
        </identifiers>
        <balance>46536.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26150439.84000000</valUSD>
        <pctVal>1.715692586530</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>SOLVAY SA</name>
        <lei>549300MMVL80RTBP3O28</lei>
        <title>SOLVAY SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0003470755"/>
          <other otherDesc="Internal" value="4821100"/>
        </identifiers>
        <balance>212533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904000"/>
        <valUSD>7360540.32000000</valUSD>
        <pctVal>0.482914418921</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>ADOBE INC.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>ADOBE INC</title>
        <cusip>00724F101</cusip>
        <identifiers>
          <isin value="US00724F1012"/>
          <other otherDesc="Internal" value="00724F101"/>
        </identifiers>
        <balance>39183.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15159119.04000000</valUSD>
        <pctVal>0.994567904570</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 PNC FINANCIAL SERVICES GROUP, INC.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINANCIAL SERVICES GROUP INC</title>
        <cusip>693475105</cusip>
        <identifiers>
          <isin value="US6934751057"/>
          <other otherDesc="Internal" value="693475105"/>
        </identifiers>
        <balance>64413.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12007871.46000000</valUSD>
        <pctVal>0.787819102469</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>Tencent Holdings Limited</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <other otherDesc="Internal" value="BMMV2K8"/>
        </identifiers>
        <balance>241800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84970000"/>
        <valUSD>15581026.10000000</valUSD>
        <pctVal>1.022248617379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>JOHNSON JOHNSON</title>
        <cusip>478160104</cusip>
        <identifiers>
          <isin value="US4781601046"/>
          <other otherDesc="Internal" value="478160104"/>
        </identifiers>
        <balance>134700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20575425.00000000</valUSD>
        <pctVal>1.349923915360</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>CSL LIMITED</name>
        <lei>529900ECSECK5ZDQTE14</lei>
        <title>CSL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CSL8"/>
          <other otherDesc="Internal" value="6185495"/>
        </identifiers>
        <balance>45596.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51976000"/>
        <valUSD>7200711.04000000</valUSD>
        <pctVal>0.472428250716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KONGSBERG GRUPPEN ASA</name>
        <lei>5967007LIEEXZXJ9HK73</lei>
        <title>KONGSBERG GRUPPEN ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0013536151"/>
          <other otherDesc="Internal" value="BSTRB82"/>
        </identifiers>
        <balance>321444.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.07490000"/>
        <valUSD>12471782.98000000</valUSD>
        <pctVal>0.818255667228</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>
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      </invstOrSec>
      <invstOrSec>
        <name>LITE-ON TECHNOLOGY CORPORATION</name>
        <lei>2549005GU1PQ73SZBT32</lei>
        <title>LITE ON TECHNOLOGY CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002301009"/>
          <other otherDesc="Internal" value="6519481"/>
        </identifiers>
        <balance>1488000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.20700000"/>
        <valUSD>5641718.63000000</valUSD>
        <pctVal>0.370145010485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chubb Limited</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>CHUBB LIMITED</title>
        <cusip>H1467J104</cusip>
        <identifiers>
          <isin value="CH0044328745"/>
          <other otherDesc="Internal" value="H1467J104"/>
        </identifiers>
        <balance>28133.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8150692.76000000</valUSD>
        <pctVal>0.534755179223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC</title>
        <cusip>037833100</cusip>
        <identifiers>
          <isin value="US0378331005"/>
          <other otherDesc="Internal" value="037833100"/>
        </identifiers>
        <balance>310283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63660763.11000000</valUSD>
        <pctVal>4.176690716828</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>CONSTELLATION ENERGY CORPORATION.</name>
        <lei>549300F8Y20RYGNGV346</lei>
        <title>CONSTELLATION ENERGY CORP</title>
        <cusip>21037T109</cusip>
        <identifiers>
          <isin value="US21037T1097"/>
          <other otherDesc="Internal" value="21037T109"/>
        </identifiers>
        <balance>28362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9154119.12000000</valUSD>
        <pctVal>0.600588533366</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>GREGGS PLC</name>
        <lei>213800I71QMUFJ64IW20</lei>
        <title>GREGGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B63QSB39"/>
          <other otherDesc="Internal" value="B63QSB3"/>
        </identifiers>
        <balance>263574.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72865000"/>
        <valUSD>6948941.91000000</valUSD>
        <pctVal>0.455910041749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FORTINET, INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>S&amp;P GLOBAL INC.</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS INSTRUMENTS INCORPORATED</name>
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          <isin value="US8825081040"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ARISTOCRAT LEISURE LIMITED</name>
        <lei>529900TE2HO3OZKYKC27</lei>
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          <isin value="AU000000ALL7"/>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SYNCHRONY FINANCIAL</name>
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          <isin value="US87165B1035"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DELTA AIR LINES, INC.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CATERPILLAR INC.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Foshan Haitian Flavouring and Food Co Ltd</name>
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        <title>FOSHAN HAITAN FLAVOURING</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CISCO SYSTEMS, INC.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>CISCO SYSTEMS INC</title>
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          <isin value="US17275R1023"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DISCO CORPORATION</name>
        <lei>N/A</lei>
        <title>DISCO CORP</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="6270948"/>
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        <balance>23100.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Partners Group Holding AG</name>
        <lei>549300I3IVVWZWDHI788</lei>
        <title>PARTNERS GROUP HOLDING AG</title>
        <cusip>N/A</cusip>
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          <isin value="CH0024608827"/>
          <other otherDesc="Internal" value="B119QG0"/>
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        <balance>8530.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AMAZON.COM, INC.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON COM INC</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <title>GLDMN SCHS FIN SQ GV-FST</title>
        <cusip>38141W273</cusip>
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          <isin value="US38141W2733"/>
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        <curCd>USD</curCd>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Siemens Aktiengesellschaft</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>SIEMENS AG</title>
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          <isin value="DE0007236101"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Banco Bilbao Vizcaya Argentaria, S.A.</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ASE Technology Holding Co., Ltd.</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE TECHNOLOGY HOLDING CO LTD</title>
        <cusip>N/A</cusip>
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          <isin value="TW0003711008"/>
          <other otherDesc="Internal" value="BFXZDY1"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MICROSOFT CORPORATION</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MICROSOFT CORP</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="0540528"/>
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        <balance>966195.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NVIDIA CORPORATION</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA CORP</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ATCO LTD.</name>
        <lei>5299005SPZ1QYL51JD25</lei>
        <title>ATCO LTD</title>
        <cusip>046789400</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
        <lei>N/A</lei>
        <title>HSBC US GOVT MMKT-I</title>
        <cusip>40428X107</cusip>
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        <curCd>USD</curCd>
        <valUSD>2956889.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALCOA CORPORATION</name>
        <lei>549300T12EZ1F6PWWU29</lei>
        <title>ALCOA CORP</title>
        <cusip>013872106</cusip>
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        <balance>216587.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6391482.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Constellation Software Inc.</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>CONSTELLATION SOFTWARE INC CANADA</title>
        <cusip>21037X100</cusip>
        <identifiers>
          <isin value="CA21037X1006"/>
          <other otherDesc="Internal" value="B15C4L6"/>
        </identifiers>
        <balance>4369.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36160000"/>
        <valUSD>16021805.82000000</valUSD>
        <pctVal>1.051167538151</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>Essity Aktiebolag (publ)</name>
        <lei>549300G8E6YUVJ1DA153</lei>
        <title>ESSITY AKTIEBOLAG B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0009922164"/>
          <other otherDesc="Internal" value="BF1K7P7"/>
        </identifiers>
        <balance>201710.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.45700000"/>
        <valUSD>5587422.16000000</valUSD>
        <pctVal>0.366582697514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
        <lei>N/A</lei>
        <title>INVESCO GVT &amp; AGNCY-INST</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>2956889.40000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2956889.40000000</valUSD>
        <pctVal>0.193997242639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2956889.40000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FISHER &amp; PAYKEL HEALTHCARE CORPORATION LIMITED</name>
        <lei>N/A</lei>
        <title>FISHER PAYKEL HEALTHCARE CORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NZFAPE0001S2"/>
          <other otherDesc="Internal" value="6340250"/>
        </identifiers>
        <balance>354478.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.64123000"/>
        <valUSD>7782805.01000000</valUSD>
        <pctVal>0.510618595318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAZTRANSPORT ET TECHNIGAZ SA</name>
        <lei>969500BVOHVZUUFWDT54</lei>
        <title>GAZTRANSPORT ET TECHNIGAZ SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0011726835"/>
          <other otherDesc="Internal" value="BJYRDP5"/>
        </identifiers>
        <balance>55008.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904000"/>
        <valUSD>10880474.65000000</valUSD>
        <pctVal>0.713852226163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlas Copco Aktiebolag</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>ATLAS COPCO AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0017486897"/>
          <other otherDesc="Internal" value="BLDBN52"/>
        </identifiers>
        <balance>678877.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.45700000"/>
        <valUSD>9666156.07000000</valUSD>
        <pctVal>0.634182538076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERTIV HOLDINGS CO</name>
        <lei>549300KTTIRAOGXCRV69</lei>
        <title>VERTIV HOLDINGS CO</title>
        <cusip>92537N108</cusip>
        <identifiers>
          <isin value="US92537N1081"/>
          <other otherDesc="Internal" value="92537N108"/>
        </identifiers>
        <balance>78566.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10088660.06000000</valUSD>
        <pctVal>0.661902414600</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>TESLA, INC.</name>
        <lei>54930043XZGB27CTOV49</lei>
        <title>TESLA INC</title>
        <cusip>88160R101</cusip>
        <identifiers>
          <isin value="US88160R1014"/>
          <other otherDesc="Internal" value="88160R101"/>
        </identifiers>
        <balance>41736.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13257857.76000000</valUSD>
        <pctVal>0.869828898147</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>FUJI ELECTRIC CO., LTD.</name>
        <lei>5299000HVNGZZTYYM906</lei>
        <title>FUJI ELECTRIC CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3820000002"/>
          <other otherDesc="Internal" value="6356365"/>
        </identifiers>
        <balance>116400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99000000"/>
        <valUSD>5360998.44000000</valUSD>
        <pctVal>0.351727364288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNUM GROUP</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>UNUM GROUP</title>
        <cusip>91529Y106</cusip>
        <identifiers>
          <isin value="US91529Y1064"/>
          <other otherDesc="Internal" value="91529Y106"/>
        </identifiers>
        <balance>249466.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20146874.16000000</valUSD>
        <pctVal>1.321807313741</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>INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED</name>
        <lei>5493002ERZU2K9PZDL40</lei>
        <title>INDUSTRIAL COMMERCIAL BANK OF CHINA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000003G1"/>
          <other otherDesc="Internal" value="B1G1QD8"/>
        </identifiers>
        <balance>16536000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84970000"/>
        <valUSD>13130924.96000000</valUSD>
        <pctVal>0.861501020479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZOZO, Inc.</name>
        <lei>549300GC7XPQMZA0OW13</lei>
        <title>ZOZO INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3399310006"/>
          <other otherDesc="Internal" value="B292RC1"/>
        </identifiers>
        <balance>684000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="143.99000000"/>
        <valUSD>7391182.40000000</valUSD>
        <pctVal>0.484924801531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Telkom Indonesia (Persero) Tbk</name>
        <lei>529900M5SQZAOKV1PC81</lei>
        <title>TELKOM INDONESIA PERSERO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000129000"/>
          <other otherDesc="Internal" value="BD4T6W7"/>
        </identifiers>
        <balance>49085600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16230.00000000"/>
        <valUSD>8400228.08000000</valUSD>
        <pctVal>0.551126831143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mr Price Group Ltd</name>
        <lei>378900D3417C35C5D733</lei>
        <title>MR PRICE GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000200457"/>
          <other otherDesc="Internal" value="BYXW419"/>
        </identifiers>
        <balance>705028.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.69620000"/>
        <valUSD>8842609.96000000</valUSD>
        <pctVal>0.580150867319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PULTEGROUP, INC.</name>
        <lei>N/A</lei>
        <title>PULTEGROUP INC</title>
        <cusip>745867101</cusip>
        <identifiers>
          <isin value="US7458671010"/>
          <other otherDesc="Internal" value="745867101"/>
        </identifiers>
        <balance>93319.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9841421.74000000</valUSD>
        <pctVal>0.645681465533</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>BAWAG Group AG</name>
        <lei>529900S9YO2JHTIIDG38</lei>
        <title>BAWAG GROUP AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT0000BAWAG2"/>
          <other otherDesc="Internal" value="BZ1GZ06"/>
        </identifiers>
        <balance>101957.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84904000"/>
        <valUSD>13036743.86000000</valUSD>
        <pctVal>0.855321934542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFACTU</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <other otherDesc="Internal" value="6889106"/>
        </identifiers>
        <balance>734000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.20700000"/>
        <valUSD>26846495.70000000</valUSD>
        <pctVal>1.761359806130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMGEN INC.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>AMGEN INC</title>
        <cusip>031162100</cusip>
        <identifiers>
          <isin value="US0311621009"/>
          <other otherDesc="Internal" value="031162100"/>
        </identifiers>
        <balance>40302.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11252721.42000000</valUSD>
        <pctVal>0.738274799074</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="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
