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                <name>JP MORGANCHASE BANK</name>
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                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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            <invstOrSec>
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                <name>UBS AG</name>
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                <invCountry>US</invCountry>
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                <name>TORONTO-DOMINION BANK/THE</name>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
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            <invstOrSec>
                <name>BARCLAYS BANK PLC WHOLESALE, LONDON </name>
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                <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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                <name>GOLDMAN SACHS INTL FX</name>
                <lei>W22LROWP2IHZNBB6K528</lei>
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                <lei>B4TYDEB6GKMZO031MB27</lei>
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                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                </derivativeInfo>
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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            <invstOrSec>
                <name>UBS AG</name>
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                    <fwdDeriv derivCat="FWD">
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            <invstOrSec>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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            <invstOrSec>
                <name>BANK OF AMERICA N.A.</name>
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                <name>BANK OF AMERICA N.A.</name>
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            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                    <other otherDesc="Internal ID" value="2761578"/>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                        <amtCurSold>244339.93</amtCurSold>
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            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
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            <invstOrSec>
                <name>UBS AG</name>
                <lei>BFM8T61CT2L1QCEMIK50</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2754068"/>
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                <curCd>N/A</curCd>
                <valUSD>1494924.36</valUSD>
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                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>UBS AG</counterpartyName>
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            <invstOrSec>
                <name>WESTPAC BANKING CORPORATION</name>
                <lei>EN5TNI6CI43VEPAMHL14</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2754297"/>
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                <curCd>N/A</curCd>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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            <invstOrSec>
                <name>GOLDMAN SACHS INTL FX</name>
                <lei>W22LROWP2IHZNBB6K528</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2754313"/>
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                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>GOLDMAN SACHS INTL FX</counterpartyName>
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                        <amtCurSold>207695.4</amtCurSold>
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                <cusip>N/A</cusip>
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                <name>BANK OF AMERICA N.A.</name>
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                <invCountry>US</invCountry>
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            <invstOrSec>
                <name>WESTPAC BANKING CORPORATION</name>
                <lei>EN5TNI6CI43VEPAMHL14</lei>
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                <name>HSBC BANK USA</name>
                <lei>1IE8VN30JCEQV1H4R804</lei>
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                <assetCat>DFE</assetCat>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

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            <invstOrSec>
                <name>HSBC BANK USA</name>
                <lei>1IE8VN30JCEQV1H4R804</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>HSBC BANK USA</counterpartyName>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>UBS AG</counterpartyName>
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                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                    <other otherDesc="Internal ID" value="2754331"/>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
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                <lei>W22LROWP2IHZNBB6K528</lei>
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                    <other otherDesc="Internal ID" value="2754333"/>
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                <assetCat>DFE</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>GOLDMAN SACHS INTL FX</counterpartyName>
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                <name>CITIBANK N.A.</name>
                <lei>E57ODZWZ7FF32TWEFA76</lei>
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                    <other otherDesc="Internal ID" value="2754335"/>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>CITIBANK N.A.</counterpartyName>
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                <name>TORONTO-DOMINION BANK/THE</name>
                <lei>PT3QB789TSUIDF371261</lei>
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                    <other otherDesc="Internal ID" value="2754337"/>
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                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
                        <counterparties>
                            <counterpartyName>TORONTO-DOMINION BANK/THE</counterpartyName>
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                        <settlementDt>2025-04-16</settlementDt>
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                    <other otherDesc="Internal ID" value="2754339"/>
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                <units>NC</units>
                <curCd>N/A</curCd>
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                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>STATE STREET B AND T CO</counterpartyName>
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            <invstOrSec>
                <name>BARCLAYS BANK PLC WHOLESALE, LONDON </name>
                <lei>G5GSEF7VJP5I7OUK5573</lei>
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                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>BARCLAYS BANK PLC WHOLESALE, LONDON </counterpartyName>
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                        <settlementDt>2025-04-16</settlementDt>
                        <unrealizedAppr>-7553.06</unrealizedAppr>
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2754365"/>
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                <curCd>N/A</curCd>
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                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>STATE STREET B AND T CO</counterpartyName>
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2754376"/>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>STATE STREET B AND T CO</counterpartyName>
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            <invstOrSec>
                <name>JP MORGANCHASE BANK</name>
                <lei>7H6GLXDRUGQFU57RNE97</lei>
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                <cusip>N/A</cusip>
                <identifiers>
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                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

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                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>JP MORGANCHASE BANK</counterpartyName>
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                        <amtCurSold>1809.39</amtCurSold>
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                        <amtCurPur>1808.07</amtCurPur>
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                        <settlementDt>2025-04-16</settlementDt>
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            <invstOrSec>
                <name>WESTPAC BANKING CORPORATION</name>
                <lei>EN5TNI6CI43VEPAMHL14</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2754382"/>
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                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>904451.15</valUSD>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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            <invstOrSec>
                <name>BANK OF AMERICA N.A.</name>
                <lei>B4TYDEB6GKMZO031MB27</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2754386"/>
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                <units>NC</units>
                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

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                            <counterpartyName>BANK OF AMERICA N.A.</counterpartyName>
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                <name>TORONTO-DOMINION BANK/THE</name>
                <lei>PT3QB789TSUIDF371261</lei>
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                <invCountry>CA</invCountry>
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            <invstOrSec>
                <name>BARCLAYS BANK PLC WHOLESALE, LONDON </name>
                <lei>G5GSEF7VJP5I7OUK5573</lei>
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                <assetCat>DFE</assetCat>
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                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>BARCLAYS BANK PLC WHOLESALE, LONDON </counterpartyName>
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                <name>HSBC BANK PLC</name>
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                <invCountry>GB</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                    <other otherDesc="Internal ID" value="2756821"/>
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                <invCountry>US</invCountry>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>STATE STREET B AND T CO</counterpartyName>
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                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                    <other otherDesc="Internal ID" value="2756928"/>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
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            <invstOrSec>
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                <lei>G5GSEF7VJP5I7OUK5573</lei>
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                <cusip>N/A</cusip>
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                    <other otherDesc="Internal ID" value="2757348"/>
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                <units>NC</units>
                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>BARCLAYS BANK PLC WHOLESALE, LONDON </counterpartyName>
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                        <settlementDt>2025-05-21</settlementDt>
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            <invstOrSec>
                <name>GOLDMAN SACHS INTL FX</name>
                <lei>W22LROWP2IHZNBB6K528</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2757354"/>
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                <units>NC</units>
                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>GOLDMAN SACHS INTL FX</counterpartyName>
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                        <amtCurSold>382878.44</amtCurSold>
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                        <amtCurPur>382378.23</amtCurPur>
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                        <settlementDt>2025-05-21</settlementDt>
                        <unrealizedAppr>500.21</unrealizedAppr>
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                <name>BANK OF AMERICA N.A.</name>
                <lei>B4TYDEB6GKMZO031MB27</lei>
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                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2757429"/>
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                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>1923377.27</valUSD>
                <pctVal>0.824098983649</pctVal>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>BANK OF AMERICA N.A.</counterpartyName>
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                        <unrealizedAppr>2296.56</unrealizedAppr>
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            <invstOrSec>
                <name>GOLDMAN SACHS INTL FX</name>
                <lei>W22LROWP2IHZNBB6K528</lei>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>GOLDMAN SACHS INTL FX</counterpartyName>
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            <invstOrSec>
                <name>JP MORGANCHASE BANK</name>
                <lei>7H6GLXDRUGQFU57RNE97</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2757433"/>
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                <curCd>N/A</curCd>
                <valUSD>289604.41</valUSD>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>JP MORGANCHASE BANK</counterpartyName>
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                        <unrealizedAppr>4010.58</unrealizedAppr>
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            <invstOrSec>
                <name>TORONTO-DOMINION BANK/THE</name>
                <lei>PT3QB789TSUIDF371261</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2757439"/>
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                <units>NC</units>
                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>TORONTO-DOMINION BANK/THE</counterpartyName>
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            <invstOrSec>
                <name>HSBC BANK PLC</name>
                <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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                <identifiers>
                    <other otherDesc="Internal ID" value="2757441"/>
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                <curCd>N/A</curCd>
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                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                <lei>571474TGEMMWANRLN572</lei>
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                <name>BANK OF AMERICA N.A.</name>
                <lei>B4TYDEB6GKMZO031MB27</lei>
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            <invstOrSec>
                <name>HSBC BANK PLC</name>
                <lei>MP6I5ZYZBEU3UXPYFY54</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
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            <invstOrSec>
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                    <fwdDeriv derivCat="FWD">
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
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                <name>GOLDMAN SACHS INTL FX</name>
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            <invstOrSec>
                <name>JP MORGANCHASE BANK</name>
                <lei>7H6GLXDRUGQFU57RNE97</lei>
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                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
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                <lei>571474TGEMMWANRLN572</lei>
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                <name>WESTPAC BANKING CORPORATION</name>
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                <name>HSBC BANK PLC</name>
                <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
                <lei>4PQUHN3JPFGFNF3BB653</lei>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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            </invstOrSec>
            <invstOrSec>
                <name>BANK OF AMERICA N.A.</name>
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                <assetCat>DFE</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>BANK OF AMERICA N.A.</counterpartyName>
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            <invstOrSec>
                <name>BARCLAYS BANK PLC WHOLESALE, LONDON </name>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
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                <fairValLevel>2</fairValLevel>
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                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>BARCLAYS BANK PLC WHOLESALE, LONDON </counterpartyName>
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            <invstOrSec>
                <name>STATE STREET B AND T CO</name>
                <lei>571474TGEMMWANRLN572</lei>
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                <cusip>N/A</cusip>
                <identifiers>
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                <curCd>N/A</curCd>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>STATE STREET B AND T CO</counterpartyName>
                            <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
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                        <amtCurSold>3941450.18</amtCurSold>
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                        <unrealizedAppr>-1809.43</unrealizedAppr>
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            </invstOrSec>
            <invstOrSec>
                <name>BANK OF AMERICA N.A.</name>
                <lei>B4TYDEB6GKMZO031MB27</lei>
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                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2761127"/>
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                <balance>1</balance>
                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>257592.51</valUSD>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>BANK OF AMERICA N.A.</counterpartyName>
                            <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
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                        <amtCurSold>255386.12</amtCurSold>
                        <curSold>EUR</curSold>
                        <amtCurPur>257592.51</amtCurPur>
                        <curPur>USD</curPur>
                        <settlementDt>2025-06-18</settlementDt>
                        <unrealizedAppr>-2206.39</unrealizedAppr>
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            <invstOrSec>
                <name>JP MORGANCHASE BANK</name>
                <lei>7H6GLXDRUGQFU57RNE97</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2761129"/>
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                <balance>1</balance>
                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>256723.73</valUSD>
                <pctVal>0.109997018407</pctVal>
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                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>JP MORGANCHASE BANK</counterpartyName>
                            <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
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                        <amtCurSold>254483.51</amtCurSold>
                        <curSold>EUR</curSold>
                        <amtCurPur>256723.73</amtCurPur>
                        <curPur>USD</curPur>
                        <settlementDt>2025-06-18</settlementDt>
                        <unrealizedAppr>-2240.22</unrealizedAppr>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>HSBC BANK PLC</name>
                <lei>MP6I5ZYZBEU3UXPYFY54</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2761137"/>
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                <balance>1</balance>
                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>699257.23</valUSD>
                <pctVal>0.299606936996</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
                        <counterparties>
                            <counterpartyName>HSBC BANK PLC</counterpartyName>
                            <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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                        <amtCurSold>699119.06</amtCurSold>
                        <curSold>EUR</curSold>
                        <amtCurPur>699257.23</amtCurPur>
                        <curPur>USD</curPur>
                        <settlementDt>2025-06-18</settlementDt>
                        <unrealizedAppr>-138.17</unrealizedAppr>
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                <securityLending>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>GOLDMAN SACHS INTL FX</name>
                <lei>W22LROWP2IHZNBB6K528</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2761151"/>
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                <balance>1</balance>
                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>56187.03</valUSD>
                <pctVal>0.024074150734</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
                        <counterparties>
                            <counterpartyName>GOLDMAN SACHS INTL FX</counterpartyName>
                            <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
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                        <amtCurSold>55806.76</amtCurSold>
                        <curSold>GBP</curSold>
                        <amtCurPur>56187.03</amtCurPur>
                        <curPur>USD</curPur>
                        <settlementDt>2025-06-18</settlementDt>
                        <unrealizedAppr>-380.27</unrealizedAppr>
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                <securityLending>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>TORONTO-DOMINION BANK/THE</name>
                <lei>PT3QB789TSUIDF371261</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2761153"/>
                </identifiers>
                <balance>1</balance>
                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>931929.71</valUSD>
                <pctVal>0.399298847305</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
                        <counterparties>
                            <counterpartyName>TORONTO-DOMINION BANK/THE</counterpartyName>
                            <counterpartyLei>PT3QB789TSUIDF371261</counterpartyLei>
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                        <amtCurSold>925000.52</amtCurSold>
                        <curSold>GBP</curSold>
                        <amtCurPur>931929.71</amtCurPur>
                        <curPur>USD</curPur>
                        <settlementDt>2025-06-18</settlementDt>
                        <unrealizedAppr>-6929.19</unrealizedAppr>
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                </derivativeInfo>
                <securityLending>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>MORGAN STANLEY AND CO. INTERNATIONAL</name>
                <lei>4PQUHN3JPFGFNF3BB653</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2761155"/>
                </identifiers>
                <balance>1</balance>
                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>1836088.82</valUSD>
                <pctVal>0.786698976874</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
                        <counterparties>
                            <counterpartyName>MORGAN STANLEY AND CO. INTERNATIONAL</counterpartyName>
                            <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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                        <amtCurSold>1821391.33</amtCurSold>
                        <curSold>GBP</curSold>
                        <amtCurPur>1836088.82</amtCurPur>
                        <curPur>USD</curPur>
                        <settlementDt>2025-06-18</settlementDt>
                        <unrealizedAppr>-14697.49</unrealizedAppr>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>JP MORGANCHASE BANK</name>
                <lei>7H6GLXDRUGQFU57RNE97</lei>
                <title>CURRENCY FORWARDS</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2761157"/>
                </identifiers>
                <balance>1</balance>
                <units>NC</units>
                <curCd>N/A</curCd>
                <valUSD>7214027.21</valUSD>
                <pctVal>3.090954949143</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DFE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <fwdDeriv derivCat="FWD">
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                            <counterpartyName>JP MORGANCHASE BANK</counterpartyName>
                            <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
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                        <amtCurSold>7160365.73</amtCurSold>
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                        <amtCurPur>7214027.21</amtCurPur>
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                        <settlementDt>2025-06-18</settlementDt>
                        <unrealizedAppr>-53661.48</unrealizedAppr>
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            </invstOrSec>
            <invstOrSec>
                <name>PRYSMIAN SPA</name>
                <lei>529900X0H1IO3RS1A464</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="IT0004176001"/>
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                <balance>54938</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
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                <pctVal>1.295750643497</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>
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            <invstOrSec>
                <name>JD.COM INC</name>
                <lei>549300HVTWB0GJZ16V92</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG8208B1014"/>
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                <balance>112750</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128510753"/>
                <valUSD>2319440.99</valUSD>
                <pctVal>0.993798248688</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>
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            </invstOrSec>
            <invstOrSec>
                <name>EURONEXT</name>
                <lei>724500QJ4QSZ3H9QU415</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0006294274"/>
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                <balance>34206</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>4964386.77</valUSD>
                <pctVal>2.127063761961</pctVal>
                <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>
            <invstOrSec>
                <name>COCA-COLA EUROPACIFIC PARTNERS PLC</name>
                <lei>549300LTH67W4GWMRF57</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G25839104</cusip>
                <identifiers>
                    <isin value="GB00BDCPN049"/>
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                <balance>40900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>3559527</valUSD>
                <pctVal>1.525131147552</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>BANK OF IRELAND GROUP PLC</name>
                <lei>635400C8EK6DRI12LJ39</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="IE00BD1RP616"/>
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                <balance>243177</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>2873213.46</valUSD>
                <pctVal>1.231070122916</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNIVERSAL MUSIC GROUP NV</name>
                <lei>724500GJBUL3D9TW9Y18</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0015000IY2"/>
                </identifiers>
                <balance>104634</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>2889259.07</valUSD>
                <pctVal>1.237945098044</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SHELL PLC</name>
                <lei>21380068P1DRHMJ8KU70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BP6MXD84"/>
                </identifiers>
                <balance>92296</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>3377534.05</valUSD>
                <pctVal>1.447153619448</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>HALEON PLC</name>
                <lei>549300PSB3WWEODCUP19</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BMX86B70"/>
                </identifiers>
                <balance>953327</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4814496.87</valUSD>
                <pctVal>2.062841252849</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>SANDOZ GROUP AG</name>
                <lei>5493000JWK6XWFEUD320</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH1243598427"/>
                </identifiers>
                <balance>52907</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.130326664"/>
                <valUSD>2218604.05</valUSD>
                <pctVal>0.950593194191</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NIPPON SANSO HOLDINGS CORP</name>
                <lei>353800F1K6653B4VPY57</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3711600001"/>
                </identifiers>
                <balance>95600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>2899984.6</valUSD>
                <pctVal>1.242540607469</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>SCHNEIDER ELECTRIC SE</name>
                <lei>969500A1YF1XUYYXS284</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121972"/>
                </identifiers>
                <balance>13264</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>3061932.51</valUSD>
                <pctVal>1.311929546455</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>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD</name>
                <lei>549300KB6NK5SBD14S87</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002330008"/>
                </identifiers>
                <balance>120000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".030118214"/>
                <valUSD>3379557.88</valUSD>
                <pctVal>1.448020758866</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>NOMURA HOLDINGS INC</name>
                <lei>549300B3CEAHYG7K8164</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J59009159</cusip>
                <identifiers>
                    <isin value="JP3762600009"/>
                </identifiers>
                <balance>317100</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>1953944.19</valUSD>
                <pctVal>0.837195825386</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>BNP PARIBAS SA</name>
                <lei>R0MUWSFPU8MPRO8K5P83</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000131104"/>
                </identifiers>
                <balance>61994</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>5181418.08</valUSD>
                <pctVal>2.220053985346</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>PRUDENTIAL PLC</name>
                <lei>5493001Z3ZE83NGK8Y12</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G72899100</cusip>
                <identifiers>
                    <isin value="GB0007099541"/>
                </identifiers>
                <balance>376899</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4067124.65</valUSD>
                <pctVal>1.742618748135</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WOLTERS KLUWER NV</name>
                <lei>724500TEM53I0U077B74</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0000395903"/>
                </identifiers>
                <balance>18624</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>2899686.32</valUSD>
                <pctVal>1.242412805062</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>IBERDROLA SA</name>
                <lei>5QK37QC7NWOJ8D7WVQ45</lei>
                <title>ORDINARY SHARES</title>
                <cusip>E6164R104</cusip>
                <identifiers>
                    <isin value="ES0144580Y14"/>
                </identifiers>
                <balance>448593</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>7243915.58</valUSD>
                <pctVal>3.103761056257</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ES</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SIEMENS AG</name>
                <lei>W38RGI023J3WT1HWRP32</lei>
                <title>ORDINARY SHARES</title>
                <cusip>D69671218</cusip>
                <identifiers>
                    <isin value="DE0007236101"/>
                </identifiers>
                <balance>32326</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>7465569.78</valUSD>
                <pctVal>3.198732024143</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SONY GROUP CORP</name>
                <lei>529900R5WX9N2OI2N910</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3435000009"/>
                </identifiers>
                <balance>267800</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>6776140.27</valUSD>
                <pctVal>2.903335916811</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>ASML HOLDING NV</name>
                <lei>724500Y6DUVHQD6OXN27</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0010273215"/>
                </identifiers>
                <balance>7694</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>5091683.91</valUSD>
                <pctVal>2.181606074243</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HOYA CORP</name>
                <lei>353800X4VR3BHEUCJB42</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3837800006"/>
                </identifiers>
                <balance>51300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>5789635.47</valUSD>
                <pctVal>2.480653577924</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>TESCO PLC</name>
                <lei>2138002P5RNKC5W2JZ46</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G87621101</cusip>
                <identifiers>
                    <isin value="GB00BLGZ9862"/>
                </identifiers>
                <balance>1072797</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4615478.46</valUSD>
                <pctVal>1.977568918624</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>NATWEST GROUP PLC</name>
                <lei>2138005O9XJIJN4JPN90</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BM8PJY71"/>
                </identifiers>
                <balance>799522</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4720686.39</valUSD>
                <pctVal>2.022646787400</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>BP PLC</name>
                <lei>213800LH1BZH3DI6G760</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0007980591"/>
                </identifiers>
                <balance>726013</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4073987.99</valUSD>
                <pctVal>1.745559446045</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>STMICROELECTRONICS NV</name>
                <lei>213800Z8NOHIKRI42W10</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0000226223"/>
                </identifiers>
                <balance>102197</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>2240927.99</valUSD>
                <pctVal>0.960158211181</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DANONE SA</name>
                <lei>969500KMUQ2B6CBAF162</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000120644"/>
                </identifiers>
                <balance>53051</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>4057618.35</valUSD>
                <pctVal>1.738545635547</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>COMPASS GROUP PLC</name>
                <lei>2138008M6MH9OZ6U2T68</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BD6K4575"/>
                </identifiers>
                <balance>135765</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4490602.57</valUSD>
                <pctVal>1.924064026143</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>ACCOR SA</name>
                <lei>969500QZC2Q0TK11NV07</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000120404"/>
                </identifiers>
                <balance>77611</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>3539469.38</valUSD>
                <pctVal>1.516537168350</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>ASTRAZENECA PLC</name>
                <lei>PY6ZZQWO2IZFZC3IOL08</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0009895292"/>
                </identifiers>
                <balance>34486</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>5064087.22</valUSD>
                <pctVal>2.169781870777</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>NINTENDO CO LTD</name>
                <lei>353800FEEXU6I9M0ZF27</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3756600007"/>
                </identifiers>
                <balance>68900</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>4683663.53</valUSD>
                <pctVal>2.006783804212</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>BARCLAYS PLC</name>
                <lei>213800LBQA1Y9L22JB70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0031348658"/>
                </identifiers>
                <balance>1087405</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4088679.86</valUSD>
                <pctVal>1.751854391568</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>INFORMA PLC</name>
                <lei>5493006VM2LKUPSEDU20</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BMJ6DW54"/>
                </identifiers>
                <balance>301432</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>3022428.8</valUSD>
                <pctVal>1.295003606979</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>AIRBUS SE</name>
                <lei>MINO79WLOO247M1IL051</lei>
                <title>ORDINARY SHARES</title>
                <cusip>F17114103</cusip>
                <identifiers>
                    <isin value="NL0000235190"/>
                </identifiers>
                <balance>26821</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>4722793.39</valUSD>
                <pctVal>2.023549562215</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>CIE DE SAINT-GOBAIN SA</name>
                <lei>NFONVGN05Z0FMN5PEC35</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125007"/>
                </identifiers>
                <balance>50558</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>5036425.17</valUSD>
                <pctVal>2.157929662869</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>VINCI SA</name>
                <lei>213800WFQ334R8UXUG83</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125486"/>
                </identifiers>
                <balance>38362</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>4835919.47</valUSD>
                <pctVal>2.072020077597</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>CRH PLC</name>
                <lei>549300MIDJNNTH068E74</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="IE0001827041"/>
                </identifiers>
                <balance>49548</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>4342515.92</valUSD>
                <pctVal>1.860614145737</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MITSUBISHI UFJ FINANCIAL GROUP INC</name>
                <lei>353800V2V8PUY9TK3E06</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J44497105</cusip>
                <identifiers>
                    <isin value="JP3902900004"/>
                </identifiers>
                <balance>459500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>6264736.98</valUSD>
                <pctVal>2.684217734384</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>DEUTSCHE BOERSE AG</name>
                <lei>529900G3SW56SHYNPR95</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0005810055"/>
                </identifiers>
                <balance>18449</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>5443556.06</valUSD>
                <pctVal>2.332370817963</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AKZO NOBEL NV</name>
                <lei>724500XYIJUGXAA5QD70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0013267909"/>
                </identifiers>
                <balance>45094</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>2777145.59</valUSD>
                <pctVal>1.189908445868</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ASAHI GROUP HOLDINGS LTD</name>
                <lei>353800KAJ02XNHLCJW79</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3116000005"/>
                </identifiers>
                <balance>172300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>2201402.63</valUSD>
                <pctVal>0.943222995447</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>ROCHE HOLDING AG</name>
                <lei>549300U41AUUVOAAOB37</lei>
                <title>ORDINARY SHARES</title>
                <cusip>H69293217</cusip>
                <identifiers>
                    <isin value="CH0012032048"/>
                </identifiers>
                <balance>13412</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.130326664"/>
                <valUSD>4414259.39</valUSD>
                <pctVal>1.891353679594</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LONDON STOCK EXCHANGE GROUP PLC</name>
                <lei>213800QAUUUP6I445N30</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00B0SWJX34"/>
                </identifiers>
                <balance>55631</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.291750006"/>
                <valUSD>8262717.2</valUSD>
                <pctVal>3.540281437712</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>CANADIAN NATIONAL RAILWAY CO</name>
                <lei>3SU7BEP7TH9YEQOZCS77</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA1363751027"/>
                </identifiers>
                <balance>20700</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".694902887"/>
                <valUSD>2014403.95</valUSD>
                <pctVal>0.863100689473</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>THALES SA</name>
                <lei>529900FNDVTQJOVVPZ19</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121329"/>
                </identifiers>
                <balance>22402</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>5954931.79</valUSD>
                <pctVal>2.551477191907</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>NATIONAL BANK OF GREECE SA</name>
                <lei>5UMCZOEYKCVFAW8ZLO05</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GRS003003035"/>
                </identifiers>
                <balance>359464</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>3694560.32</valUSD>
                <pctVal>1.582988138745</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BUZZI SPA</name>
                <lei>5299003DX5YLKSVJ6K59</lei>
                <title>ORDINARY SHARES</title>
                <cusip>T95170105</cusip>
                <identifiers>
                    <isin value="IT0001347308"/>
                </identifiers>
                <balance>51497</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08130003"/>
                <valUSD>2478003.84</valUSD>
                <pctVal>1.061736809452</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>SBI HOLDINGS INC</name>
                <lei>353800L6LMHYIPSMRQ17</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J7596G109</cusip>
                <identifiers>
                    <isin value="JP3436120004"/>
                </identifiers>
                <balance>126700</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>3421271.03</valUSD>
                <pctVal>1.465893365065</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>JARDINE MATHESON HOLDINGS LTD</name>
                <lei>2138009KENVUNWOLPK41</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BMG507361001"/>
                </identifiers>
                <balance>43900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1854017.75</valUSD>
                <pctVal>0.794380887865</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NOF CORP</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3753400005"/>
                </identifiers>
                <balance>86500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>1175554.62</valUSD>
                <pctVal>0.503683485646</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>RYOHIN KEIKAKU CO LTD</name>
                <lei>549300PMNF56J66BY371</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3976300008"/>
                </identifiers>
                <balance>142100</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>3881957.3</valUSD>
                <pctVal>1.663281102151</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>SOFTBANK GROUP CORP</name>
                <lei>5493003BZYYYCDIO0R13</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3436100006"/>
                </identifiers>
                <balance>36900</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>1887431.19</valUSD>
                <pctVal>0.808697362523</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>SUMITOMO MITSUI FINANCIAL GROUP INC</name>
                <lei>35380028MYWPB6AUO129</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J7771X109</cusip>
                <identifiers>
                    <isin value="JP3890350006"/>
                </identifiers>
                <balance>180600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006667111"/>
                <valUSD>4644058.53</valUSD>
                <pctVal>1.989814465562</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>TENCENT HOLDINGS LTD</name>
                <lei>254900N4SLUMW4XUYY11</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G87572163</cusip>
                <identifiers>
                    <isin value="KYG875721634"/>
                </identifiers>
                <balance>54100</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128510753"/>
                <valUSD>3456768.36</valUSD>
                <pctVal>1.481102712722</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>SAMSUNG ELECTRONICS CO LTD</name>
                <lei>9884007ER46L6N7EI764</lei>
                <title>PREFERRED</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7005931001"/>
                </identifiers>
                <balance>71913</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000679117"/>
                <valUSD>2327634.31</valUSD>
                <pctVal>0.997308795885</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EP</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
                </identifiers>
                <balance>5907713</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>5907713.03</valUSD>
                <pctVal>2.531245626976</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>State Street Institutional U.S. Government Money Market Fund, Premier Class</name>
                <lei>N/A</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="715802"/>
                </identifiers>
                <balance>270000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>270000</valUSD>
                <pctVal>0.115685429508</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>RF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912797NY9</cusip>
                <identifiers>
                    <isin value="US912797NY99"/>
                </identifiers>
                <balance>800000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>799340.29</valUSD>
                <pctVal>0.342488980635</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2025-04-08</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912797PA9</cusip>
                <identifiers>
                    <isin value="US912797PA95"/>
                </identifiers>
                <balance>1400000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>1396532.98</valUSD>
                <pctVal>0.598364880048</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2025-04-22</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T. NOTE</title>
                <cusip>912828ZW3</cusip>
                <identifiers>
                    <isin value="US912828ZW33"/>
                </identifiers>
                <balance>204000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>202100.76</valUSD>
                <pctVal>0.086593011942</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2025-06-30</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>.25</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T. NOTE</title>
                <cusip>91282CAE1</cusip>
                <identifiers>
                    <isin value="US91282CAE12"/>
                </identifiers>
                <balance>76000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>63823.28</valUSD>
                <pctVal>0.027346013183</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2030-08-15</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>.625</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <explntrNotes>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either paid or received, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.2"/>
            <explntrNote note="Monthly total returns provided exclude any applicable sales loads or redemption fees. " noteItem="B.5.a"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either received or paid, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.1"/>
            <explntrNote note="For certain swaptions, if any, the value provided may include any unpaid or received premium and as a result may be a negative value." noteItem="C.2.c"/>
        </explntrNotes>
        <signature>
            <ncom:dateSigned>2025-05-29</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Variable Trust</ncom:nameOfApplicant>
            <ncom:signature>Kevin R Blatchford</ncom:signature>
            <ncom:signerName>Kevin R Blatchford</ncom:signerName>
            <ncom:title>Assistant Treasurer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
