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          <ccc>XXXXXXXX</ccc>
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      <regCik>0000837274</regCik>
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      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Templeton Foreign VIP Fund</seriesName>
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      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
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      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
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      <invstOrSec>
        <name>MATSUMOTOKIYOSHI HOLDINGS CO LTD ORD JPY NPV</name>
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        <title>MATSUMOTOKIYOSHI HOLDINGS CO LTD ORD JPY NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3869010003"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>SANOFI ORD EUR2</name>
        <lei>549300E9PC51EN656011</lei>
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        <cusip>F5548N101</cusip>
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          <ticker value="SAN"/>
          <other otherDesc="Internal Identifier" value="198957"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
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        <title>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</title>
        <cusip>457756500</cusip>
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          <ticker value="INFXX"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cie Generale des Etablissements Michelin SCA ORD EUR2</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Cie Generale des Etablissements Michelin SCA ORD EUR2</title>
        <cusip>F61824144</cusip>
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          <ticker value="ML"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TENARIS SA ORD EUR1</name>
        <lei>549300Y7C05BKC4HZB40</lei>
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          <ticker value="TEN"/>
          <other otherDesc="Internal Identifier" value="349268"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SINGAPORE TELECOMMUNICATIONS LTD ORD SGD.15</name>
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        <title>SINGAPORE TELECOMMUNICATIONS LTD ORD SGD.15</title>
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          <ticker value="ST"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VODAFONE GROUP PLC SPONSORED ADR</name>
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        <cusip>92857W308</cusip>
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          <ticker value="VOD"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUNTORY BEVERAGE &amp; FOOD LTD ORD JPY NPV</name>
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        <cusip>000000000</cusip>
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          <isin value="JP3336560002"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASTELLAS PHARMA INC ORD JPY NPV</name>
        <lei>529900IB708DY2HBBB35</lei>
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        <cusip>000000000</cusip>
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          <isin value="JP3942400007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHINA MOBILE LTD ORD HKD NPV</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>CHINA MOBILE LTD ORD HKD NPV</title>
        <cusip>Y14965100</cusip>
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          <ticker value="941"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SUNDRUG CO LTD ORD JPY1</name>
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        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3336600006"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INFINEON TECHNOLOGIES AG ORD EUR NPV</name>
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        <cusip>000000000</cusip>
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          <isin value="DE0006231004"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ING GROEP NV ORD EUR.01</name>
        <lei>549300NYKK9MWM7GGW15</lei>
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          <ticker value="INGA"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>JOHNSON MATTHEY PLC ORD GBP1.109245</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ORD TWD10</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CIE DE SAINT-GOBAIN ORD EUR4</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>CIE DE SAINT-GOBAIN ORD EUR4</title>
        <cusip>F80343100</cusip>
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          <ticker value="SGO"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CK Asset Holdings Ltd ORD HKD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CK HUTCHISON HOLDINGS LTD ORD HKD1</name>
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        <name>AP MOELLER - MAERSK A/S ORD B DKK1000</name>
        <lei>549300D2K6PKKKXVNN73</lei>
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        <cusip>K0514G101</cusip>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>HUSKY ENERGY INC ORD NPV</name>
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        <name>BNP PARIBAS SA ORD EUR2</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ROCHE HOLDING AG ORD CHF NPV</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>ROCHE HOLDING AG ORD CHF NPV</title>
        <cusip>H69293217</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELEFONICA DEUTSCHLAND HOLDING AG ORD EUR NPV</name>
        <lei>391200ECRPJ3SWQJUM30</lei>
        <title>TELEFONICA DEUTSCHLAND HOLDING AG ORD EUR NPV</title>
        <cusip>D8T9CK101</cusip>
        <identifiers>
          <ticker value="O2D"/>
          <other otherDesc="Internal Identifier" value="533576"/>
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        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>9080044.76000000</valUSD>
        <pctVal>0.670557038543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO METAL MINING CO LTD ORD JPY NPV</name>
        <lei>353800CF81IXL9974H84</lei>
        <title>SUMITOMO METAL MINING CO LTD ORD JPY NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3402600005"/>
          <other otherDesc="Internal Identifier" value="21942"/>
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        <balance>603700.00000000</balance>
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        <valUSD>19687258.34000000</valUSD>
        <pctVal>1.453894776782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROYAL DUTCH SHELL PLC ORD GBP.07 B SHARES</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>ROYAL DUTCH SHELL PLC ORD GBP.07 B SHARES</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B03MM408"/>
          <other otherDesc="Internal Identifier" value="339957"/>
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        <valUSD>30936779.43000000</valUSD>
        <pctVal>2.284666622795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SHINHAN FINANCIAL GROUP CO LTD ORD KRW5000</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>SHINHAN FINANCIAL GROUP CO LTD ORD KRW5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7055550008"/>
          <other otherDesc="Internal Identifier" value="261716"/>
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        <balance>366922.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>13759694.03000000</valUSD>
        <pctVal>1.016146938027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NXP SEMICONDUCTORS NV ORD USD NPV</name>
        <lei>724500M9BY5293JDF951</lei>
        <title>NXP SEMICONDUCTORS NV ORD USD NPV</title>
        <cusip>N6596X109</cusip>
        <identifiers>
          <ticker value="NXPI"/>
          <other otherDesc="Internal Identifier" value="474794"/>
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        <balance>221300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28162638.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SEVEN &amp; I HOLDINGS CO LTD ORD JPY NPV</name>
        <lei>52990037G8JRM3TWGY86</lei>
        <title>SEVEN &amp; I HOLDINGS CO LTD ORD JPY NPV</title>
        <cusip>J7165H108</cusip>
        <identifiers>
          <ticker value="3382"/>
          <other otherDesc="Internal Identifier" value="341346"/>
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        <balance>360100.00000000</balance>
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        <valUSD>13264138.95000000</valUSD>
        <pctVal>0.979550428245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HANA FINANCIAL GROUP INC ORD KRW5000</name>
        <lei>N/A</lei>
        <title>HANA FINANCIAL GROUP INC ORD KRW5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7086790003"/>
          <other otherDesc="Internal Identifier" value="349115"/>
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        <balance>540193.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MITSUI FUDOSAN CO LTD ORD JPY NPV</name>
        <lei>353800ND4ZKNZDYKMF33</lei>
        <title>MITSUI FUDOSAN CO LTD ORD JPY NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3893200000"/>
          <other otherDesc="Internal Identifier" value="192704"/>
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        <balance>767500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>18870577.41000000</valUSD>
        <pctVal>1.393583273884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KIRIN HOLDINGS CO LTD ORD JPY NPV</name>
        <lei>353800GBVL72LLMTYM96</lei>
        <title>KIRIN HOLDINGS CO LTD ORD JPY NPV</title>
        <cusip>497350108</cusip>
        <identifiers>
          <ticker value="2503"/>
          <other otherDesc="Internal Identifier" value="39399"/>
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        <balance>841800.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>18513015.87000000</valUSD>
        <pctVal>1.367177522184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAYER AG ORD EUR NPV *REGISTERED SHARES*</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>BAYER AG ORD EUR NPV *REGISTERED SHARES*</title>
        <cusip>D0712D163</cusip>
        <identifiers>
          <ticker value="BAYN"/>
          <other otherDesc="Internal Identifier" value="54437"/>
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        <balance>412732.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
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        <pctVal>2.488781829901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAE SYSTEMS PLC ORD GBP.025</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE SYSTEMS PLC ORD GBP.025</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0002634946"/>
          <other otherDesc="Internal Identifier" value="11825"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TAKEDA PHARMACEUTICAL CO LTD ORD JPY NPV</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>TAKEDA PHARMACEUTICAL CO LTD ORD JPY NPV</title>
        <cusip>J8129E108</cusip>
        <identifiers>
          <ticker value="4502"/>
          <other otherDesc="Internal Identifier" value="25080"/>
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        <balance>816694.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SINOPEC ENGINEERING GROUP CO LTD ORD HKD1</name>
        <lei>529900MZVFFC7D57VV51</lei>
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        <cusip>000000000</cusip>
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          <isin value="CNE100001NV2"/>
          <other otherDesc="Internal Identifier" value="550342"/>
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        <balance>11734000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of Ireland Group PLC ORD EUR NPV</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group PLC ORD EUR NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BD1RP616"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Landis+Gyr Group AG ORD CHF NPV</name>
        <lei>529900PZYVAKCYSLFL19</lei>
        <title>Landis+Gyr Group AG ORD CHF NPV</title>
        <cusip>000000000</cusip>
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          <isin value="CH0371153492"/>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KINGFISHER PLC ORD GBP.157143</name>
        <lei>213800KBMEV7I92FY281</lei>
        <title>KINGFISHER PLC ORD GBP.157143</title>
        <cusip>000000000</cusip>
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          <isin value="GB0033195214"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WHEATON PRECIOUS METALS CORP ORD CAD NPV</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>WHEATON PRECIOUS METALS CORP ORD CAD NPV</title>
        <cusip>962879102</cusip>
        <identifiers>
          <ticker value="WPM"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUMITOMO MITSUI FINANCIAL GROUP INC ORD JPY NPV</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FINANCIAL GROUP INC ORD JPY NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3890350006"/>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BAIDU INC ADR CLASS A</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>BAIDU INC ADR CLASS A</title>
        <cusip>056752108</cusip>
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          <ticker value="BIDU"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GALP ENERGIA SGPS SA ORD EUR1  B SHRS</name>
        <lei>2138003319Y7NM75FG53</lei>
        <title>GALP ENERGIA SGPS SA ORD EUR1  B SHRS</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SWIRE PACIFIC LTD ORD A HKD.60</name>
        <lei>549300KZOZHII0DGF611</lei>
        <title>SWIRE PACIFIC LTD ORD A HKD.60</title>
        <cusip>Y83310105</cusip>
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          <ticker value="19"/>
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        <valUSD>704274.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PANASONIC CORP ORD JPY NPV</name>
        <lei>254900GE1G59KGWPHX32</lei>
        <title>PANASONIC CORP ORD JPY NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3866800000"/>
          <other otherDesc="Internal Identifier" value="18059"/>
        </identifiers>
        <balance>2272100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>21524057.51000000</valUSD>
        <pctVal>1.589541532320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVARTIS AG ORD CHF.5</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>NOVARTIS AG ORD CHF.5</title>
        <cusip>H5820Q150</cusip>
        <identifiers>
          <ticker value="NOVN"/>
          <other otherDesc="Internal Identifier" value="43630"/>
        </identifiers>
        <balance>128920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96915000"/>
        <valUSD>12243836.10000000</valUSD>
        <pctVal>0.904201542243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALAMOS GOLD INC ORD USD NPV CL A</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>ALAMOS GOLD INC ORD USD NPV CL A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <ticker value="AGI"/>
          <other otherDesc="Internal Identifier" value="607950"/>
        </identifiers>
        <balance>3063752.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18443787.04000000</valUSD>
        <pctVal>1.362065005621</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>CHINA TELECOM CORP LTD ORD H CNY1</name>
        <lei>529900JXXCCUCX634T88</lei>
        <title>CHINA TELECOM CORP LTD ORD H CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE1000002V2"/>
          <other otherDesc="Internal Identifier" value="269202"/>
        </identifiers>
        <balance>40444357.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>16660855.71000000</valUSD>
        <pctVal>1.230396364753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>E.ON SE ORD EUR NPV</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
        <title>E.ON SE ORD EUR NPV</title>
        <cusip>D24914133</cusip>
        <identifiers>
          <ticker value="EOAN"/>
          <other otherDesc="Internal Identifier" value="54491"/>
        </identifiers>
        <balance>1722486.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>18397338.78000000</valUSD>
        <pctVal>1.358634823447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BP PLC ORD GBP.25</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC ORD GBP.25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0007980591"/>
          <other otherDesc="Internal Identifier" value="283"/>
        </identifiers>
        <balance>5505186.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>34385975.95000000</valUSD>
        <pctVal>2.539388164917</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>ISUZU MOTORS LTD ORD JPY NPV</name>
        <lei>529900C0QSXVCC7AR494</lei>
        <title>ISUZU MOTORS LTD ORD JPY NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3137200006"/>
          <other otherDesc="Internal Identifier" value="226150"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.00000000"/>
        <valUSD>12978644.58000000</valUSD>
        <pctVal>0.958466803182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinor ASA ORD NOK 2.5</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>Equinor ASA ORD NOK 2.5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0010096985"/>
          <other otherDesc="Internal Identifier" value="211245"/>
        </identifiers>
        <balance>1032386.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.81260000"/>
        <valUSD>20641839.13000000</valUSD>
        <pctVal>1.524390119538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINOPHARM GROUP CO LTD ORD HKD 1 CL H</name>
        <lei>529900N54X78YH9JYK92</lei>
        <title>SINOPHARM GROUP CO LTD ORD HKD 1 CL H</title>
        <cusip>Y8008N107</cusip>
        <identifiers>
          <ticker value="1099"/>
          <other otherDesc="Internal Identifier" value="453002"/>
        </identifiers>
        <balance>2794800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>10203926.95000000</valUSD>
        <pctVal>0.753555210129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS GROUP AG ORD CHF.1</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG ORD CHF.1</title>
        <cusip>H42097107</cusip>
        <identifiers>
          <ticker value="UBSG"/>
          <other otherDesc="Internal Identifier" value="591821"/>
        </identifiers>
        <balance>540632.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96915000"/>
        <valUSD>6830182.61000000</valUSD>
        <pctVal>0.504405776043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERCK KGAA ORD EUR NPV</name>
        <lei>529900OAREIS0MOPTW25</lei>
        <title>MERCK KGAA ORD EUR NPV</title>
        <cusip>D5357W103</cusip>
        <identifiers>
          <ticker value="MRK"/>
          <other otherDesc="Internal Identifier" value="61429"/>
        </identifiers>
        <balance>175053.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>20681594.38000000</valUSD>
        <pctVal>1.527326026068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBM OFFSHORE NV ORD EUR.25</name>
        <lei>549300RDGCRYZ5QE6513</lei>
        <title>SBM OFFSHORE NV ORD EUR.25</title>
        <cusip>N7752F148</cusip>
        <identifiers>
          <ticker value="SBMO"/>
          <other otherDesc="Internal Identifier" value="347280"/>
        </identifiers>
        <balance>960511.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>17870168.49000000</valUSD>
        <pctVal>1.319703545264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
