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      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Templeton Growth VIP Fund</seriesName>
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      <invstOrSec>
        <name>ROYAL DUTCH SHELL PLC ORD GBP.07 B SHARES</name>
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      <invstOrSec>
        <name>TAKEDA PHARMACEUTICAL CO LTD ORD JPY NPV</name>
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        <name>ING GROEP NV ORD EUR.01</name>
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        <name>BAIDU INC ADR CLASS A</name>
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        <name>DEUTSCHE TELEKOM AG ORD REGD NPV</name>
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        <name>UNITED PARCEL SERVICE INC COM B USD.01</name>
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        <name>KINGFISHER PLC ORD GBP.157143</name>
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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>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>WALGREENS BOOTS ALLIANCE INC COM USD.01</name>
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          <ticker value="WBA"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>KUNLUN ENERGY CO LTD ORD HKD.01</name>
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          <isin value="BMG5320C1082"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AP MOELLER - MAERSK A/S ORD B DKK1000</name>
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          <ticker value="MAERSKB"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SIEMENS AG ORD EUR NPV - REGISTERED</name>
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        <cusip>000000000</cusip>
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          <isin value="DE0007236101"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MATTEL INC COM USD1</name>
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          <ticker value="MAT"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; CO COM USD.1666</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHINA LIFE INSURANCE CO LTD ORD HKD1 CLASS H</name>
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          <isin value="CNE1000002L3"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HERO MOTOCORP LTD ORD INR2 (DEMAT)</name>
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          <isin value="INE158A01026"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <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>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC ORD USD.5 (HK REG)</name>
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          <isin value="GB0005405286"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Bank of Ireland Group PLC ORD EUR NPV</name>
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        <title>Bank of Ireland Group PLC ORD EUR NPV</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AEGON NV ORD EUR.12</name>
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        <name>KROGER CO COM USD1</name>
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        <name>APACHE CORP COM USD.625</name>
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      <invstOrSec>
        <name>BAYER AG ORD EUR NPV *REGISTERED SHARES*</name>
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        <name>CK HUTCHISON HOLDINGS LTD ORD HKD1</name>
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        <name>KB FINANCIAL GROUP INC ORD KRW5000</name>
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        <name>SUNTORY BEVERAGE &amp; FOOD LTD ORD JPY NPV</name>
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        <name>SANOFI ORD EUR2</name>
        <lei>549300E9PC51EN656011</lei>
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        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>17798013.78000000</valUSD>
        <pctVal>2.267381596824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CK Asset Holdings Ltd ORD HKD1</name>
        <lei>5299006GJZSGP78B8S35</lei>
        <title>CK Asset Holdings Ltd ORD HKD1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG2177B1014"/>
          <other otherDesc="Internal Identifier" value="603522"/>
        </identifiers>
        <balance>796840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>5752120.68000000</valUSD>
        <pctVal>0.732792587631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KELLOGG CO COM USD.25</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
        <title>KELLOGG CO COM USD.25</title>
        <cusip>487836108</cusip>
        <identifiers>
          <ticker value="K"/>
          <other otherDesc="Internal Identifier" value="31184"/>
        </identifiers>
        <balance>242010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16737411.60000000</valUSD>
        <pctVal>2.132265965709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA TELECOM CORP LTD ADR</name>
        <lei>529900JXXCCUCX634T88</lei>
        <title>CHINA TELECOM CORP LTD ADR</title>
        <cusip>169426103</cusip>
        <identifiers>
          <ticker value="CHA"/>
          <other otherDesc="Internal Identifier" value="303805"/>
        </identifiers>
        <balance>98965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4076368.35000000</valUSD>
        <pctVal>0.519309777648</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>CITIGROUP INC COM USD0.01</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC COM USD0.01</title>
        <cusip>172967424</cusip>
        <identifiers>
          <ticker value="C"/>
          <other otherDesc="Internal Identifier" value="4476"/>
        </identifiers>
        <balance>161090.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12869480.10000000</valUSD>
        <pctVal>1.639510043094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELEFONICA SA ORD BR EUR1</name>
        <lei>549300EEJH4FEPDBBR25</lei>
        <title>TELEFONICA SA ORD BR EUR1</title>
        <cusip>879382109</cusip>
        <identifiers>
          <ticker value="TEF"/>
          <other otherDesc="Internal Identifier" value="54139"/>
        </identifiers>
        <balance>901225.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>6293496.78000000</valUSD>
        <pctVal>0.801761306347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT AGRICOLE SA ORD EUR3</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>CREDIT AGRICOLE SA ORD EUR3</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000045072"/>
          <other otherDesc="Internal Identifier" value="225131"/>
        </identifiers>
        <balance>745066.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>10799538.96000000</valUSD>
        <pctVal>1.375809469234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA MOBILE LTD ORD HKD NPV</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>CHINA MOBILE LTD ORD HKD NPV</title>
        <cusip>Y14965100</cusip>
        <identifiers>
          <ticker value="941"/>
          <other otherDesc="Internal Identifier" value="49551"/>
        </identifiers>
        <balance>1020100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>8574689.12000000</valUSD>
        <pctVal>1.092374269932</pctVal>
        <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>CARDINAL HEALTH INC COM NPV</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
        <title>CARDINAL HEALTH INC COM NPV</title>
        <cusip>14149Y108</cusip>
        <identifiers>
          <ticker value="CAH"/>
          <other otherDesc="Internal Identifier" value="29555"/>
        </identifiers>
        <balance>98308.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4972418.64000000</valUSD>
        <pctVal>0.633462287163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
          <other otherDesc="Internal Identifier" value="321598"/>
        </identifiers>
        <balance>496476.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.30590000"/>
        <valUSD>14772703.40000000</valUSD>
        <pctVal>1.881971563711</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>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>
        <identifiers>
          <isin value="JP3890350006"/>
          <other otherDesc="Internal Identifier" value="263172"/>
        </identifiers>
        <balance>271960.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>10105125.19000000</valUSD>
        <pctVal>1.287344485324</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>BARCLAYS PLC ORD GBP.25</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC ORD GBP.25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0031348658"/>
          <other otherDesc="Internal Identifier" value="279"/>
        </identifiers>
        <balance>3966533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>9437341.70000000</valUSD>
        <pctVal>1.202272071368</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>SAMSUNG ELECTRONICS CO LTD ORD KRW 100</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD ORD KRW 100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <ticker value="005930"/>
          <other otherDesc="Internal Identifier" value="19148"/>
        </identifiers>
        <balance>373630.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>18035237.33000000</valUSD>
        <pctVal>2.297602739377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEVA PHARMACEUTICAL INDUSTRIES LTD SPONSORED ADR</name>
        <lei>549300BAFGM4RC74ZJ94</lei>
        <title>TEVA PHARMACEUTICAL INDUSTRIES LTD SPONSORED ADR</title>
        <cusip>881624209</cusip>
        <identifiers>
          <ticker value="TEVA"/>
          <other otherDesc="Internal Identifier" value="30378"/>
        </identifiers>
        <balance>608540.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5963692.00000000</valUSD>
        <pctVal>0.759745759109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>322500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>7092477.57000000</valUSD>
        <pctVal>0.903547627105</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>KYOCERA CORP ORD JPY NPV</name>
        <lei>N/A</lei>
        <title>KYOCERA CORP ORD JPY NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3249600002"/>
          <other otherDesc="Internal Identifier" value="31953"/>
        </identifiers>
        <balance>53000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>3647941.11000000</valUSD>
        <pctVal>0.464730201996</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>VALUE PARTNERS GROUP LTD ORD HKD.1</name>
        <lei>549300RYVTCSHFKXHB81</lei>
        <title>VALUE PARTNERS GROUP LTD ORD HKD.1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG931751005"/>
          <other otherDesc="Internal Identifier" value="421548"/>
        </identifiers>
        <balance>1014940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>625195.64000000</valUSD>
        <pctVal>0.079646926116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</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>
