<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P/A</submissionType>
    <isConfidential>false</isConfidential>
    <accessionNumber>0001752724-20-043810</accessionNumber>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000865722</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000021022</seriesId>
        <classId>C000059765</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Templeton Institutional Funds</regName>
      <regFileNumber>811-06135</regFileNumber>
      <regCik>0000865722</regCik>
      <regLei>549300JRP25VIFBAXL88</regLei>
      <regStreet1>300 S.E. 2nd Street</regStreet1>
      <regCity>Fort Lauderdale</regCity>
      <regStateConditional regCountry="US" regState="US-FL"/>
      <regZipOrPostalCode>33301-1923</regZipOrPostalCode>
      <regPhone>954-527-7500</regPhone>
      <seriesName>Global Equity Series</seriesName>
      <seriesId>S000021022</seriesId>
      <seriesLei>AG0TZWNSEBXFGGEV6S76</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>11855012.96</totAssets>
      <totLiabs>47307.18</totLiabs>
      <netAssets>11807705.78</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>17730.92</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000059765" rtn1="2.40699200" rtn2="-1.50756960" rtn3="3.82651400"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="1569085.25000000" netUnrealizedAppr="1457753.07000000"/>
        <othMon2 netRealizedGain="12221494.58000000" netUnrealizedAppr="-10755033.63000000"/>
        <othMon3 netRealizedGain="96031.85000000" netUnrealizedAppr="314563.03000000"/>
      </returnInfo>
      <mon1Flow redemption="35163933.99000000" reinvestment="5710195.05000000" sales="74563.48000000"/>
      <mon2Flow redemption="101912079.73000000" reinvestment="0.00000000" sales="18119.51000000"/>
      <mon3Flow redemption="75861.63000000" reinvestment="0.00000000" sales="15155.76000000"/>

    </fundInfo>
    <invstOrSecs>
      <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>
        <identifiers>
          <ticker value="19"/>
          <other otherDesc="Internal Identifier" value="1165"/>
        </identifiers>
        <balance>600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>5574.73000000</valUSD>
        <pctVal>0.047212643199</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>YARA INTERNATIONAL ASA ORD NOK1.7</name>
        <lei>213800WKOUWXWFJ5Z514</lei>
        <title>YARA INTERNATIONAL ASA ORD NOK1.7</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0010208051"/>
          <other otherDesc="Internal Identifier" value="295609"/>
        </identifiers>
        <balance>3740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.81260000"/>
        <valUSD>155700.75000000</valUSD>
        <pctVal>1.318636769081</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>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>300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>123583.54000000</valUSD>
        <pctVal>1.046634649461</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>GILEAD SCIENCES INC COM USD0.001</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>GILEAD SCIENCES INC COM USD0.001</title>
        <cusip>375558103</cusip>
        <identifiers>
          <ticker value="GILD"/>
          <other otherDesc="Internal Identifier" value="29819"/>
        </identifiers>
        <balance>1910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>124111.80000000</valUSD>
        <pctVal>1.051108507549</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>TENARIS SA ORD EUR1</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>TENARIS SA ORD EUR1</title>
        <cusip>L90272102</cusip>
        <identifiers>
          <ticker value="TEN"/>
          <other otherDesc="Internal Identifier" value="349268"/>
        </identifiers>
        <balance>11975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>134965.11000000</valUSD>
        <pctVal>1.143025686061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD SPONSORED ADR</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD SPONSORED ADR</title>
        <cusip>874039100</cusip>
        <identifiers>
          <ticker value="TSM"/>
          <other otherDesc="Internal Identifier" value="51069"/>
        </identifiers>
        <balance>2740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>159194.00000000</valUSD>
        <pctVal>1.348221263013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED PARCEL SERVICE INC COM B USD.01</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>UNITED PARCEL SERVICE INC COM B USD.01</title>
        <cusip>911312106</cusip>
        <identifiers>
          <ticker value="UPS"/>
          <other otherDesc="Internal Identifier" value="178470"/>
        </identifiers>
        <balance>900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>105354.00000000</valUSD>
        <pctVal>0.892247841900</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>ENI SPA ORD EUR0.001</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>ENI SPA ORD EUR0.001</title>
        <cusip>T3643A145</cusip>
        <identifiers>
          <ticker value="ENI"/>
          <other otherDesc="Internal Identifier" value="182568"/>
        </identifiers>
        <balance>11598.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>180089.07000000</valUSD>
        <pctVal>1.525182565990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1988.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>162325.72000000</valUSD>
        <pctVal>1.374743942849</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>SINGAPORE TELECOMMUNICATIONS LTD ORD SGD.15</name>
        <lei>2549003XJKIQO8YDYD89</lei>
        <title>SINGAPORE TELECOMMUNICATIONS LTD ORD SGD.15</title>
        <cusip>Y79985209</cusip>
        <identifiers>
          <ticker value="ST"/>
          <other otherDesc="Internal Identifier" value="39402"/>
        </identifiers>
        <balance>42304.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34860000"/>
        <valUSD>105980.14000000</valUSD>
        <pctVal>0.897550650182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CROWN HOLDINGS INC COM USD1</name>
        <lei>NYLWZIOY8PUNIT4JOE22</lei>
        <title>CROWN HOLDINGS INC COM USD1</title>
        <cusip>228368106</cusip>
        <identifiers>
          <ticker value="CCK"/>
          <other otherDesc="Internal Identifier" value="271405"/>
        </identifiers>
        <balance>1600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116064.00000000</valUSD>
        <pctVal>0.982951321471</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>JOHNSON &amp; JOHNSON COM USD1</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>JOHNSON &amp; JOHNSON COM USD1</title>
        <cusip>478160104</cusip>
        <identifiers>
          <ticker value="JNJ"/>
          <other otherDesc="Internal Identifier" value="726"/>
        </identifiers>
        <balance>1700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>247979.00000000</valUSD>
        <pctVal>2.100145486518</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>WELLS FARGO &amp; CO COM USD.1666</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO COM USD.1666</title>
        <cusip>949746101</cusip>
        <identifiers>
          <ticker value="WFC"/>
          <other otherDesc="Internal Identifier" value="20314"/>
        </identifiers>
        <balance>5800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>312040.00000000</valUSD>
        <pctVal>2.642681023849</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>CK HUTCHISON HOLDINGS LTD ORD HKD1</name>
        <lei>254900Z8HM1VEPOQ2G79</lei>
        <title>CK HUTCHISON HOLDINGS LTD ORD HKD1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG217651051"/>
          <other otherDesc="Internal Identifier" value="599595"/>
        </identifiers>
        <balance>19040.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>181547.43000000</valUSD>
        <pctVal>1.537533483494</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>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>400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>27531.63000000</valUSD>
        <pctVal>0.233166632984</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>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>1900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>131404.00000000</valUSD>
        <pctVal>1.112866482687</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>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"/>
        </identifiers>
        <balance>3200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>104355.19000000</valUSD>
        <pctVal>0.883788874353</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>BAIDU INC ADR CLASS A</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>BAIDU INC ADR CLASS A</title>
        <cusip>056752108</cusip>
        <identifiers>
          <ticker value="BIDU"/>
          <other otherDesc="Internal Identifier" value="344219"/>
        </identifiers>
        <balance>1060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>133984.00000000</valUSD>
        <pctVal>1.134716620623</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>LABORATORY CORP OF AMERICA HOLDINGS COM USD.1</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>LABORATORY CORP OF AMERICA HOLDINGS COM USD.1</title>
        <cusip>50540R409</cusip>
        <identifiers>
          <ticker value="LH"/>
          <other otherDesc="Internal Identifier" value="34000"/>
        </identifiers>
        <balance>1400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>236838.00000000</valUSD>
        <pctVal>2.005791848245</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>COMCAST CORP COM A USD1 (NEW)</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>COMCAST CORP COM A USD1 (NEW)</title>
        <cusip>20030N101</cusip>
        <identifiers>
          <ticker value="CMCSA"/>
          <other otherDesc="Internal Identifier" value="262997"/>
        </identifiers>
        <balance>4440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199666.80000000</valUSD>
        <pctVal>1.690987256289</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>MATSUMOTOKIYOSHI HOLDINGS CO LTD ORD JPY NPV</name>
        <lei>N/A</lei>
        <title>MATSUMOTOKIYOSHI HOLDINGS CO LTD ORD JPY NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3869010003"/>
          <other otherDesc="Internal Identifier" value="400053"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>116908.21000000</valUSD>
        <pctVal>0.990100974551</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>TOTAL SA ORD EUR2.5</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TOTAL SA ORD EUR2.5</title>
        <cusip>F92124100</cusip>
        <identifiers>
          <ticker value="FP"/>
          <other otherDesc="Internal Identifier" value="54200"/>
        </identifiers>
        <balance>3838.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>211762.96000000</valUSD>
        <pctVal>1.793430188264</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>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>7800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.30590000"/>
        <valUSD>232089.94000000</valUSD>
        <pctVal>1.965580311063</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>VEOLIA ENVIRONNEMENT SA ORD EUR13.5</name>
        <lei>969500LENY69X51OOT31</lei>
        <title>VEOLIA ENVIRONNEMENT SA ORD EUR13.5</title>
        <cusip>F9686M107</cusip>
        <identifiers>
          <ticker value="VIE"/>
          <other otherDesc="Internal Identifier" value="224444"/>
        </identifiers>
        <balance>9566.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>254355.92000000</valUSD>
        <pctVal>2.154151913497</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>KROGER CO COM USD1</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
        <title>KROGER CO COM USD1</title>
        <cusip>501044101</cusip>
        <identifiers>
          <ticker value="KR"/>
          <other otherDesc="Internal Identifier" value="19407"/>
        </identifiers>
        <balance>9800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>284102.00000000</valUSD>
        <pctVal>2.406072824758</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>VERIZON COMMUNICATIONS INC COM USD1</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC COM USD1</title>
        <cusip>92343V104</cusip>
        <identifiers>
          <ticker value="VZ"/>
          <other otherDesc="Internal Identifier" value="22610"/>
        </identifiers>
        <balance>5600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>343840.00000000</valUSD>
        <pctVal>2.911996677478</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>DEUTSCHE TELEKOM AG ORD REGD NPV</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>DEUTSCHE TELEKOM AG ORD REGD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0005557508"/>
          <other otherDesc="Internal Identifier" value="181859"/>
        </identifiers>
        <balance>22768.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>372018.34000000</valUSD>
        <pctVal>3.150640327015</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>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>
        <identifiers>
          <ticker value="ML"/>
          <other otherDesc="Internal Identifier" value="55715"/>
        </identifiers>
        <balance>760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>92986.15000000</valUSD>
        <pctVal>0.787503954896</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>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>20568.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>219680.43000000</valUSD>
        <pctVal>1.860483603614</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>STANDARD CHARTERED PLC ORD USD.50</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>STANDARD CHARTERED PLC ORD USD.50</title>
        <cusip>G84228157</cusip>
        <identifiers>
          <ticker value="STAN"/>
          <other otherDesc="Internal Identifier" value="16459"/>
        </identifiers>
        <balance>28165.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>265747.52000000</valUSD>
        <pctVal>2.250627894625</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>BERKSHIRE HATHAWAY INC COM B USD.0033</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>BERKSHIRE HATHAWAY INC COM B USD.0033</title>
        <cusip>084670702</cusip>
        <identifiers>
          <ticker value="BRK/B"/>
          <other otherDesc="Internal Identifier" value="58732"/>
        </identifiers>
        <balance>800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181200.00000000</valUSD>
        <pctVal>1.534591082942</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>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"/>
        </identifiers>
        <balance>7282.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>215991.82000000</valUSD>
        <pctVal>1.829244596912</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>HUSKY ENERGY INC ORD NPV</name>
        <lei>N/A</lei>
        <title>HUSKY ENERGY INC ORD NPV</title>
        <cusip>448055103</cusip>
        <identifiers>
          <ticker value="HSE"/>
          <other otherDesc="Internal Identifier" value="192140"/>
        </identifiers>
        <balance>10400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.30590000"/>
        <valUSD>83449.87000000</valUSD>
        <pctVal>0.706740763657</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>SUN HUNG KAI PROPERTIES LTD ORD HKD NPV</name>
        <lei>529900LUMD393RD3S874</lei>
        <title>SUN HUNG KAI PROPERTIES LTD ORD HKD NPV</title>
        <cusip>Y82594121</cusip>
        <identifiers>
          <ticker value="16"/>
          <other otherDesc="Internal Identifier" value="1160"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>61239.94000000</valUSD>
        <pctVal>0.518643851235</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>ROCHE HOLDING AG ORD CHF NPV</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>ROCHE HOLDING AG ORD CHF NPV</title>
        <cusip>H69293217</cusip>
        <identifiers>
          <ticker value="ROG"/>
          <other otherDesc="Internal Identifier" value="7186"/>
        </identifiers>
        <balance>760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96915000"/>
        <valUSD>246618.10000000</valUSD>
        <pctVal>2.088619962209</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>SIEMENS AG SPONSORED ADR</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>SIEMENS AG SPONSORED ADR</title>
        <cusip>826197501</cusip>
        <identifiers>
          <ticker value="SIEGY"/>
          <other otherDesc="Internal Identifier" value="35693"/>
        </identifiers>
        <balance>2437.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>158331.89000000</valUSD>
        <pctVal>1.340920014014</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>ORACLE CORP COM USD0.01</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP COM USD0.01</title>
        <cusip>68389X105</cusip>
        <identifiers>
          <ticker value="ORCL"/>
          <other otherDesc="Internal Identifier" value="25597"/>
        </identifiers>
        <balance>3910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>207151.80000000</valUSD>
        <pctVal>1.754378063441</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>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"/>
        </identifiers>
        <balance>4800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>176806.07000000</valUSD>
        <pctVal>1.497378688919</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>BNP PARIBAS SA ORD EUR2</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SA ORD EUR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000131104"/>
          <other otherDesc="Internal Identifier" value="54247"/>
        </identifiers>
        <balance>2989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>177086.90000000</valUSD>
        <pctVal>1.499757051026</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>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"/>
          <other otherDesc="Internal Identifier" value="811063"/>
        </identifiers>
        <balance>12404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>67910.89000000</valUSD>
        <pctVal>0.575140431725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING GROEP NV ORD EUR.01</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV ORD EUR.01</title>
        <cusip>N4578E595</cusip>
        <identifiers>
          <ticker value="INGA"/>
          <other otherDesc="Internal Identifier" value="641059"/>
        </identifiers>
        <balance>14103.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>169039.37000000</valUSD>
        <pctVal>1.431602151590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>3420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>273223.80000000</valUSD>
        <pctVal>2.313944851698</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>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>37311.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>233048.47000000</valUSD>
        <pctVal>1.973698145449</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>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>14500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>121883.14000000</valUSD>
        <pctVal>1.032233884133</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>FRESENIUS MEDICAL CARE AG &amp; CO KGAA ORD EUR NPV</name>
        <lei>549300CP8NY40UP89Q40</lei>
        <title>FRESENIUS MEDICAL CARE AG &amp; CO KGAA ORD EUR NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0005785802"/>
          <other otherDesc="Internal Identifier" value="58864"/>
        </identifiers>
        <balance>1775.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>131298.25000000</valUSD>
        <pctVal>1.111970881103</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>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"/>
        </identifiers>
        <balance>8400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>206531.40000000</valUSD>
        <pctVal>1.749123867481</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>868.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96915000"/>
        <valUSD>82436.00000000</valUSD>
        <pctVal>0.698154252281</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>KB FINANCIAL GROUP INC ORD KRW5000</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINANCIAL GROUP INC ORD KRW5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
          <other otherDesc="Internal Identifier" value="430760"/>
        </identifiers>
        <balance>2389.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>98474.77000000</valUSD>
        <pctVal>0.833987328569</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>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>4400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>163489.30000000</valUSD>
        <pctVal>1.384598355058</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>ALLERGAN PLC ORD USD.0033</name>
        <lei>635400FWJZQC1IPYUH69</lei>
        <title>ALLERGAN PLC ORD USD.0033</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BY9D5467"/>
          <other otherDesc="Internal Identifier" value="560635"/>
        </identifiers>
        <balance>1440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>275284.80000000</valUSD>
        <pctVal>2.331399554909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>34173.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>255630.90000000</valUSD>
        <pctVal>2.164949777398</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>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"/>
        </identifiers>
        <balance>4291.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>171047.73000000</valUSD>
        <pctVal>1.448611044236</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>APACHE CORP COM USD.625</name>
        <lei>72ZZ1XRHOOU9P9X16K08</lei>
        <title>APACHE CORP COM USD.625</title>
        <cusip>037411105</cusip>
        <identifiers>
          <ticker value="APA"/>
          <other otherDesc="Internal Identifier" value="29440"/>
        </identifiers>
        <balance>3150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80608.50000000</valUSD>
        <pctVal>0.682677071243</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>JOHNSON MATTHEY PLC ORD GBP1.109245</name>
        <lei>2138001AVBSD1HSC6Z10</lei>
        <title>JOHNSON MATTHEY PLC ORD GBP1.109245</title>
        <cusip>G51604166</cusip>
        <identifiers>
          <ticker value="JMAT"/>
          <other otherDesc="Internal Identifier" value="206877"/>
        </identifiers>
        <balance>600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>23808.31000000</valUSD>
        <pctVal>0.201633665706</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>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"/>
        </identifiers>
        <balance>1700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>216342.00000000</valUSD>
        <pctVal>1.832210287340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANOFI ORD EUR2</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI ORD EUR2</title>
        <cusip>F5548N101</cusip>
        <identifiers>
          <ticker value="SAN"/>
          <other otherDesc="Internal Identifier" value="198957"/>
        </identifiers>
        <balance>1553.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>156083.26000000</valUSD>
        <pctVal>1.321876263756</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>CIE DE SAINT-GOBAIN ORD EUR4</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>CIE DE SAINT-GOBAIN ORD EUR4</title>
        <cusip>F80343100</cusip>
        <identifiers>
          <ticker value="SGO"/>
          <other otherDesc="Internal Identifier" value="54257"/>
        </identifiers>
        <balance>2751.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>112606.48000000</valUSD>
        <pctVal>0.953669426542</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>COMMSCOPE HOLDING CO INC COM USD.01</name>
        <lei>254900AW4CEPCQWSRI58</lei>
        <title>COMMSCOPE HOLDING CO INC COM USD.01</title>
        <cusip>20337X109</cusip>
        <identifiers>
          <ticker value="COMM"/>
          <other otherDesc="Internal Identifier" value="562561"/>
        </identifiers>
        <balance>6500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92235.00000000</valUSD>
        <pctVal>0.781142431209</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>BARRICK GOLD CORP ORD USD NPV</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK GOLD CORP ORD USD NPV</title>
        <cusip>067901108</cusip>
        <identifiers>
          <ticker value="GOLD"/>
          <other otherDesc="Internal Identifier" value="23285"/>
        </identifiers>
        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>204490.00000000</valUSD>
        <pctVal>1.731835157566</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>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>8300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.84500000"/>
        <valUSD>182535.08000000</valUSD>
        <pctVal>1.545897936491</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>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"/>
        </identifiers>
        <balance>1829.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>58382.94000000</valUSD>
        <pctVal>0.494447787637</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>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>5684.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>274368.46000000</valUSD>
        <pctVal>2.323639029562</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>SES SA IDR EUR NPV</name>
        <lei>5493008JPA4HYMH1HX51</lei>
        <title>SES SA IDR EUR NPV</title>
        <cusip>L8300G135</cusip>
        <identifiers>
          <ticker value="SESG"/>
          <other otherDesc="Internal Identifier" value="324081"/>
        </identifiers>
        <balance>5593.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>78403.37000000</valUSD>
        <pctVal>0.664001724473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXXON MOBIL CORP COM NPV</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>EXXON MOBIL CORP COM NPV</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <ticker value="XOM"/>
          <other otherDesc="Internal Identifier" value="29743"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>209340.00000000</valUSD>
        <pctVal>1.772910029267</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>AP MOELLER - MAERSK A/S ORD B DKK1000</name>
        <lei>549300D2K6PKKKXVNN73</lei>
        <title>AP MOELLER - MAERSK A/S ORD B DKK1000</title>
        <cusip>K0514G101</cusip>
        <identifiers>
          <ticker value="MAERSKB"/>
          <other otherDesc="Internal Identifier" value="198885"/>
        </identifiers>
        <balance>23.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.66910000"/>
        <valUSD>33164.85000000</valUSD>
        <pctVal>0.280874630668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VODAFONE GROUP PLC ORD GBP.2095</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>VODAFONE GROUP PLC ORD GBP.2095</title>
        <cusip>G93882192</cusip>
        <identifiers>
          <ticker value="VOD"/>
          <other otherDesc="Internal Identifier" value="367255"/>
        </identifiers>
        <balance>134725.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>261873.44000000</valUSD>
        <pctVal>2.217818134015</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>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>5600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>40424.52000000</valUSD>
        <pctVal>0.342357107749</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>
