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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc. COM</title>
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          <isin value="US91324P1021"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FedEx Corporation</name>
        <lei>549300E707U7WNPZN687</lei>
        <title>FedEx Corporation COM</title>
        <cusip>31428X106</cusip>
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          <isin value="US31428X1063"/>
          <ticker value="FDX"/>
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        <balance>375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>133567.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co. COM</title>
        <cusip>532457108</cusip>
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          <isin value="US5324571083"/>
          <ticker value="LLY"/>
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        <curCd>USD</curCd>
        <valUSD>163719.06000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc. CAP STK CL A</title>
        <cusip>02079K305</cusip>
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          <isin value="US02079K3059"/>
          <ticker value="GOOGL"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Terumo Corp.</name>
        <lei>353800JX1R4582QVK932</lei>
        <title>Terumo Corp. NPV</title>
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          <isin value="JP3546800008"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>D'Ieteren Group</name>
        <lei>549300DV5KJ23OKVTW34</lei>
        <title>D'Ieteren Group NPV</title>
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          <isin value="BE0974259880"/>
          <ticker value="DIE"/>
          <other otherDesc="SEDOL" value="4247494"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp. COM</title>
        <cusip>67066G104</cusip>
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          <isin value="US67066G1040"/>
          <ticker value="NVDA"/>
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        <curCd>USD</curCd>
        <valUSD>1613200.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Singapore Technologies Engineering Ltd.</name>
        <lei>254900OEXGGWCR24DG90</lei>
        <title>Singapore Technologies Engineering Ltd. NPV</title>
        <cusip>000000000</cusip>
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          <isin value="SG1F60858221"/>
          <ticker value="STE"/>
          <other otherDesc="SEDOL" value="6043214"/>
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        <balance>49900.00000000</balance>
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        <currencyConditional curCd="SGD" exchangeRt="1.28570000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG SPONSORED ADR</title>
        <cusip>826197501</cusip>
        <identifiers>
          <isin value="US8261975010"/>
          <ticker value="SIEGY"/>
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        <balance>1775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>216337.00000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Pepsico Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>Pepsico Inc COM</title>
        <cusip>713448108</cusip>
        <identifiers>
          <isin value="US7134481081"/>
          <ticker value="PEP"/>
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        <balance>875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135878.75000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sony Group Corp.</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Group Corp. SPONSORED ADR</title>
        <cusip>835699307</cusip>
        <identifiers>
          <isin value="US8356993076"/>
          <ticker value="SONY"/>
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        <balance>10875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225112.50000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Williams Companies Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Companies Inc. (The) COM</title>
        <cusip>969457100</cusip>
        <identifiers>
          <isin value="US9694571004"/>
          <ticker value="WMB"/>
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        <balance>2675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>194686.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Munich Reinsurance AG</name>
        <lei>529900MUF4C20K50JS49</lei>
        <title>Munich Reinsurance AG NPV(REGD)</title>
        <cusip>000000000</cusip>
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          <isin value="DE0008430026"/>
          <ticker value="MUV2"/>
          <other otherDesc="SEDOL" value="5294121"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Infineon Technologies AG</name>
        <lei>TSI2PJM6EPETEQ4X1U25</lei>
        <title>Infineon Technologies AG ORD NPV (REGD)</title>
        <cusip>000000000</cusip>
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          <isin value="DE0006231004"/>
          <ticker value="IFX"/>
          <other otherDesc="SEDOL" value="5889505"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp. COM</title>
        <cusip>594918104</cusip>
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          <isin value="US5949181045"/>
          <ticker value="MSFT"/>
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        <curCd>USD</curCd>
        <valUSD>740340.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Iberdrola, S.A.</name>
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        <title>Iberdrola, S.A. SPON ADR</title>
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          <isin value="US4507371015"/>
          <ticker value="IBDRY"/>
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        <balance>4050.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>373572.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz SE UNSPONSRD ADS</title>
        <cusip>018820100</cusip>
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          <isin value="US0188201000"/>
          <ticker value="ALIZY"/>
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        <curCd>USD</curCd>
        <valUSD>232271.00000000</valUSD>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>The TJX Companies Inc.</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>The TJX Companies Inc. COM</title>
        <cusip>872540109</cusip>
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          <isin value="US8725401090"/>
          <ticker value="TJX"/>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc. COM</title>
        <cusip>037833100</cusip>
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          <isin value="US0378331005"/>
          <ticker value="AAPL"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DexCom Inc</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DexCom Inc COM</title>
        <cusip>252131107</cusip>
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          <isin value="US2521311074"/>
          <ticker value="DXCM"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc. COM</title>
        <cusip>00287Y109</cusip>
        <identifiers>
          <isin value="US00287Y1091"/>
          <ticker value="ABBV"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc COM</title>
        <cusip>11135F101</cusip>
        <identifiers>
          <isin value="US11135F1012"/>
          <ticker value="AVGO"/>
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        <balance>1925.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>595806.75000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cheniere Energy Inc</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>Cheniere Energy Inc COM NEW</title>
        <cusip>16411R208</cusip>
        <identifiers>
          <isin value="US16411R2085"/>
          <ticker value="LNG"/>
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        <balance>600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170256.00000000</valUSD>
        <pctVal>1.291409122524</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DHL GROUP</name>
        <lei>8ER8GIG7CSMVD8VUFE78</lei>
        <title>DHL GROUP</title>
        <cusip>000000000</cusip>
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          <isin value="DE0005552004"/>
          <ticker value="DHL"/>
          <other otherDesc="SEDOL" value="4617859"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. COM</title>
        <cusip>38141G104</cusip>
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          <isin value="US38141G1040"/>
          <ticker value="GS"/>
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        <balance>600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>507594.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co. COM</title>
        <cusip>46625H100</cusip>
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          <isin value="US46625H1005"/>
          <ticker value="JPM"/>
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        <balance>1075.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>316222.00000000</valUSD>
        <pctVal>2.398576117981</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>
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      <invstOrSec>
        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC USD0.0001</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BTN1Y115"/>
          <ticker value="MDT"/>
          <other otherDesc="SEDOL" value="BTN1Y11"/>
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        <balance>725.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62821.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Trane Technologies PLC</name>
        <lei>549300BURLR9SLYY2705</lei>
        <title>Trane Technologies PLC COM USD1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BK9ZQ967"/>
          <ticker value="TT"/>
          <other otherDesc="SEDOL" value="BK9ZQ96"/>
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        <balance>875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>364647.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Keyence Corp.</name>
        <lei>529900M7PQBS7A89DZ11</lei>
        <title>Keyence Corp. NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3236200006"/>
          <ticker value="6861"/>
          <other otherDesc="SEDOL" value="6490995"/>
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        <balance>200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.70500000"/>
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        <pctVal>0.539918708960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc. COM</title>
        <cusip>437076102</cusip>
        <identifiers>
          <isin value="US4370761029"/>
          <ticker value="HD"/>
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        <balance>745.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245023.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Accenture PLC</name>
        <lei>5493000EWHDSR3MZWH98</lei>
        <title>Accenture PLC CLS'A'USD0.0000225</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00B4BNMY34"/>
          <ticker value="ACN"/>
          <other otherDesc="SEDOL" value="B4BNMY3"/>
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        <balance>750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148717.50000000</valUSD>
        <pctVal>1.128037403551</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Safran SA</name>
        <lei>969500UIC89GT3UL7L24</lei>
        <title>Safran SA SPON ADR</title>
        <cusip>786584102</cusip>
        <identifiers>
          <isin value="US7865841024"/>
          <ticker value="SAFRY"/>
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        <balance>2750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225582.50000000</valUSD>
        <pctVal>1.711066267162</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corporation COM</title>
        <cusip>539830109</cusip>
        <identifiers>
          <isin value="US5398301094"/>
          <ticker value="LMT"/>
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        <balance>275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>166207.25000000</valUSD>
        <pctVal>1.260698940887</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>Lonza Group AG</name>
        <lei>549300EFW4H2TCZ71055</lei>
        <title>Lonza Group AG CHF1 (REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0013841017"/>
          <ticker value="LONN"/>
          <other otherDesc="SEDOL" value="7333378"/>
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        <balance>185.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79960000"/>
        <valUSD>118680.94000000</valUSD>
        <pctVal>0.900207032855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAE Systems PLC</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE Systems PLC SPONSORED ADR</title>
        <cusip>05523R107</cusip>
        <identifiers>
          <isin value="US05523R1077"/>
          <ticker value="BAESY"/>
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        <balance>1450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168925.00000000</valUSD>
        <pctVal>1.281313351790</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Coca-Cola Europacific Partners PLC</name>
        <lei>549300LTH67W4GWMRF57</lei>
        <title>Coca-Cola Europacific Partners PLC COM EUR0.01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BDCPN049"/>
          <ticker value="CCEP"/>
          <other otherDesc="SEDOL" value="BYQQ3P5"/>
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        <balance>2100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>190407.00000000</valUSD>
        <pctVal>1.444256512502</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>
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      <invstOrSec>
        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc COM CL A</title>
        <cusip>92826C839</cusip>
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          <isin value="US92826C8394"/>
          <ticker value="V"/>
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        <balance>475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>143564.00000000</valUSD>
        <pctVal>1.088947580503</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MAN GROUP PLC</name>
        <lei>2549003YWC1DW6LALB09</lei>
        <title>Man Group PLC (New) ORD USD0.0342857142</title>
        <cusip>000000000</cusip>
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          <isin value="JE00BJ1DLW90"/>
          <ticker value="EMG"/>
          <other otherDesc="SEDOL" value="BJ1DLW9"/>
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        <balance>55725.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp. COM</title>
        <cusip>855244109</cusip>
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          <isin value="US8552441094"/>
          <ticker value="SBUX"/>
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        <balance>1000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89590.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Recruit Holdings Co Ltd.</name>
        <lei>353800R2LRSMVVC4I806</lei>
        <title>Recruit Holdings Co Ltd. NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3970300004"/>
          <ticker value="6098"/>
          <other otherDesc="SEDOL" value="BQRRZ00"/>
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        <balance>3100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="158.70500000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Entain PLC</name>
        <lei>213800GNI3K45LQR8L28</lei>
        <title>Entain PLC ORD EUR0.01</title>
        <cusip>000000000</cusip>
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          <isin value="IM00B5VQMV65"/>
          <ticker value="ENT"/>
          <other otherDesc="SEDOL" value="B5VQMV6"/>
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        <balance>10225.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Compass Group PLC</name>
        <lei>2138008M6MH9OZ6U2T68</lei>
        <title>Compass Group PLC ORD GBP0.1105</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BD6K4575"/>
          <ticker value="CPG"/>
          <other otherDesc="SEDOL" value="BD6K457"/>
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        <balance>3600.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Ecolab Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>Ecolab Inc. COM</title>
        <cusip>278865100</cusip>
        <identifiers>
          <isin value="US2788651006"/>
          <ticker value="ECL"/>
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        <balance>325.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86456.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Salesforce Inc.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce Inc. COM</title>
        <cusip>79466L302</cusip>
        <identifiers>
          <isin value="US79466L3024"/>
          <ticker value="CRM"/>
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        <balance>850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>158669.50000000</valUSD>
        <pctVal>1.203524338446</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Nike, Inc.</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>Nike, Inc. CL B</title>
        <cusip>654106103</cusip>
        <identifiers>
          <isin value="US6541061031"/>
          <ticker value="NKE"/>
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        <balance>850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44897.00000000</valUSD>
        <pctVal>0.340548323548</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ASML Holding N.V.</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding N.V. NY REGISTRY SHS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USN070592100"/>
          <ticker value="ASML"/>
          <other otherDesc="SEDOL" value="B908F01"/>
        </identifiers>
        <balance>65.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85853.95000000</valUSD>
        <pctVal>0.651210966044</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>Ypsomed Holding AG</name>
        <lei>391200QLIOTTBNPNSI14</lei>
        <title>Ypsomed Holding AG CHF14.15 (REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0019396990"/>
          <ticker value="YPSN"/>
          <other otherDesc="SEDOL" value="B02SWN8"/>
        </identifiers>
        <balance>207.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79960000"/>
        <valUSD>72567.23000000</valUSD>
        <pctVal>0.550429839878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Relx PLC</name>
        <lei>549300WSX3VBUFFJOO66</lei>
        <title>Relx PLC SPONSORED ADR</title>
        <cusip>759530108</cusip>
        <identifiers>
          <isin value="US7595301083"/>
          <ticker value="RELX"/>
        </identifiers>
        <balance>4700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155805.00000000</valUSD>
        <pctVal>1.181796813827</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>Chubb Ltd. Switzerland</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>Chubb Ltd. Switzerland ORD CHF24.15</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0044328745"/>
          <ticker value="CB"/>
          <other otherDesc="SEDOL" value="B3BQMF6"/>
        </identifiers>
        <balance>250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81482.50000000</valUSD>
        <pctVal>0.618053071998</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>
    </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>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>SIT MUTUAL FUNDS INC</ncom:nameOfApplicant>
      <ncom:signature>Paul Rasmussen</ncom:signature>
      <ncom:signerName>Paul Rasmussen</ncom:signerName>
      <ncom:title>VP, Treasurer &amp; Chief Compliance Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
