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      </invstOrSec>
      <invstOrSec>
        <name>Beiersdorf Aktiengesellschaft</name>
        <lei>L47NHHI0Z9X22DV46U41</lei>
        <title>Beiersdorf Aktiengesellschaft</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5107401"/>
          <other otherDesc="Primary Identifier" value="5107401"/>
        </identifiers>
        <balance>395036.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>47258092.43000000</valUSD>
        <pctVal>1.115864851892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd. ADR</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd. ADR</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="01609W102"/>
          <other otherDesc="Primary Identifier" value="01609W102"/>
        </identifiers>
        <balance>239245.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50743864.50000000</valUSD>
        <pctVal>1.198171401620</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>CCTJPY_5960749</name>
        <lei>N/A</lei>
        <title>CCTJPY_5960749</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTJPY_5960749"/>
          <other otherDesc="Primary Identifier" value="CCTJPY_5960749"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-5152330.74000000</valUSD>
        <pctVal>-0.12165757190</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>364569633.92000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>39037022692.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2020-01-10</settlementDt>
            <unrealizedAppr>-5152330.74</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>A.P. Moller - Maersk A/S Class A</name>
        <lei>549300D2K6PKKKXVNN73</lei>
        <title>A.P. Moller - Maersk A/S Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4253059"/>
          <other otherDesc="Primary Identifier" value="4253059"/>
        </identifiers>
        <balance>9482.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.66185000"/>
        <valUSD>12852655.04000000</valUSD>
        <pctVal>0.303478732957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Construction Bank Corp.</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>China Construction Bank Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0LMTQ3"/>
          <other otherDesc="Primary Identifier" value="B0LMTQ3"/>
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        <balance>58201000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>50266638.86000000</valUSD>
        <pctVal>1.186903081408</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Singapore Telecommunications Ltd.</name>
        <lei>2549003XJKIQO8YDYD89</lei>
        <title>Singapore Telecommunications Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B02PY22"/>
          <other otherDesc="Primary Identifier" value="B02PY22"/>
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        <balance>9190600.00000000</balance>
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        <currencyConditional curCd="SGD" exchangeRt="1.34495000"/>
        <valUSD>23064206.87000000</valUSD>
        <pctVal>0.544595358374</pctVal>
        <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>
      <invstOrSec>
        <name>BP plc ADR</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP plc ADR</title>
        <cusip>055622104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="055622104"/>
          <other otherDesc="Primary Identifier" value="055622104"/>
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        <balance>497186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18763799.64000000</valUSD>
        <pctVal>0.443053526488</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>Tenaris S.A.</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>Tenaris S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7538515"/>
          <other otherDesc="Primary Identifier" value="7538515"/>
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        <balance>2048424.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>23222556.66000000</valUSD>
        <pctVal>0.548334336312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Qiagen N.V.</name>
        <lei>54930036WK3GMCN17Z57</lei>
        <title>Qiagen N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="N72482123"/>
          <other otherDesc="Primary Identifier" value="N72482123"/>
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        <balance>307175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10382515.00000000</valUSD>
        <pctVal>0.245153432291</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>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5069211"/>
          <other otherDesc="Primary Identifier" value="5069211"/>
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        <balance>907394.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>73410149.19000000</valUSD>
        <pctVal>1.733370964446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ORIX Corp.</name>
        <lei>35380016EMHNBOVYE123</lei>
        <title>ORIX Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6661144"/>
          <other otherDesc="Primary Identifier" value="6661144"/>
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        <balance>2757300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>45594660.14000000</valUSD>
        <pctVal>1.076587650243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Whitbread plc</name>
        <lei>21380099VMZKRMN3EX36</lei>
        <title>Whitbread plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1KJJ40"/>
          <other otherDesc="Primary Identifier" value="B1KJJ40"/>
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        <balance>714915.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>45890773.97000000</valUSD>
        <pctVal>1.083579532439</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>BP plc</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0798059"/>
          <other otherDesc="Primary Identifier" value="0798059"/>
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        <balance>6311585.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>39427550.35000000</valUSD>
        <pctVal>0.930968969959</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>Gree Electric Appliances Inc. of Zhuhai A Shares</name>
        <lei>N/A</lei>
        <title>Gree Electric Appliances Inc. of Zhuhai A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CPN9"/>
          <other otherDesc="Primary Identifier" value="BD5CPN9"/>
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        <currencyConditional curCd="CNY" exchangeRt="6.96145000"/>
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        <pctVal>0.807700492628</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>
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      <invstOrSec>
        <name>DNB ASA</name>
        <lei>5967007LIEEXZX78M803</lei>
        <title>DNB ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
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          <other otherDesc="Primary Identifier" value="4263304"/>
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        <pctVal>1.205077380713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zozo Inc.</name>
        <lei>549300GC7XPQMZA0OW13</lei>
        <title>Zozo Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B292RC1"/>
          <other otherDesc="Primary Identifier" value="B292RC1"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fresenius Medical Care AG &amp; Co. KGaA</name>
        <lei>549300CP8NY40UP89Q40</lei>
        <title>Fresenius Medical Care AG &amp; Co. KGaA</title>
        <cusip>N/A</cusip>
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        <pctVal>1.401888552752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AstraZeneca plc ADR</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc ADR</title>
        <cusip>046353108</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385101</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wens Foodstuffs Group Co. Ltd. Class A</name>
        <lei>3003005O7DXT61IXLJ96</lei>
        <title>Wens Foodstuffs Group Co. Ltd. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CPT5"/>
          <other otherDesc="Primary Identifier" value="BD5CPT5"/>
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        <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>
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      <invstOrSec>
        <name>Isuzu Motors Ltd.</name>
        <lei>529900C0QSXVCC7AR494</lei>
        <title>Isuzu Motors Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6467104"/>
          <other otherDesc="Primary Identifier" value="6467104"/>
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        <valUSD>55991348.29000000</valUSD>
        <pctVal>1.322075740984</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>Tokio Marine Holdings Inc.</name>
        <lei>5299009QN2NZ191KLS29</lei>
        <title>Tokio Marine Holdings Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6513126"/>
          <other otherDesc="Primary Identifier" value="6513126"/>
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        <balance>1005400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>56192317.17000000</valUSD>
        <pctVal>1.326821046983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="136385101"/>
          <other otherDesc="Primary Identifier" value="136385101"/>
        </identifiers>
        <balance>791154.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25593831.90000000</valUSD>
        <pctVal>0.604325227150</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>SAP AG</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4846288"/>
          <other otherDesc="Primary Identifier" value="4846288"/>
        </identifiers>
        <balance>716057.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>95697015.68000000</valUSD>
        <pctVal>2.259611650353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy Inc.</title>
        <cusip>867224107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B3NB1P2"/>
          <other otherDesc="Primary Identifier" value="B3NB1P2"/>
        </identifiers>
        <balance>1416040.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>46410736.90000000</valUSD>
        <pctVal>1.095856971667</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>Ubisoft Entertainment S.A.</name>
        <lei>969500I7C8V1LBIMSM05</lei>
        <title>Ubisoft Entertainment S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1L3CS6"/>
          <other otherDesc="Primary Identifier" value="B1L3CS6"/>
        </identifiers>
        <balance>348731.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>24088452.02000000</valUSD>
        <pctVal>0.568779981659</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>Qiagen N.V.</name>
        <lei>54930036WK3GMCN17Z57</lei>
        <title>Qiagen N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYXS699"/>
          <other otherDesc="Primary Identifier" value="BYXS699"/>
        </identifiers>
        <balance>351297.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>11971648.91000000</valUSD>
        <pctVal>0.282676289942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newcrest Mining Ltd.</name>
        <lei>5299006MN50OZJUJI655</lei>
        <title>Newcrest Mining Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6637101"/>
          <other otherDesc="Primary Identifier" value="6637101"/>
        </identifiers>
        <balance>2435062.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42501000"/>
        <valUSD>51691304.27000000</valUSD>
        <pctVal>1.220542485264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300O6E2WAK3IAXE34</lei>
        <title>Norway Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B3MXHL7"/>
          <other otherDesc="Primary Identifier" value="B3MXHL7"/>
        </identifiers>
        <balance>128940000.00000100</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="8.77930000"/>
        <valUSD>15174422.56000000</valUSD>
        <pctVal>0.358300640415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mowi ASA</name>
        <lei>549300W1OGQF5LZIH349</lei>
        <title>Mowi ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B02L486"/>
          <other otherDesc="Primary Identifier" value="B02L486"/>
        </identifiers>
        <balance>1756543.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.77930000"/>
        <valUSD>45694393.64000000</valUSD>
        <pctVal>1.078942571940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP Group plc ADR</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP Group plc ADR</title>
        <cusip>05545E209</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="05545E209"/>
          <other otherDesc="Primary Identifier" value="05545E209"/>
        </identifiers>
        <balance>689644.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32420164.44000000</valUSD>
        <pctVal>0.765509569493</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>Nokia OYJ</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>Nokia OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5902941"/>
          <other otherDesc="Primary Identifier" value="5902941"/>
        </identifiers>
        <balance>4345527.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>16093648.28000000</valUSD>
        <pctVal>0.380005529867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Randstad Holding N.V.</name>
        <lei>7245009EAAUUQJ0U4T57</lei>
        <title>Randstad Holding N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5228658"/>
          <other otherDesc="Primary Identifier" value="5228658"/>
        </identifiers>
        <balance>935949.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>57154305.73000000</valUSD>
        <pctVal>1.349535658742</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>ENGIE</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>ENGIE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0C2CQ3"/>
          <other otherDesc="Primary Identifier" value="B0C2CQ3"/>
        </identifiers>
        <balance>2854025.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>46099786.88000000</valUSD>
        <pctVal>1.088514775227</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>Nestle S.A. Registered Shares</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle S.A. Registered Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7123870"/>
          <other otherDesc="Primary Identifier" value="7123870"/>
        </identifiers>
        <balance>1047213.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96780000"/>
        <valUSD>113249987.49000100</valUSD>
        <pctVal>2.674074936574</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>GlaxoSmithKline plc ADR</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GlaxoSmithKline plc ADR</title>
        <cusip>37733W105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="37733W105"/>
          <other otherDesc="Primary Identifier" value="37733W105"/>
        </identifiers>
        <balance>828746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38942774.54000000</valUSD>
        <pctVal>0.919522374051</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>Total S.A.</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>Total S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B15C557"/>
          <other otherDesc="Primary Identifier" value="B15C557"/>
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        <balance>2183731.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>120515496.58000100</valUSD>
        <pctVal>2.845629178562</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 AG</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
        <title>E.ON AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4942904"/>
          <other otherDesc="Primary Identifier" value="4942904"/>
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        <balance>4295400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>45701600.91000000</valUSD>
        <pctVal>1.079112751032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4012250"/>
          <other otherDesc="Primary Identifier" value="4012250"/>
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        <balance>694365.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>101627308.13000100</valUSD>
        <pctVal>2.399638565663</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>A.P. Moller - Maersk A/S</name>
        <lei>549300D2K6PKKKXVNN73</lei>
        <title>A.P. Moller - Maersk A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4253048"/>
          <other otherDesc="Primary Identifier" value="4253048"/>
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        <balance>28267.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.66185000"/>
        <valUSD>40767855.18000000</valUSD>
        <pctVal>0.962616439709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dollarama Inc.</name>
        <lei>5493002GJ0NJP1HI0C79</lei>
        <title>Dollarama Inc.</title>
        <cusip>25675T107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B4TP9G2"/>
          <other otherDesc="Primary Identifier" value="B4TP9G2"/>
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        <balance>1319185.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>45339206.46000000</valUSD>
        <pctVal>1.070555841337</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>SMC Corp.</name>
        <lei>353800O40V08DOZ70X62</lei>
        <title>SMC Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6763965"/>
          <other otherDesc="Primary Identifier" value="6763965"/>
        </identifiers>
        <balance>141270.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>64414103.11000000</valUSD>
        <pctVal>1.520955035015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Housing Development Finance Corp. Ltd.</name>
        <lei>335800OX2H9AP7NHLT64</lei>
        <title>Housing Development Finance Corp. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6171900"/>
          <other otherDesc="Primary Identifier" value="6171900"/>
        </identifiers>
        <balance>1267334.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>42835330.44000000</valUSD>
        <pctVal>1.011433961876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taisei Corp.</name>
        <lei>529900TF7XJKIOWMLQ79</lei>
        <title>Taisei Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6870100"/>
          <other otherDesc="Primary Identifier" value="6870100"/>
        </identifiers>
        <balance>563500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>23310731.17000000</valUSD>
        <pctVal>0.550416325480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR Gold Trust</name>
        <lei>N/A</lei>
        <title>SPDR Gold Trust</title>
        <cusip>78463V107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="78463V107"/>
          <other otherDesc="Primary Identifier" value="78463V107"/>
        </identifiers>
        <balance>427780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61129762.00000000</valUSD>
        <pctVal>1.443404701986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>Commerzbank AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B90LKT4"/>
          <other otherDesc="Primary Identifier" value="B90LKT4"/>
        </identifiers>
        <balance>4125765.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>25208007.64000000</valUSD>
        <pctVal>0.595215089423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="703583.55" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="668756.12"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Imperial Tobacco Group plc</name>
        <lei>549300DFVPOB67JL3A42</lei>
        <title>Imperial Tobacco Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0454492"/>
          <other otherDesc="Primary Identifier" value="0454492"/>
        </identifiers>
        <balance>1947221.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>48207222.42000000</valUSD>
        <pctVal>1.138275845253</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>Amdocs Ltd.</name>
        <lei>N/A</lei>
        <title>Amdocs Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G02602103"/>
          <other otherDesc="Primary Identifier" value="G02602103"/>
        </identifiers>
        <balance>782323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56475897.37000000</valUSD>
        <pctVal>1.333516983310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pernod Ricard S.A.</name>
        <lei>52990097YFPX9J0H5D87</lei>
        <title>Pernod Ricard S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4682329"/>
          <other otherDesc="Primary Identifier" value="4682329"/>
        </identifiers>
        <balance>310265.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>55475312.39000000</valUSD>
        <pctVal>1.309891027350</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>Continental AG</name>
        <lei>529900A7YD9C0LLXM621</lei>
        <title>Continental AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4598589"/>
          <other otherDesc="Primary Identifier" value="4598589"/>
        </identifiers>
        <balance>393120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>50605594.13000000</valUSD>
        <pctVal>1.194906541825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GlaxoSmithKline plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GlaxoSmithKline plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0925288"/>
          <other otherDesc="Primary Identifier" value="0925288"/>
        </identifiers>
        <balance>2858711.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>67364914.68000000</valUSD>
        <pctVal>1.590630020741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6771720"/>
          <other otherDesc="Primary Identifier" value="6771720"/>
        </identifiers>
        <balance>1351159.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1156.45000000"/>
        <valUSD>64683628.30000000</valUSD>
        <pctVal>1.527319102432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0989529"/>
          <other otherDesc="Primary Identifier" value="0989529"/>
        </identifiers>
        <balance>229638.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>23139007.95000000</valUSD>
        <pctVal>0.546361572196</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>BHP Group plc</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BH0P3Z9"/>
          <other otherDesc="Primary Identifier" value="BH0P3Z9"/>
        </identifiers>
        <balance>2070361.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>48727281.97000000</valUSD>
        <pctVal>1.150555565887</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>British American Tobacco plc</name>
        <lei>213800FKA5MF17RJKT63</lei>
        <title>British American Tobacco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0287580"/>
          <other otherDesc="Primary Identifier" value="0287580"/>
        </identifiers>
        <balance>1573929.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>67371599.92000000</valUSD>
        <pctVal>1.590787873586</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>Inpex Corp.</name>
        <lei>353800VHYYADPR6MXQ47</lei>
        <title>Inpex Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B10RB15"/>
          <other otherDesc="Primary Identifier" value="B10RB15"/>
        </identifiers>
        <balance>5082200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>52344865.80000000</valUSD>
        <pctVal>1.235974473785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orange S.A.</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5176177"/>
          <other otherDesc="Primary Identifier" value="5176177"/>
        </identifiers>
        <balance>4534432.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>66732190.51000000</valUSD>
        <pctVal>1.575690046952</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>Yunnan Baiyao Group Co. Ltd. A Shares</name>
        <lei>N/A</lei>
        <title>Yunnan Baiyao Group Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CP95"/>
          <other otherDesc="Primary Identifier" value="BD5CP95"/>
        </identifiers>
        <balance>3445331.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96145000"/>
        <valUSD>44260312.34000000</valUSD>
        <pctVal>1.045080838739</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>CRH plc</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0182704"/>
          <other otherDesc="Primary Identifier" value="0182704"/>
        </identifiers>
        <balance>1345891.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>54232130.00000000</valUSD>
        <pctVal>1.280536826574</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>Merck KGaA</name>
        <lei>529900OAREIS0MOPTW25</lei>
        <title>Merck KGaA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4741844"/>
          <other otherDesc="Primary Identifier" value="4741844"/>
        </identifiers>
        <balance>587078.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>69122070.48000000</valUSD>
        <pctVal>1.632120235342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAE Systems plc</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE Systems plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0263494"/>
          <other otherDesc="Primary Identifier" value="0263494"/>
        </identifiers>
        <balance>6086228.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>45533440.72000000</valUSD>
        <pctVal>1.075142128524</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>Axis Bank Ltd.</name>
        <lei>549300HVNWMJPOFVNI41</lei>
        <title>Axis Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BPFJHC7"/>
          <other otherDesc="Primary Identifier" value="BPFJHC7"/>
        </identifiers>
        <balance>4493734.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>47475660.40000000</valUSD>
        <pctVal>1.121002097983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prosus N.V.</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Prosus N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJDS7L3"/>
          <other otherDesc="Primary Identifier" value="BJDS7L3"/>
        </identifiers>
        <balance>707347.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>52787207.98000000</valUSD>
        <pctVal>1.246419120739</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>Seven Generations Energy Ltd. Class A</name>
        <lei>549300XZHTA2VXQWAL67</lei>
        <title>Seven Generations Energy Ltd. Class A</title>
        <cusip>81783Q105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BRK0MM4"/>
          <other otherDesc="Primary Identifier" value="BRK0MM4"/>
        </identifiers>
        <balance>6316655.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>41201392.21000000</valUSD>
        <pctVal>0.972853178199</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>Seven &amp; i Holdings Co. Ltd.</name>
        <lei>52990037G8JRM3TWGY86</lei>
        <title>Seven &amp; i Holdings Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0FS5D6"/>
          <other otherDesc="Primary Identifier" value="B0FS5D6"/>
        </identifiers>
        <balance>1944000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>71162269.96000000</valUSD>
        <pctVal>1.680293717882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schneider Electric S.A.</name>
        <lei>969500A1YF1XUYYXS284</lei>
        <title>Schneider Electric S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4834108"/>
          <other otherDesc="Primary Identifier" value="4834108"/>
        </identifiers>
        <balance>611315.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>62742930.45000000</valUSD>
        <pctVal>1.481495066640</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>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
        <lei>N/A</lei>
        <title>State Street Institutional U.S. Government Money Market Fund - Premier Class</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="857492706"/>
          <other otherDesc="Primary Identifier" value="857492706"/>
        </identifiers>
        <balance>123963337.75000100</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123963337.75000100</valUSD>
        <pctVal>2.927040098442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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 Wohnen AG</name>
        <lei>529900QE24Q67I3FWZ10</lei>
        <title>Deutsche Wohnen AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0YZ0Z5"/>
          <other otherDesc="Primary Identifier" value="B0YZ0Z5"/>
        </identifiers>
        <balance>1474100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>60151693.03000000</valUSD>
        <pctVal>1.420310397281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alcon Inc.</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Alcon Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="H01301128"/>
          <other otherDesc="Primary Identifier" value="H01301128"/>
        </identifiers>
        <balance>251610.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14233577.70000000</valUSD>
        <pctVal>0.336085276730</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>Swedbank AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>Swedbank AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4846523"/>
          <other otherDesc="Primary Identifier" value="4846523"/>
        </identifiers>
        <balance>4318522.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.36635000"/>
        <valUSD>64110945.28000000</valUSD>
        <pctVal>1.513796828882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</name>
        <lei>N/A</lei>
        <title>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="26200X100"/>
          <other otherDesc="Primary Identifier" value="26200X100"/>
        </identifiers>
        <balance>703583.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>703583.55000000</valUSD>
        <pctVal>0.016613115626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Subaru Corp.</name>
        <lei>549300N244BVAEE6HH86</lei>
        <title>Subaru Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6356406"/>
          <other otherDesc="Primary Identifier" value="6356406"/>
        </identifiers>
        <balance>3364900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>83225945.52000000</valUSD>
        <pctVal>1.965142954275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industria de Diseno Textil S.A.</name>
        <lei>549300TTCXZOGZM2EY83</lei>
        <title>Industria de Diseno Textil S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BP9DL90"/>
          <other otherDesc="Primary Identifier" value="BP9DL90"/>
        </identifiers>
        <balance>1281750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>45217091.98000000</valUSD>
        <pctVal>1.067672456733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telenor ASA</name>
        <lei>549300IM1QSBY4SLPM26</lei>
        <title>Telenor ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4732495"/>
          <other otherDesc="Primary Identifier" value="4732495"/>
        </identifiers>
        <balance>698283.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.77930000"/>
        <valUSD>12512912.57000000</valUSD>
        <pctVal>0.295456685060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alcon Inc.</name>
        <lei>549300LDT5AP8S0NBM78</lei>
        <title>Alcon Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJT1GR5"/>
          <other otherDesc="Primary Identifier" value="BJT1GR5"/>
        </identifiers>
        <balance>565075.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96780000"/>
        <valUSD>31961329.22000000</valUSD>
        <pctVal>0.754675486514</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>Nokia Corp. Series A ADR</name>
        <lei>549300A0JPRWG1KI7U06</lei>
        <title>Nokia Corp. Series A ADR</title>
        <cusip>654902204</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="654902204"/>
          <other otherDesc="Primary Identifier" value="654902204"/>
        </identifiers>
        <balance>4336994.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16090247.74000000</valUSD>
        <pctVal>0.379925235829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ferguson plc</name>
        <lei>213800DU1LGY3R2S2X42</lei>
        <title>Ferguson plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJVNSS4"/>
          <other otherDesc="Primary Identifier" value="BJVNSS4"/>
        </identifiers>
        <balance>725194.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>65800976.24000000</valUSD>
        <pctVal>1.553702082139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UniCredit S.p.A.</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYMXPS7"/>
          <other otherDesc="Primary Identifier" value="BYMXPS7"/>
        </identifiers>
        <balance>5230765.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>76261262.10000000</valUSD>
        <pctVal>1.800691851123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke Philips Electronics N.V. Ordinary Shares</name>
        <lei>H1FJE8H61JGM1JSGM897</lei>
        <title>Koninklijke Philips Electronics N.V. Ordinary Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5986622"/>
          <other otherDesc="Primary Identifier" value="5986622"/>
        </identifiers>
        <balance>987513.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>48207028.33000000</valUSD>
        <pctVal>1.138271262373</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>Suzuki Motor Corp.</name>
        <lei>353800D83H0V3ZV1SV24</lei>
        <title>Suzuki Motor Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6865504"/>
          <other otherDesc="Primary Identifier" value="6865504"/>
        </identifiers>
        <balance>1091700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>45459611.16000000</valUSD>
        <pctVal>1.073398854371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tenaris S.A. ADR</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>Tenaris S.A. ADR</title>
        <cusip>88031M109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="88031M109"/>
          <other otherDesc="Primary Identifier" value="88031M109"/>
        </identifiers>
        <balance>1015621.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22993659.44000000</valUSD>
        <pctVal>0.542929582345</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>Glencore International plc</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>Glencore International plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B4T3BW6"/>
          <other otherDesc="Primary Identifier" value="B4T3BW6"/>
        </identifiers>
        <balance>20663311.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>64417175.46000000</valUSD>
        <pctVal>1.521027579783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hong Kong Exchanges and Clearing Ltd.</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>Hong Kong Exchanges and Clearing Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6267359"/>
          <other otherDesc="Primary Identifier" value="6267359"/>
        </identifiers>
        <balance>2021514.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>65634413.72000000</valUSD>
        <pctVal>1.549769184044</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joseph W. Kauten</ncom:signature>
      <ncom:signerName>Joseph W. Kauten</ncom:signerName>
      <ncom:title>Treasurer, Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
