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        <balance>295236.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>26416927.75000000</valUSD>
        <pctVal>1.049737411531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="52596303.93000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="15712207.85000000"/>
        </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>236683.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>28283058.91000000</valUSD>
        <pctVal>1.123892427285</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>Unilever plc</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>Unilever plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B10RZP7"/>
          <other otherDesc="Primary Identifier" value="B10RZP7"/>
        </identifiers>
        <balance>539241.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>30152356.67000000</valUSD>
        <pctVal>1.198173275177</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>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>147148.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>27618399.02000000</valUSD>
        <pctVal>1.097480637123</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>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"/>
        </identifiers>
        <balance>564128.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>26313359.68000000</valUSD>
        <pctVal>1.045621895952</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="23412771.48000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reliance Industries Ltd.</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6099626"/>
          <other otherDesc="Primary Identifier" value="6099626"/>
        </identifiers>
        <balance>884323.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="73.11375000"/>
        <valUSD>24227828.57000000</valUSD>
        <pctVal>0.962748518328</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>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>1947871.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>34587284.39000000</valUSD>
        <pctVal>1.374405333241</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>627234.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1131.75000000"/>
        <valUSD>45113185.42000000</valUSD>
        <pctVal>1.792676231578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>11056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.34325000"/>
        <valUSD>25682443.54000000</valUSD>
        <pctVal>1.020550991342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>18104919.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34520000"/>
        <valUSD>32839728.19000000</valUSD>
        <pctVal>1.304962166373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas S.A.</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7309681"/>
          <other otherDesc="Primary Identifier" value="7309681"/>
        </identifiers>
        <balance>478788.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>29129409.59000000</valUSD>
        <pctVal>1.157524119073</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>Compagnie de Saint-Gobain</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>Compagnie de Saint-Gobain</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7380482"/>
          <other otherDesc="Primary Identifier" value="7380482"/>
        </identifiers>
        <balance>575623.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>33967785.07000000</valUSD>
        <pctVal>1.349788102246</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>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>4169.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.34325000"/>
        <valUSD>9076402.48000000</valUSD>
        <pctVal>0.360671738043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HeidelbergCement AG</name>
        <lei>LZ2C6E0W5W7LQMX5ZI37</lei>
        <title>HeidelbergCement AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5120679"/>
          <other otherDesc="Primary Identifier" value="5120679"/>
        </identifiers>
        <balance>450243.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>40899021.71000000</valUSD>
        <pctVal>1.625216739445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American plc</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>Anglo American plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1XZS82"/>
          <other otherDesc="Primary Identifier" value="B1XZS82"/>
        </identifiers>
        <balance>1021683.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>40036587.23000000</valUSD>
        <pctVal>1.590945920854</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>Prudential plc</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>Prudential plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0709954"/>
          <other otherDesc="Primary Identifier" value="0709954"/>
        </identifiers>
        <balance>1363995.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>28967758.50000000</valUSD>
        <pctVal>1.151100541040</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>Cap Gemini S.A.</name>
        <lei>96950077L0TN7BAROX36</lei>
        <title>Cap Gemini S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4163437"/>
          <other otherDesc="Primary Identifier" value="4163437"/>
        </identifiers>
        <balance>202036.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>34378318.58000000</valUSD>
        <pctVal>1.366101595935</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>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>237938.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>26452127.17000000</valUSD>
        <pctVal>1.051136141481</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>Anhui Conch Cement Co. Ltd. H Shares</name>
        <lei>300300JVKW56SSAEQZ33</lei>
        <title>Anhui Conch Cement Co. Ltd. H Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6080396"/>
          <other otherDesc="Primary Identifier" value="6080396"/>
        </identifiers>
        <balance>4335000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>28187732.34000000</valUSD>
        <pctVal>1.120104406673</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>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>328303.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23030455.45000000</valUSD>
        <pctVal>0.915168142157</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>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>354723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10950299.01000000</valUSD>
        <pctVal>0.435135328643</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>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>230981.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36947720.76000000</valUSD>
        <pctVal>1.468202703949</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>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>271064.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>28640796.50000000</valUSD>
        <pctVal>1.138107953606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>506516.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>28912629.20000000</valUSD>
        <pctVal>1.148909851448</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>AstraZeneca plc ADR</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc ADR</title>
        <cusip>046353108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="046353108"/>
          <other otherDesc="Primary Identifier" value="046353108"/>
        </identifiers>
        <balance>587234.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29197274.48000000</valUSD>
        <pctVal>1.160220886640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="52596303.93000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="29046561.60000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Axa S.A.</name>
        <lei>F5WCUMTUM4RKZ1MAIE39</lei>
        <title>Axa S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7088429"/>
          <other otherDesc="Primary Identifier" value="7088429"/>
        </identifiers>
        <balance>919430.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>24675050.19000000</valUSD>
        <pctVal>0.980519898490</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>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0870612"/>
          <other otherDesc="Primary Identifier" value="0870612"/>
        </identifiers>
        <balance>26272759.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>15406093.50000000</valUSD>
        <pctVal>0.612196575830</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>Munchener Ruckversicherungs-Gesellschaft AG Registered Shares</name>
        <lei>529900MUF4C20K50JS49</lei>
        <title>Munchener Ruckversicherungs-Gesellschaft AG Registered Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5294121"/>
          <other otherDesc="Primary Identifier" value="5294121"/>
        </identifiers>
        <balance>97961.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>30167296.33000000</valUSD>
        <pctVal>1.198766936944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gree Electric Appliances Inc. of Zhuhai A Shares</name>
        <lei>655600UY069MU9JRAN62</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"/>
        </identifiers>
        <balance>2731128.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.56500000"/>
        <valUSD>26084040.46000000</valUSD>
        <pctVal>1.036509369064</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>Epiroc AB Class A</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>Epiroc AB Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDZV116"/>
          <other otherDesc="Primary Identifier" value="BDZV116"/>
        </identifiers>
        <balance>837375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.73345000"/>
        <valUSD>18965331.57000000</valUSD>
        <pctVal>0.753631090622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Faurecia S.A.</name>
        <lei>969500F0VMZLK2IULV85</lei>
        <title>Faurecia S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4400446"/>
          <other otherDesc="Primary Identifier" value="4400446"/>
        </identifiers>
        <balance>0.86000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>45.82000000</valUSD>
        <pctVal>0.000001820763</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>Terumo Corp.</name>
        <lei>353800JX1R4582QVK932</lei>
        <title>Terumo Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6885074"/>
          <other otherDesc="Primary Identifier" value="6885074"/>
        </identifiers>
        <balance>723628.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>26134914.17000000</valUSD>
        <pctVal>1.038530952995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sekisui House Ltd.</name>
        <lei>529900GMNDOYQSAJAE76</lei>
        <title>Sekisui House Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6793906"/>
          <other otherDesc="Primary Identifier" value="6793906"/>
        </identifiers>
        <balance>1333300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>28586626.33000000</valUSD>
        <pctVal>1.135955377251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Persimmon plc</name>
        <lei>213800XI72Y57UWN6F31</lei>
        <title>Persimmon plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0682538"/>
          <other otherDesc="Primary Identifier" value="0682538"/>
        </identifiers>
        <balance>749115.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>30362409.53000000</valUSD>
        <pctVal>1.206520208917</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>AIA Group Ltd.</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B4TX8S1"/>
          <other otherDesc="Primary Identifier" value="B4TX8S1"/>
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        <balance>2089910.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>25350653.19000000</valUSD>
        <pctVal>1.007366538310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>1934849.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>38513499.17000000</valUSD>
        <pctVal>1.530422512047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="16963836.63000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>DNB ASA</name>
        <lei>5967007LIEEXZX78M803</lei>
        <title>DNB ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4263304"/>
          <other otherDesc="Primary Identifier" value="4263304"/>
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        <balance>2007231.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="8.55315000"/>
        <valUSD>42711286.72000000</valUSD>
        <pctVal>1.697231259779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>250161.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>38210770.41000000</valUSD>
        <pctVal>1.518392888167</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>Largan Precision Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Largan Precision Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6451668"/>
          <other otherDesc="Primary Identifier" value="6451668"/>
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        <balance>229000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="28.53300000"/>
        <valUSD>25762800.97000000</valUSD>
        <pctVal>1.023744178732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carrefour S.A.</name>
        <lei>549300B8P6MUJ1YWTS08</lei>
        <title>Carrefour S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5641567"/>
          <other otherDesc="Primary Identifier" value="5641567"/>
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        <balance>2718692.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>49242078.90000000</valUSD>
        <pctVal>1.956747314907</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>Stellantis N.V.</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BMD8F98"/>
          <other otherDesc="Primary Identifier" value="BMD8F98"/>
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        <balance>1922961.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>34006369.99000000</valUSD>
        <pctVal>1.351321362829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Teck Cominco Ltd.</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>Teck Cominco Ltd.</title>
        <cusip>878742204</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="2879327"/>
          <other otherDesc="Primary Identifier" value="2879327"/>
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        <balance>1814849.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.25670000"/>
        <valUSD>34760416.51000000</valUSD>
        <pctVal>1.381285136420</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>
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      </invstOrSec>
      <invstOrSec>
        <name>tesco plc</name>
        <lei>2138002P5RNKC5W2JZ46</lei>
        <title>tesco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BLGZ986"/>
          <other otherDesc="Primary Identifier" value="BLGZ986"/>
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        <balance>8878585.00000000</balance>
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        <valUSD>28011417.30000000</valUSD>
        <pctVal>1.113098122844</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>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"/>
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        <balance>609087.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21738315.03000000</valUSD>
        <pctVal>0.863821969254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="52596303.93000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="21785120.82000000"/>
        </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>4078400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>27846199.14000000</valUSD>
        <pctVal>1.106532799076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technip-Coflexip</name>
        <lei>724500FLODI49NSCIP70</lei>
        <title>Technip-Coflexip</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BNC0116"/>
          <other otherDesc="Primary Identifier" value="BNC0116"/>
        </identifiers>
        <balance>1123803.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>17066655.15000000</valUSD>
        <pctVal>0.678182814073</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>Australia and New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia and New Zealand Banking Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6065586"/>
          <other otherDesc="Primary Identifier" value="6065586"/>
        </identifiers>
        <balance>1686476.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.31657000"/>
        <valUSD>36097506.16000000</valUSD>
        <pctVal>1.434417470409</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>WPP Group plc</name>
        <lei>549300LSGBXPYHXGDT93</lei>
        <title>WPP Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B8KF9B4"/>
          <other otherDesc="Primary Identifier" value="B8KF9B4"/>
        </identifiers>
        <balance>3769455.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>47839864.80000000</valUSD>
        <pctVal>1.901027111041</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>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"/>
        </identifiers>
        <balance>1891909.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>31917688.07000000</valUSD>
        <pctVal>1.268322780520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="2171573"/>
          <other otherDesc="Primary Identifier" value="2171573"/>
        </identifiers>
        <balance>522987.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.25670000"/>
        <valUSD>16167776.68000000</valUSD>
        <pctVal>0.642463809679</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>Roche Holdings AG Genusscheine</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holdings AG Genusscheine</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7110388"/>
          <other otherDesc="Primary Identifier" value="7110388"/>
        </identifiers>
        <balance>161537.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.94515000"/>
        <valUSD>52204916.31000000</valUSD>
        <pctVal>2.074482477111</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>Getinge AB</name>
        <lei>5493003PZ4F570G3W735</lei>
        <title>Getinge AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7698356"/>
          <other otherDesc="Primary Identifier" value="7698356"/>
        </identifiers>
        <balance>961013.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.73345000"/>
        <valUSD>26684260.23000000</valUSD>
        <pctVal>1.060360482777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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"/>
        </identifiers>
        <balance>625685.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.25670000"/>
        <valUSD>27642262.43000000</valUSD>
        <pctVal>1.098428904630</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>977100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>39384035.22000000</valUSD>
        <pctVal>1.565015265165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria S.A.</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5501906"/>
          <other otherDesc="Primary Identifier" value="5501906"/>
        </identifiers>
        <balance>5132204.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>26638132.70000000</valUSD>
        <pctVal>1.058527499229</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>Epiroc AB Class B</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>Epiroc AB Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDZV127"/>
          <other otherDesc="Primary Identifier" value="BDZV127"/>
        </identifiers>
        <balance>386611.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.73345000"/>
        <valUSD>8054534.17000000</valUSD>
        <pctVal>0.320065449348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>885527.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>26151937.59000000</valUSD>
        <pctVal>1.039207417761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>346391.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>59226024.42000000</valUSD>
        <pctVal>2.353482363972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>534100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>25396581.62000000</valUSD>
        <pctVal>1.009191610161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8673730.11000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shimadzu Corp.</name>
        <lei>N/A</lei>
        <title>Shimadzu Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6804369"/>
          <other otherDesc="Primary Identifier" value="6804369"/>
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        <balance>901100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>32593411.61000000</valUSD>
        <pctVal>1.295174210273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>2595417.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.25670000"/>
        <valUSD>17554742.18000000</valUSD>
        <pctVal>0.697578075336</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>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"/>
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        <balance>846523.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>32373199.91000000</valUSD>
        <pctVal>1.286423591650</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>Deutsche Telekom AG Registered Shares</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG Registered Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5842359"/>
          <other otherDesc="Primary Identifier" value="5842359"/>
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        <balance>1370371.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>27592872.39000000</valUSD>
        <pctVal>1.096466277741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>767534.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>35805592.06000000</valUSD>
        <pctVal>1.422817591929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canada Goose Holdings Inc.</name>
        <lei>529900891XBE6RV8JR07</lei>
        <title>Canada Goose Holdings Inc.</title>
        <cusip>135086106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="135086106"/>
          <other otherDesc="Primary Identifier" value="135086106"/>
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        <balance>639118.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25085381.50000000</valUSD>
        <pctVal>0.996825357297</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>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>210830000.00000100</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="8.55315000"/>
        <valUSD>24762045.92000000</valUSD>
        <pctVal>0.983976874006</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>SK Telecom Co. Ltd.</name>
        <lei>9884003WEA1PHW006037</lei>
        <title>SK Telecom Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6224871"/>
          <other otherDesc="Primary Identifier" value="6224871"/>
        </identifiers>
        <balance>120679.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1131.75000000"/>
        <valUSD>29323370.89000000</valUSD>
        <pctVal>1.165231617649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Corp.</name>
        <lei>N/A</lei>
        <title>LG Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6537030"/>
          <other otherDesc="Primary Identifier" value="6537030"/>
        </identifiers>
        <balance>421612.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1131.75000000"/>
        <valUSD>33676805.65000000</valUSD>
        <pctVal>1.338225365426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TechnipFMC plc</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TechnipFMC plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G87110105"/>
          <other otherDesc="Primary Identifier" value="G87110105"/>
        </identifiers>
        <balance>878277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6780298.44000000</valUSD>
        <pctVal>0.269430760502</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>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>3604882.17000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3604882.17000000</valUSD>
        <pctVal>0.143248288136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>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>2926640.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>41545362.78000000</valUSD>
        <pctVal>1.650900589142</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>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>52596303.93000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52596303.93000000</valUSD>
        <pctVal>2.090035164804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technip-Coflexip</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>Technip-Coflexip</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYW2H44"/>
          <other otherDesc="Primary Identifier" value="BYW2H44"/>
        </identifiers>
        <balance>849521.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>6489486.46000000</valUSD>
        <pctVal>0.257874677296</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>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>2013458.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.31657000"/>
        <valUSD>37346016.06000000</valUSD>
        <pctVal>1.484029884203</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>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"/>
        </identifiers>
        <balance>434630.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>49205704.27000000</valUSD>
        <pctVal>1.955301885283</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>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"/>
        </identifiers>
        <balance>7315325.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>29715324.74000000</valUSD>
        <pctVal>1.180806805794</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>Vinci</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>Vinci</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1XH026"/>
          <other otherDesc="Primary Identifier" value="B1XH026"/>
        </identifiers>
        <balance>85053.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>8713461.56000000</valUSD>
        <pctVal>0.346249445432</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>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>360281.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>25341731.12000000</valUSD>
        <pctVal>1.007011999328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="52596303.93000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6749453.58000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Legal &amp; General Group plc</name>
        <lei>213800JH9QQWHLO99821</lei>
        <title>Legal &amp; General Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0560399"/>
          <other otherDesc="Primary Identifier" value="0560399"/>
        </identifiers>
        <balance>11647004.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72537000"/>
        <valUSD>44814078.55000000</valUSD>
        <pctVal>1.780790531830</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>Volkswagen AG 2.260%</name>
        <lei>529900NNUPAGGOMPXZ31</lei>
        <title>Volkswagen AG 2.260%</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5497168"/>
          <other otherDesc="Primary Identifier" value="5497168"/>
        </identifiers>
        <balance>203895.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>57051290.56000000</valUSD>
        <pctVal>2.267064309815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>242019.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85273000"/>
        <valUSD>29636138.03000000</valUSD>
        <pctVal>1.177660139658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>49870.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="110.72500000"/>
        <valUSD>28964910.36000000</valUSD>
        <pctVal>1.150987363644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ortho Clinical Diagnostics Holdings plc</name>
        <lei>N/A</lei>
        <title>Ortho Clinical Diagnostics Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G6829J107"/>
          <other otherDesc="Primary Identifier" value="G6829J107"/>
        </identifiers>
        <balance>818806.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15798861.77000000</valUSD>
        <pctVal>0.627804126828</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-04-30</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>
</edgarSubmission>
