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      <invstOrSec>
        <name>ITOCHU Corp.</name>
        <lei>J48DJYXDTLHM30UMYI18</lei>
        <title>ITOCHU Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6467803"/>
          <other otherDesc="Primary Identifier" value="6467803"/>
        </identifiers>
        <balance>1200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>36712.68000000</valUSD>
        <pctVal>0.006376894652</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>RWE Aktiengesellschaft</name>
        <lei>529900GB7KCA94ACC940</lei>
        <title>RWE Aktiengesellschaft</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4768962"/>
          <other otherDesc="Primary Identifier" value="4768962"/>
        </identifiers>
        <balance>70480.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>2866221.44000000</valUSD>
        <pctVal>0.497855023776</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>adidas AG</name>
        <lei>549300JSX0Z4CW0V5023</lei>
        <title>adidas AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4031976"/>
          <other otherDesc="Primary Identifier" value="4031976"/>
        </identifiers>
        <balance>59390.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>17120223.15000000</valUSD>
        <pctVal>2.973737124585</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>Novo Nordisk A/S Class B</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Novo Nordisk A/S Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BHC8X90"/>
          <other otherDesc="Primary Identifier" value="BHC8X90"/>
        </identifiers>
        <balance>154180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.53205000"/>
        <valUSD>17318403.46000000</valUSD>
        <pctVal>3.008160516152</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>CVS Caremark Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Caremark Corp.</title>
        <cusip>126650100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="126650100"/>
          <other otherDesc="Primary Identifier" value="126650100"/>
        </identifiers>
        <balance>560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57769.60000000</valUSD>
        <pctVal>0.010034425526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amadeus IT Holding S.A.</name>
        <lei>9598004A3FTY3TEHHN09</lei>
        <title>Amadeus IT Holding S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B3MSM28"/>
          <other otherDesc="Primary Identifier" value="B3MSM28"/>
        </identifiers>
        <balance>334310.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>22620803.84000000</valUSD>
        <pctVal>3.929173327800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lawson Inc.</name>
        <lei>529900IWO8XQO92PR233</lei>
        <title>Lawson Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6266914"/>
          <other otherDesc="Primary Identifier" value="6266914"/>
        </identifiers>
        <balance>133800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>6348726.17000000</valUSD>
        <pctVal>1.102756812229</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>Sanofi-Aventis</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi-Aventis</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5671735"/>
          <other otherDesc="Primary Identifier" value="5671735"/>
        </identifiers>
        <balance>25580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>2579696.48000000</valUSD>
        <pctVal>0.448086402001</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>Smith &amp; Nephew plc</name>
        <lei>213800ZTMDN8S67S1H61</lei>
        <title>Smith &amp; Nephew plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0922320"/>
          <other otherDesc="Primary Identifier" value="0922320"/>
        </identifiers>
        <balance>871660.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73880000"/>
        <valUSD>15261128.99000000</valUSD>
        <pctVal>2.650817424692</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"/>
        </identifiers>
        <balance>3100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>57528.32000000</valUSD>
        <pctVal>0.009992515833</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>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>300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>58903.63000000</valUSD>
        <pctVal>0.010231403514</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>Merck &amp; Co. Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co. Inc.</title>
        <cusip>58933Y105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="58933Y105"/>
          <other otherDesc="Primary Identifier" value="58933Y105"/>
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        <balance>241950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18543048.00000000</valUSD>
        <pctVal>3.220878008273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>22790.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73880000"/>
        <valUSD>2676930.43000000</valUSD>
        <pctVal>0.464975679924</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>CRH plc</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4182249"/>
          <other otherDesc="Primary Identifier" value="4182249"/>
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        <balance>800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>42370.35000000</valUSD>
        <pctVal>0.007359616850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lamb Weston Holdings Inc.</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings Inc.</title>
        <cusip>513272104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="513272104"/>
          <other otherDesc="Primary Identifier" value="513272104"/>
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        <balance>399120.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25296225.60000000</valUSD>
        <pctVal>4.393886955766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>L Air Liquide S.A.</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>L Air Liquide S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1YXBJ7"/>
          <other otherDesc="Primary Identifier" value="B1YXBJ7"/>
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        <balance>124530.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>21737279.67000000</valUSD>
        <pctVal>3.775707534639</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>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"/>
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        <balance>176600.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.91120000"/>
        <valUSD>24656418.13000000</valUSD>
        <pctVal>4.282754103732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lundin Energy AB</name>
        <lei>549300IULC8F8IGXKI15</lei>
        <title>Lundin Energy AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7187627"/>
          <other otherDesc="Primary Identifier" value="7187627"/>
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        <balance>1440.00000000</balance>
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        <pctVal>0.008950133812</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ConAgra Foods Inc.</name>
        <lei>54930035UDEIH090K650</lei>
        <title>ConAgra Foods Inc.</title>
        <cusip>205887102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="205887102"/>
          <other otherDesc="Primary Identifier" value="205887102"/>
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        <balance>388150.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13255322.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cisco Systems Inc.</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>Cisco Systems Inc.</title>
        <cusip>17275R102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="17275R102"/>
          <other otherDesc="Primary Identifier" value="17275R102"/>
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        <balance>900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57033.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <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"/>
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        <balance>800.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>44535.71000000</valUSD>
        <pctVal>0.007735734110</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>
      <invstOrSec>
        <name>Svenska Cellulosa Aktiebolaget SCA (publ) Class B</name>
        <lei>549300G8E6YUVJ1DA153</lei>
        <title>Svenska Cellulosa Aktiebolaget SCA (publ) Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF1K7P7"/>
          <other otherDesc="Primary Identifier" value="BF1K7P7"/>
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        <balance>418120.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.03620000"/>
        <valUSD>13641082.27000000</valUSD>
        <pctVal>2.369419627910</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Vanguard FTSE Developed Markets ETF</name>
        <lei>N/A</lei>
        <title>Vanguard FTSE Developed Markets ETF</title>
        <cusip>921943858</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="921943858"/>
          <other otherDesc="Primary Identifier" value="921943858"/>
        </identifiers>
        <balance>40410.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2063334.60000000</valUSD>
        <pctVal>0.358395719886</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>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>39220.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.91120000"/>
        <valUSD>16270858.35000000</valUSD>
        <pctVal>2.826204722936</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>Parker Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker Hannifin Corp.</title>
        <cusip>701094104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="701094104"/>
          <other otherDesc="Primary Identifier" value="701094104"/>
        </identifiers>
        <balance>19940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6343312.80000000</valUSD>
        <pctVal>1.101816524290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares ESG Aware MSCI EAFE ETF</name>
        <lei>N/A</lei>
        <title>iShares ESG Aware MSCI EAFE ETF</title>
        <cusip>46435G516</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46435G516"/>
          <other otherDesc="Primary Identifier" value="46435G516"/>
        </identifiers>
        <balance>25270.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2007954.20000000</valUSD>
        <pctVal>0.348776292031</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>
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      </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"/>
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        <balance>4508751.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4508751.50000000</valUSD>
        <pctVal>0.783158116784</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>
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      </invstOrSec>
      <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>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5129074"/>
          <other otherDesc="Primary Identifier" value="5129074"/>
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        <balance>309060.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>20105525.59000000</valUSD>
        <pctVal>3.492276200633</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>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"/>
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        <balance>269800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>11867968.32000000</valUSD>
        <pctVal>2.061434461301</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>
      <invstOrSec>
        <name>Kao Corp.</name>
        <lei>353800HM38HFCB8RGL63</lei>
        <title>Kao Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6483809"/>
          <other otherDesc="Primary Identifier" value="6483809"/>
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        <balance>233300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>12218933.95000000</valUSD>
        <pctVal>2.122396255680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="15458718.34000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12072340.52000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Henry Schein Inc.</name>
        <lei>VGO3WGL8H45T73F4RR92</lei>
        <title>Henry Schein Inc.</title>
        <cusip>806407102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="806407102"/>
          <other otherDesc="Primary Identifier" value="806407102"/>
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        <balance>232950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18060613.50000000</valUSD>
        <pctVal>3.137080421626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc.</title>
        <cusip>717081103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="717081103"/>
          <other otherDesc="Primary Identifier" value="717081103"/>
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        <balance>387430.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22877741.50000000</valUSD>
        <pctVal>3.973802714435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diageo plc</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>Diageo plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="0237400"/>
          <other otherDesc="Primary Identifier" value="0237400"/>
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        <balance>446050.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73880000"/>
        <valUSD>24367322.69000000</valUSD>
        <pctVal>4.232538996432</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>Danone S.A.</name>
        <lei>969500KMUQ2B6CBAF162</lei>
        <title>Danone S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1Y9TB3"/>
          <other otherDesc="Primary Identifier" value="B1Y9TB3"/>
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        <balance>306630.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>19057245.63000000</valUSD>
        <pctVal>3.310192765931</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>Sodexo S.A.</name>
        <lei>969500LCBOG12HXPYM84</lei>
        <title>Sodexo S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7062713"/>
          <other otherDesc="Primary Identifier" value="7062713"/>
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        <balance>163900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>14379386.35000000</valUSD>
        <pctVal>2.497661078544</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>General Mills Inc.</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
        <title>General Mills Inc.</title>
        <cusip>370334104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="370334104"/>
          <other otherDesc="Primary Identifier" value="370334104"/>
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        <balance>248760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16761448.80000000</valUSD>
        <pctVal>2.911418976358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73880000"/>
        <valUSD>42723.34000000</valUSD>
        <pctVal>0.007420930272</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>Zurich Financial Services Registered Shares</name>
        <lei>529900QVNRBND50TXP03</lei>
        <title>Zurich Financial Services Registered Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5983816"/>
          <other otherDesc="Primary Identifier" value="5983816"/>
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        <balance>100.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.91120000"/>
        <valUSD>43807.90000000</valUSD>
        <pctVal>0.007609315453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Public Service Enterprise Group Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group Inc.</title>
        <cusip>744573106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="744573106"/>
          <other otherDesc="Primary Identifier" value="744573106"/>
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        <balance>870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58055.10000000</valUSD>
        <pctVal>0.010084016115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>3i Group plc</name>
        <lei>35GDVHRBMFE7NWATNM84</lei>
        <title>3i Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1YW440"/>
          <other otherDesc="Primary Identifier" value="B1YW440"/>
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        <balance>3040.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.73880000"/>
        <valUSD>59623.17000000</valUSD>
        <pctVal>0.010356385694</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>Securitas AB Class B</name>
        <lei>635400TTYKE8EIWDS617</lei>
        <title>Securitas AB Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5554041"/>
          <other otherDesc="Primary Identifier" value="5554041"/>
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        <balance>941507.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.03620000"/>
        <valUSD>12951810.28000000</valUSD>
        <pctVal>2.249694920607</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Knorr-Bremse AG</name>
        <lei>5299001GRRO0Z25YZT52</lei>
        <title>Knorr-Bremse AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD2P9X9"/>
          <other otherDesc="Primary Identifier" value="BD2P9X9"/>
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        <balance>86940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>8601452.72000000</valUSD>
        <pctVal>1.494049408977</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>V.F. Corp.</name>
        <lei>CWAJJ9DJ5Z7P057HV541</lei>
        <title>V.F. Corp.</title>
        <cusip>918204108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="918204108"/>
          <other otherDesc="Primary Identifier" value="918204108"/>
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        <balance>760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55647.20000000</valUSD>
        <pctVal>0.009665770303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>3M Co.</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M Co.</title>
        <cusip>88579Y101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="88579Y101"/>
          <other otherDesc="Primary Identifier" value="88579Y101"/>
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        <balance>81140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14412898.20000000</valUSD>
        <pctVal>2.503481997558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American plc</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>Anglo American plc</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="B1XZS82"/>
          <other otherDesc="Primary Identifier" value="B1XZS82"/>
        </identifiers>
        <balance>1450.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.73880000"/>
        <valUSD>59193.29000000</valUSD>
        <pctVal>0.010281716684</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>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"/>
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        <balance>1240660.00000000</balance>
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        <valUSD>13295762.03000000</valUSD>
        <pctVal>2.309438422726</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>
        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5727973"/>
          <other otherDesc="Primary Identifier" value="5727973"/>
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        <balance>250.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>43456.48000000</valUSD>
        <pctVal>0.007548274736</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>
        <name>H &amp; M Hennes &amp; Mauritz AB</name>
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        <title>H &amp; M Hennes &amp; Mauritz AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="5687431"/>
          <other otherDesc="Primary Identifier" value="5687431"/>
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        <balance>455280.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.03620000"/>
        <valUSD>8933553.11000000</valUSD>
        <pctVal>1.551734361456</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>
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      <invstOrSec>
        <name>Clorox Co. (The)</name>
        <lei>54930044KVSC06Z79I06</lei>
        <title>Clorox Co. (The)</title>
        <cusip>189054109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="189054109"/>
          <other otherDesc="Primary Identifier" value="189054109"/>
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        <balance>67650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11795454.00000000</valUSD>
        <pctVal>2.048838917215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>48979.63000000</valUSD>
        <pctVal>0.008507631168</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>Koninklijke Ahold Delhaize N.V.</name>
        <lei>724500C9GNBV20UYRX36</lei>
        <title>Koninklijke Ahold Delhaize N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD0Q398"/>
          <other otherDesc="Primary Identifier" value="BD0Q398"/>
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        <balance>566050.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>19420409.57000000</valUSD>
        <pctVal>3.373273374240</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>
      <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"/>
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        <balance>124770.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>17742099.39000000</valUSD>
        <pctVal>3.081755369767</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>Raytheon Technologies Corp.</name>
        <lei>YR6K3WJN0KKLUPZSNL57</lei>
        <title>Raytheon Technologies Corp.</title>
        <cusip>75513E101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="75513E101"/>
          <other otherDesc="Primary Identifier" value="75513E101"/>
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        <balance>800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68848.00000000</valUSD>
        <pctVal>0.011958714075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kirin Brewery Co. Ltd.</name>
        <lei>353800GBVL72LLMTYM96</lei>
        <title>Kirin Brewery Co. Ltd.</title>
        <cusip>497350108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6493745"/>
          <other otherDesc="Primary Identifier" value="6493745"/>
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        <balance>3400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.03000000"/>
        <valUSD>54763.37000000</valUSD>
        <pctVal>0.009512251388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="15458718.34000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="53988.12000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Publicis Groupe S.A.</name>
        <lei>2138004KW8BV57III342</lei>
        <title>Publicis Groupe S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="4380429"/>
          <other otherDesc="Primary Identifier" value="4380429"/>
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        <balance>84820.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87835000"/>
        <valUSD>5716791.71000000</valUSD>
        <pctVal>0.992991481045</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>Eastman Chemical Co.</name>
        <lei>FDPVHDGJ1IQZFK9KH630</lei>
        <title>Eastman Chemical Co.</title>
        <cusip>277432100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="277432100"/>
          <other otherDesc="Primary Identifier" value="277432100"/>
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        <balance>480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58036.80000000</valUSD>
        <pctVal>0.010080837454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>15458718.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15458718.34000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Kimberly-Clark Corp.</name>
        <lei>MP3J6QPYPGN75NVW2S34</lei>
        <title>Kimberly-Clark Corp.</title>
        <cusip>494368103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="494368103"/>
          <other otherDesc="Primary Identifier" value="494368103"/>
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        <balance>139990.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20007370.80000000</valUSD>
        <pctVal>3.475226975257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard S&amp;P 500 ETF</name>
        <lei>N/A</lei>
        <title>Vanguard S&amp;P 500 ETF</title>
        <cusip>922908363</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="922908363"/>
          <other otherDesc="Primary Identifier" value="922908363"/>
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        <balance>10750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4693127.50000000</valUSD>
        <pctVal>0.815183736501</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Intertek Group plc</name>
        <lei>2138003GAT25WW1RN369</lei>
        <title>Intertek Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="3163836"/>
          <other otherDesc="Primary Identifier" value="3163836"/>
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        <balance>15890.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.73880000"/>
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        <pctVal>0.210328710845</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>Exelon Corp.</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp.</title>
        <cusip>30161N101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="30161N101"/>
          <other otherDesc="Primary Identifier" value="30161N101"/>
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        <balance>1050.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60648.00000000</valUSD>
        <pctVal>0.010534395933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
