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      <regZipOrPostalCode>532123948</regZipOrPostalCode>
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      <repPdEnd>2026-10-31</repPdEnd>
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      <totLiabs>293838.720000000000</totLiabs>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <name>Equinox Gold Corp</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Kimberly-Clark de Mexico SAB d</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LVMH Moet Hennessy Louis Vuitt</name>
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        <title>LVMH Moet Hennessy Louis Vuitton S.E.</title>
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          <ticker value="MC FP"/>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Philip Morris International In</name>
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        <title>Philip Morris International, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <lei>BSYCX13Y0NOTV14V9N85</lei>
        <title>Repsol S.A.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Reckitt Benckiser Group PLC</name>
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        <title>Reckitt Benckiser Group PLC</title>
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          <ticker value="RKT LN"/>
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        <currencyConditional curCd="GBP" exchangeRt="0.7349"/>
        <valUSD>1099957</valUSD>
        <pctVal>0.4390174215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding A.G.</title>
        <cusip>H69293266</cusip>
        <identifiers>
          <isin value="CH1499059983"/>
          <ticker value="ROP SW"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.7814"/>
        <valUSD>4074737.65</valUSD>
        <pctVal>1.6263188618</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>Sanofi SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi S.A.</title>
        <cusip>F5548N101</cusip>
        <identifiers>
          <isin value="FR0000120578"/>
          <ticker value="SAN FP"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>3278990.61</valUSD>
        <pctVal>1.3087184341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAP SE</name>
        <lei>529900D6BF99LW9R2E68</lei>
        <title>SAP S.E.</title>
        <cusip>D66992104</cusip>
        <identifiers>
          <isin value="DE0007164600"/>
          <ticker value="SAP GR"/>
        </identifiers>
        <balance>7000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>1195422.54</valUSD>
        <pctVal>0.4771198520</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>EURO CURRENCY  /</name>
        <lei>N/A</lei>
        <title>EURO CURRENCY  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="EUR"/>
        </identifiers>
        <balance>2429.62</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>2851.67</valUSD>
        <pctVal>0.0011381652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUR SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>EUR SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="EUR FWD"/>
        </identifiers>
        <balance>-2429.62</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>-2851.67</valUSD>
        <pctVal>-0.0011381652</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evolution Mining Ltd</name>
        <lei>254900BCFW5QO5LW8F27</lei>
        <title>Evolution Mining Ltd.</title>
        <cusip>Q3647R147</cusip>
        <identifiers>
          <isin value="AU000000EVN4"/>
          <ticker value="EVN AU"/>
        </identifiers>
        <balance>470000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.3890"/>
        <valUSD>4026637.87</valUSD>
        <pctVal>1.6071211646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evolution AB</name>
        <lei>549300SUH6ZR1RF6TA88</lei>
        <title>Evolution A.B.</title>
        <cusip>W3287P115</cusip>
        <identifiers>
          <isin value="SE0012673267"/>
          <ticker value="EVO SS"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.2328"/>
        <valUSD>1739450.65</valUSD>
        <pctVal>0.6942536291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fortum Oyj</name>
        <lei>635400IUIZZIUJSAMF76</lei>
        <title>Fortum Oyj</title>
        <cusip>X2978Z118</cusip>
        <identifiers>
          <isin value="FI0009007132"/>
          <ticker value="FORTUMFH"/>
        </identifiers>
        <balance>160000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>4026291.08</valUSD>
        <pctVal>1.6069827530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co., Ltd. - GDR</title>
        <cusip>796050888</cusip>
        <identifiers>
          <isin value="US7960508882"/>
          <ticker value="SMSN LI"/>
        </identifiers>
        <balance>1500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5616000</valUSD>
        <pctVal>2.2414711111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Ambev SA</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev S.A.</title>
        <cusip>P0273U106</cusip>
        <identifiers>
          <isin value="BRABEVACNOR1"/>
          <ticker value="ABEV3 BZ"/>
        </identifiers>
        <balance>700000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.9518"/>
        <valUSD>2051173.31</valUSD>
        <pctVal>0.8186691094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Accenture PLC</name>
        <lei>5493000EWHDSR3MZWH98</lei>
        <title>Accenture PLC - Class A</title>
        <cusip>G1151C101</cusip>
        <identifiers>
          <isin value="IE00B4BNMY34"/>
          <ticker value="ACN"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3574200</valUSD>
        <pctVal>1.4265430992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agnico Eagle Mines Ltd</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
          <ticker value="AEM"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3764200</valUSD>
        <pctVal>1.5023763455</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>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP A.S.A.</title>
        <cusip>R0139K100</cusip>
        <identifiers>
          <isin value="NO0010345853"/>
          <ticker value="AKRBP NO"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.2647"/>
        <valUSD>3892192.95</valUSD>
        <pctVal>1.5534611923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Algonquin Power &amp; Utilities Co</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp.</title>
        <cusip>015857105</cusip>
        <identifiers>
          <isin value="CA0158571053"/>
          <ticker value="AQN CN"/>
        </identifiers>
        <balance>700000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>4390459.36</valUSD>
        <pctVal>1.7523304523</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>ASML Holding NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding N.V.</title>
        <cusip>N07059210</cusip>
        <identifiers>
          <isin value="USN070592100"/>
          <ticker value="ASML"/>
        </identifiers>
        <balance>2500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3597475</valUSD>
        <pctVal>1.4358326719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Austevoll Seafood ASA</name>
        <lei>5967007LIEEXZXFFDC03</lei>
        <title>Austevoll Seafood A.S.A.</title>
        <cusip>R0814U100</cusip>
        <identifiers>
          <isin value="NO0010073489"/>
          <ticker value="AUSS NO"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.2647"/>
        <valUSD>1008127.62</valUSD>
        <pctVal>0.4023662636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrick Mining Corp</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corp.</title>
        <cusip>06849F108</cusip>
        <identifiers>
          <isin value="CA06849F1080"/>
          <ticker value="B"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5901000</valUSD>
        <pctVal>2.3552209805</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>B3 SA - Brasil Bolsa Balcao</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 S.A. - Brasil Bolsa Balcao</title>
        <cusip>P1909G107</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
          <ticker value="B3SA3 BZ"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.9518"/>
        <valUSD>3641100.21</valUSD>
        <pctVal>1.4532444682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer A.G.</title>
        <cusip>D0712D163</cusip>
        <identifiers>
          <isin value="DE000BAY0017"/>
          <ticker value="BAYN GR"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>1339788.73</valUSD>
        <pctVal>0.5347396249</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>Banco Bradesco SA</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>Banco Bradesco S.A. - ADR</title>
        <cusip>059460303</cusip>
        <identifiers>
          <isin value="US0594603039"/>
          <ticker value="BBD"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3880000</valUSD>
        <pctVal>1.5485947135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBVA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria S.A.</title>
        <cusip>E11805103</cusip>
        <identifiers>
          <isin value="ES0113211835"/>
          <ticker value="BBVA SM"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>2207746.48</valUSD>
        <pctVal>0.8811609607</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>BCE Inc</name>
        <lei>5493001I9203PRB5KR45</lei>
        <title>BCE, Inc.</title>
        <cusip>05534B760</cusip>
        <identifiers>
          <isin value="CA05534B7604"/>
          <ticker value="BCE CN"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>3564487.63</valUSD>
        <pctVal>1.4226666753</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>Bank of Nova Scotia/The</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia</title>
        <cusip>064149107</cusip>
        <identifiers>
          <isin value="CA0641491075"/>
          <ticker value="BNS CN"/>
        </identifiers>
        <balance>22000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>1711542.99</valUSD>
        <pctVal>0.6831150583</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>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC - ADR</title>
        <cusip>055622104</cusip>
        <identifiers>
          <isin value="US0556221044"/>
          <ticker value="BP"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3553500</valUSD>
        <pctVal>1.4182812666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
          <ticker value="BTG"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2250000</valUSD>
        <pctVal>0.8980252849</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 - ADR</title>
        <cusip>110448107</cusip>
        <identifiers>
          <isin value="US1104481072"/>
          <ticker value="BTI"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8820000</valUSD>
        <pctVal>3.5202591168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>CapitaLand Investment Ltd/Sing</name>
        <lei>254900AT4UQDU7SNXX49</lei>
        <title>CapitaLand Investment Ltd./Singapore</title>
        <cusip>Y1091P105</cusip>
        <identifiers>
          <isin value="SGXE62145532"/>
          <ticker value="CLI SP"/>
        </identifiers>
        <balance>1200000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2728"/>
        <valUSD>2620993.09</valUSD>
        <pctVal>1.0460969184</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>Canadian Utilities Ltd</name>
        <lei>LWV4QIQODEH3VBHUFX07</lei>
        <title>Canadian Utilities Ltd. - Class A</title>
        <cusip>136717832</cusip>
        <identifiers>
          <isin value="CA1367178326"/>
          <ticker value="CU CN"/>
        </identifiers>
        <balance>60000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.3584"/>
        <valUSD>2141784.45</valUSD>
        <pctVal>0.8548340404</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>DBS Group Holdings Ltd</name>
        <lei>5493007FKT78NKPM5V55</lei>
        <title>DBS Group Holdings Ltd.</title>
        <cusip>Y20246107</cusip>
        <identifiers>
          <isin value="SG1L01001701"/>
          <ticker value="DBS SP"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2728"/>
        <valUSD>2527891.26</valUSD>
        <pctVal>1.0089378973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telenor ASA</name>
        <lei>549300IM1QSBY4SLPM26</lei>
        <title>Telenor A.S.A.</title>
        <cusip>R89923107</cusip>
        <identifiers>
          <isin value="NO0010063308"/>
          <ticker value="TEL NO"/>
        </identifiers>
        <balance>180000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.2647"/>
        <valUSD>2962859.02</valUSD>
        <pctVal>1.1825432513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telkom Indonesia Persero Tbk P</name>
        <lei>529900M5SQZAOKV1PC81</lei>
        <title>Telkom Indonesia Persero Tbk P.T. - ADR</title>
        <cusip>715684106</cusip>
        <identifiers>
          <isin value="US7156841063"/>
          <ticker value="TLK"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1691000</valUSD>
        <pctVal>0.6749158919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telstra Group Ltd</name>
        <lei>894500WRW54CVN62K416</lei>
        <title>Telstra Group Ltd.</title>
        <cusip>Q8975N105</cusip>
        <identifiers>
          <isin value="AU000000TLS2"/>
          <ticker value="TLS AU"/>
        </identifiers>
        <balance>630000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.3890"/>
        <valUSD>2412958.96</valUSD>
        <pctVal>0.9630658478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federated Hermes Treasury Obli</name>
        <lei>254900WUIGYHOH89FC60</lei>
        <title>Federated Hermes Treasury Obligations Fund - Class Institutional</title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
          <ticker value="TOIXX"/>
        </identifiers>
        <balance>12687751.68</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12687751.68</valUSD>
        <pctVal>5.0639652520</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>TotalEnergies SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TotalEnergies S.E.</title>
        <cusip>F92124100</cusip>
        <identifiers>
          <isin value="FR0000120271"/>
          <ticker value="TTE"/>
        </identifiers>
        <balance>60000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5562600</valUSD>
        <pctVal>2.2201579777</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>Unilever PLC</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>Unilever PLC - ADR</title>
        <cusip>904767803</cusip>
        <identifiers>
          <isin value="US9047678035"/>
          <ticker value="UL"/>
        </identifiers>
        <balance>35555</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2097033.90</valUSD>
        <pctVal>0.8369730958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale S.A. - ADR</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
          <ticker value="VALE"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4090000</valUSD>
        <pctVal>1.6324104068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veolia Environnement SA</name>
        <lei>969500LENY69X51OOT31</lei>
        <title>Veolia Environnement S.A.</title>
        <cusip>F9686M107</cusip>
        <identifiers>
          <isin value="FR0000124141"/>
          <ticker value="VIE FP"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>2320070.42</valUSD>
        <pctVal>0.9259919555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>G93882192</cusip>
        <identifiers>
          <isin value="GB00BH4HKS39"/>
          <ticker value="VOD LN"/>
        </identifiers>
        <balance>6000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7349"/>
        <valUSD>9572730.98</valUSD>
        <pctVal>3.8206908736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart de Mexico SAB de CV</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico S.A.B. de C.V.</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WALMEX*"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4685"/>
        <valUSD>3152531.70</valUSD>
        <pctVal>1.2582458569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endesa SA</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa S.A.</title>
        <cusip>E41222113</cusip>
        <identifiers>
          <isin value="ES0130670112"/>
          <ticker value="ELE SM"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>2465316.90</valUSD>
        <pctVal>0.9839630718</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>Enel SpA</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>Enel S.p.A.</title>
        <cusip>T3679P115</cusip>
        <identifiers>
          <isin value="IT0003128367"/>
          <ticker value="ENEL IM"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>4659154.93</valUSD>
        <pctVal>1.8595728593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Engie SA</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie S.A.</title>
        <cusip>F7629A107</cusip>
        <identifiers>
          <isin value="FR0010208488"/>
          <ticker value="ENGI FP"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>4941901.41</valUSD>
        <pctVal>1.9724232985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eni SpA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni S.p.A.</title>
        <cusip>T3643A145</cusip>
        <identifiers>
          <isin value="IT0003132476"/>
          <ticker value="ENI IM"/>
        </identifiers>
        <balance>170000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>4788732.39</valUSD>
        <pctVal>1.9112901195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GSK PLC</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK PLC - ADR</title>
        <cusip>37733W204</cusip>
        <identifiers>
          <isin value="US37733W2044"/>
          <ticker value="GSK"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2877050</valUSD>
        <pctVal>1.1482949537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp.</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5061000</valUSD>
        <pctVal>2.0199582075</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>Iberdrola SA</name>
        <lei>5QK37QC7NWOJ8D7WVQ45</lei>
        <title>Iberdrola S.A.</title>
        <cusip>E6165F166</cusip>
        <identifiers>
          <isin value="ES0144580Y14"/>
          <ticker value="IBE SM"/>
        </identifiers>
        <balance>118847</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>2782861.09</valUSD>
        <pctVal>1.1107020547</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>Itau Unibanco Holding SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holding S.A. - ADR</title>
        <cusip>465562106</cusip>
        <identifiers>
          <isin value="US4655621062"/>
          <ticker value="ITUB"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3480000</valUSD>
        <pctVal>1.3889457740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <ticker value="9988 HK"/>
        </identifiers>
        <balance>170000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8325"/>
        <valUSD>2734759.02</valUSD>
        <pctVal>1.0915034436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starhill Global REIT</name>
        <lei>549300GCJNC7HDN3YK51</lei>
        <title>Starhill Global REIT - REIT</title>
        <cusip>Y7545N109</cusip>
        <identifiers>
          <isin value="SG1S18926810"/>
          <ticker value="SGREITSP"/>
        </identifiers>
        <balance>4000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2728"/>
        <valUSD>1728472.66</valUSD>
        <pctVal>0.6898720680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Reit"/>
        <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>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC - ADR</title>
        <cusip>780259305</cusip>
        <identifiers>
          <isin value="US7802593050"/>
          <ticker value="SHEL"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3173450</valUSD>
        <pctVal>1.2665948179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Sonic Healthcare Ltd</name>
        <lei>549300NQQ5L2NONWR862</lei>
        <title>Sonic Healthcare Ltd.</title>
        <cusip>Q8563C107</cusip>
        <identifiers>
          <isin value="AU000000SHL7"/>
          <ticker value="SHL AU"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.3890"/>
        <valUSD>2134989.20</valUSD>
        <pctVal>0.8521219043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <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. - ADR</title>
        <cusip>78440P306</cusip>
        <identifiers>
          <isin value="US78440P3064"/>
          <ticker value="SKM"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7482000</valUSD>
        <pctVal>2.9862334140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>SingTel</name>
        <lei>2549003XJKIQO8YDYD89</lei>
        <title>Singapore Telecommunications Ltd.</title>
        <cusip>Y79985209</cusip>
        <identifiers>
          <isin value="SG1T75931496"/>
          <ticker value="ST SP"/>
        </identifiers>
        <balance>800000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2728"/>
        <valUSD>2884978</valUSD>
        <pctVal>1.1514591957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schneider Electric SE</name>
        <lei>969500A1YF1XUYYXS284</lei>
        <title>Schneider Electric S.E.</title>
        <cusip>F86921107</cusip>
        <identifiers>
          <isin value="FR0000121972"/>
          <ticker value="SU FP"/>
        </identifiers>
        <balance>8500</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>2679694.84</valUSD>
        <pctVal>1.0695260987</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>Telefonica SA</name>
        <lei>549300EEJH4FEPDBBR25</lei>
        <title>Telefonica S.A.</title>
        <cusip>879382109</cusip>
        <identifiers>
          <isin value="ES0178430E18"/>
          <ticker value="TEF SM"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8520"/>
        <valUSD>4528169.01</valUSD>
        <pctVal>1.8072934512</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-06</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>/s/ Maureen Quill</ncom:signature>
      <ncom:signerName>Maureen Quill</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
