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        <pctVal>1.7627304205</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>HUHTAMAKI OYJ</name>
        <lei>N/A</lei>
        <title>HUHTAMAKI OYJ SER'I'NPV</title>
        <cusip>X33752100</cusip>
        <identifiers>
          <isin value="FI0009000459"/>
          <ticker value="HOYFF"/>
          <other otherDesc="SEDOL" value="4447476"/>
        </identifiers>
        <balance>10099.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>303433.78</valUSD>
        <pctVal>0.6688461113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAP SE</name>
        <lei>N/A</lei>
        <title>SAP SE ORD NPV</title>
        <cusip>D66992104</cusip>
        <identifiers>
          <isin value="DE0007164600"/>
          <ticker value="SAPGF"/>
          <other otherDesc="SEDOL" value="4846288"/>
        </identifiers>
        <balance>1583.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>242519.08</valUSD>
        <pctVal>0.5345744419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEIDELBERG MATERIALS AG</name>
        <lei>N/A</lei>
        <title>HEIDELBERG MATERIALS AG NPV</title>
        <cusip>D31709104</cusip>
        <identifiers>
          <isin value="DE0006047004"/>
          <ticker value="HLBZF"/>
          <other otherDesc="SEDOL" value="5120679"/>
        </identifiers>
        <balance>2940.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>561001.30</valUSD>
        <pctVal>1.2365911862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BMW - BAYERISCHE MOTOREN WERKE AG</name>
        <lei>N/A</lei>
        <title>BMW - BAYERISCHE MOTOREN WERKE AG EUR1</title>
        <cusip>D12096109</cusip>
        <identifiers>
          <isin value="DE0005190003"/>
          <ticker value="BAMXF"/>
          <other otherDesc="SEDOL" value="5756029"/>
        </identifiers>
        <balance>6896.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>451449.11</valUSD>
        <pctVal>0.9951099765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKYO OHKA KOGYO CO LTD</name>
        <lei>N/A</lei>
        <title>TOKYO OHKA KOGYO CO LTD NPV</title>
        <cusip>J87430104</cusip>
        <identifiers>
          <isin value="JP3571800006"/>
          <ticker value="TOKCF"/>
          <other otherDesc="SEDOL" value="6894898"/>
        </identifiers>
        <balance>10400.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>724368.56</valUSD>
        <pctVal>1.5966946545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOHO CO LTD (TOKYO)</name>
        <lei>N/A</lei>
        <title>TOHO CO LTD (TOKYO) NPV</title>
        <cusip>J84764117</cusip>
        <identifiers>
          <isin value="JP3598600009"/>
          <ticker value="TKCOF"/>
          <other otherDesc="SEDOL" value="6895200"/>
        </identifiers>
        <balance>29000.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>232053.53</valUSD>
        <pctVal>0.5115056773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELECTRIC POWER DEVELOPMENT CO LTD</name>
        <lei>N/A</lei>
        <title>ELECTRIC POWER DEVELOPMENT CO LTD NPV</title>
        <cusip>J12915104</cusip>
        <identifiers>
          <isin value="JP3551200003"/>
          <ticker value="EPWDF"/>
          <other otherDesc="SEDOL" value="B02Q328"/>
        </identifiers>
        <balance>17100.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>385295.80</valUSD>
        <pctVal>0.8492910629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANDAI NAMCO HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>BANDAI NAMCO HOLDINGS INC NPV</title>
        <cusip>Y0606D102</cusip>
        <identifiers>
          <isin value="JP3778630008"/>
          <ticker value="NCBDF"/>
          <other otherDesc="SEDOL" value="B0JDQD4"/>
        </identifiers>
        <balance>12400.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>288703.89</valUSD>
        <pctVal>0.6363776444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIS INC</name>
        <lei>N/A</lei>
        <title>TIS INC NPV</title>
        <cusip>J8T622102</cusip>
        <identifiers>
          <isin value="JP3104890003"/>
          <ticker value="3626"/>
          <other otherDesc="SEDOL" value="B2Q4CR0"/>
        </identifiers>
        <balance>5200.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>101328.41</valUSD>
        <pctVal>0.2233538830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEBUKI FINANCIAL GROUP INC</name>
        <lei>N/A</lei>
        <title>MEBUKI FINANCIAL GROUP INC NPV</title>
        <cusip>J4248A101</cusip>
        <identifiers>
          <isin value="JP3117700009"/>
          <ticker value="MEBUF"/>
          <other otherDesc="SEDOL" value="BH0VTS2"/>
        </identifiers>
        <balance>87200.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>757584.37</valUSD>
        <pctVal>1.6699108447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SKYLARK HOLDINGS COMPANY LTD</name>
        <lei>N/A</lei>
        <title>SKYLARK HOLDINGS COMPANY LTD NPV</title>
        <cusip>J75605121</cusip>
        <identifiers>
          <isin value="JP3396210001"/>
          <ticker value="SKLYF"/>
          <other otherDesc="SEDOL" value="BQQD167"/>
        </identifiers>
        <balance>15700.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>270771.27</valUSD>
        <pctVal>0.5968495367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNH INDUSTRIAL NV</name>
        <lei>N/A</lei>
        <title>CNH INDUSTRIAL NV COM EUR0.01</title>
        <cusip>N20944109</cusip>
        <identifiers>
          <isin value="NL0010545661"/>
          <ticker value="CNH"/>
          <other otherDesc="SEDOL" value="BDX85Z1"/>
        </identifiers>
        <balance>66800.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>750164.00</valUSD>
        <pctVal>1.6535544403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONTACT ENERGY LTD</name>
        <lei>N/A</lei>
        <title>CONTACT ENERGY LTD NPV</title>
        <cusip>Q2818G104</cusip>
        <identifiers>
          <isin value="NZCENE0001S6"/>
          <ticker value="COENF"/>
          <other otherDesc="SEDOL" value="6152529"/>
        </identifiers>
        <balance>49691.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.757933"/>
        <valUSD>263445.83</valUSD>
        <pctVal>0.5807023824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORKLA ASA</name>
        <lei>N/A</lei>
        <title>ORKLA ASA NOK1.25</title>
        <cusip>R67787102</cusip>
        <identifiers>
          <isin value="NO0003733800"/>
          <ticker value="ORKLF"/>
          <other otherDesc="SEDOL" value="B1VQF42"/>
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        <balance>49490.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.895500"/>
        <valUSD>521131.63</valUSD>
        <pctVal>1.1487081768</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>LIFCO AB</name>
        <lei>N/A</lei>
        <title>LIFCO AB SER'B'NPV</title>
        <cusip>W5321L166</cusip>
        <identifiers>
          <isin value="SE0015949201"/>
          <ticker value="LFABF"/>
          <other otherDesc="SEDOL" value="BL6K7K9"/>
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        <balance>7435.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.678150"/>
        <valUSD>243834.72</valUSD>
        <pctVal>0.5374744509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADDTECH AB</name>
        <lei>N/A</lei>
        <title>ADDTECH AB SER'B'NPV</title>
        <cusip>W4260L147</cusip>
        <identifiers>
          <isin value="SE0014781795"/>
          <ticker value="ADDTF"/>
          <other otherDesc="SEDOL" value="BLN8T44"/>
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        <balance>7705.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.678150"/>
        <valUSD>271796.47</valUSD>
        <pctVal>0.5991093412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOLIDEN AB</name>
        <lei>N/A</lei>
        <title>BOLIDEN AB NPV</title>
        <cusip>W17218210</cusip>
        <identifiers>
          <isin value="SE0020050417"/>
          <ticker value="BLIDF"/>
          <other otherDesc="SEDOL" value="BPYTZ57"/>
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        <balance>10577.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.678150"/>
        <valUSD>597583.59</valUSD>
        <pctVal>1.3172279644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COCA-COLA HBC AG</name>
        <lei>N/A</lei>
        <title>COCA-COLA HBC AG ORD CHF6.70(CDI)</title>
        <cusip>H1512E100</cusip>
        <identifiers>
          <isin value="CH0198251305"/>
          <ticker value="CCHBF"/>
          <other otherDesc="SEDOL" value="B9895B7"/>
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        <balance>8330.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753438"/>
        <valUSD>543954.81</valUSD>
        <pctVal>1.1990163370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GIVAUDAN SA</name>
        <lei>N/A</lei>
        <title>GIVAUDAN SA CHF10</title>
        <cusip>H3238Q102</cusip>
        <identifiers>
          <isin value="CH0010645932"/>
          <ticker value="GVDBF"/>
          <other otherDesc="SEDOL" value="5980613"/>
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        <balance>64.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".806650"/>
        <valUSD>271344.45</valUSD>
        <pctVal>0.5981129728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHINDLER HOLDING AG</name>
        <lei>N/A</lei>
        <title>SCHINDLER HOLDING AG CHF0.10 (PTG CERT)</title>
        <cusip>H7258G209</cusip>
        <identifiers>
          <isin value="CH0024638196"/>
          <ticker value="SHLAF"/>
          <other otherDesc="SEDOL" value="B11TCY0"/>
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        <balance>1387.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".806650"/>
        <valUSD>460814.48</valUSD>
        <pctVal>1.0157536613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GEBERIT AG</name>
        <lei>N/A</lei>
        <title>GEBERIT AG CHF0.10 (REGD)</title>
        <cusip>H2942E124</cusip>
        <identifiers>
          <isin value="CH0030170408"/>
          <ticker value="GBERF"/>
          <other otherDesc="SEDOL" value="B1WGG93"/>
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        <balance>635.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".806650"/>
        <valUSD>424933.99</valUSD>
        <pctVal>0.9366638309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIKA AG</name>
        <lei>N/A</lei>
        <title>SIKA AG CHF0.01 (REG)</title>
        <cusip>H7631K273</cusip>
        <identifiers>
          <isin value="CH0418792922"/>
          <ticker value="SKFOF"/>
          <other otherDesc="SEDOL" value="BF2DSG3"/>
        </identifiers>
        <balance>1404.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".806650"/>
        <valUSD>290233.68</valUSD>
        <pctVal>0.6397496951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GARMIN LTD</name>
        <lei>N/A</lei>
        <title>GARMIN LTD COM CHF10.00</title>
        <cusip>H2906T109</cusip>
        <identifiers>
          <isin value="CH0114405324"/>
          <ticker value="GRMN"/>
          <other otherDesc="SEDOL" value="B3Z5T14"/>
        </identifiers>
        <balance>4500.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1068930.00</valUSD>
        <pctVal>2.3561967088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COVESTRO AG</name>
        <lei>N/A</lei>
        <title>COVESTRO AG NPV</title>
        <cusip>D15349109</cusip>
        <identifiers>
          <isin value="DE0006062144"/>
          <ticker value="CVVTF"/>
          <other otherDesc="SEDOL" value="BYTBWY9"/>
        </identifiers>
        <balance>5385.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>368168.89</valUSD>
        <pctVal>0.8115389473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALKERMES PLC</name>
        <lei>N/A</lei>
        <title>ALKERMES PLC COM USD0.01</title>
        <cusip>G01767105</cusip>
        <identifiers>
          <isin value="IE00B56GVS15"/>
          <ticker value="ALKS"/>
          <other otherDesc="SEDOL" value="B3P6D26"/>
        </identifiers>
        <balance>18200.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>953589.00</valUSD>
        <pctVal>2.1019554727</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>TRANE TECHNOLOGIES PLC</name>
        <lei>N/A</lei>
        <title>TRANE TECHNOLOGIES PLC COM USD1</title>
        <cusip>G8994E103</cusip>
        <identifiers>
          <isin value="IE00BK9ZQ967"/>
          <ticker value="TT"/>
          <other otherDesc="SEDOL" value="BK9ZQ96"/>
        </identifiers>
        <balance>2700.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1326132.00</valUSD>
        <pctVal>2.9231360836</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>TE CONNECTIVITY PLC</name>
        <lei>N/A</lei>
        <title>TE CONNECTIVITY PLC ORD SHS</title>
        <cusip>G87052109</cusip>
        <identifiers>
          <isin value="IE000IVNQZ81"/>
          <ticker value="TEL"/>
          <other otherDesc="SEDOL" value="BRC3N84"/>
        </identifiers>
        <balance>6480.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1306432.80</valUSD>
        <pctVal>2.8797139791</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>JAZZ PHARMACEUTICALS PLC</name>
        <lei>N/A</lei>
        <title>JAZZ PHARMACEUTICALS PLC COM USD0.0001</title>
        <cusip>G50871105</cusip>
        <identifiers>
          <isin value="IE00B4Q5ZN47"/>
          <ticker value="JAZZ"/>
          <other otherDesc="SEDOL" value="B4Q5ZN4"/>
        </identifiers>
        <balance>3160.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>761465.20</valUSD>
        <pctVal>1.6784651924</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>RECORDATI - INDUSTRIA CHIMICA E FARMACEUTICA SPA</name>
        <lei>N/A</lei>
        <title>RECORDATI - INDUSTRIA CHIMICA E FARMACEUTICA SPA EUR0.125</title>
        <cusip>T78458139</cusip>
        <identifiers>
          <isin value="IT0003828271"/>
          <ticker value="RCDTF"/>
          <other otherDesc="SEDOL" value="B07DRZ5"/>
        </identifiers>
        <balance>7673.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".874661"/>
        <valUSD>450031.34</valUSD>
        <pctVal>0.9919848467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASAHI GROUP HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>ASAHI GROUP HOLDINGS LTD NPV</title>
        <cusip>J02100113</cusip>
        <identifiers>
          <isin value="JP3116000005"/>
          <ticker value="ASBRF"/>
          <other otherDesc="SEDOL" value="6054409"/>
        </identifiers>
        <balance>31600.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>300980.16</valUSD>
        <pctVal>0.6634377016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGC INC</name>
        <lei>N/A</lei>
        <title>AGC INC NPV</title>
        <cusip>J0025W100</cusip>
        <identifiers>
          <isin value="JP3112000009"/>
          <ticker value="ASGLF"/>
          <other otherDesc="SEDOL" value="6055208"/>
        </identifiers>
        <balance>15300.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>655680.66</valUSD>
        <pctVal>1.4452888525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TREND MICRO INC</name>
        <lei>N/A</lei>
        <title>TREND MICRO INC NPV</title>
        <cusip>J9298Q104</cusip>
        <identifiers>
          <isin value="JP3637300009"/>
          <ticker value="TMICF"/>
          <other otherDesc="SEDOL" value="6125286"/>
        </identifiers>
        <balance>2100.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>77293.95</valUSD>
        <pctVal>0.1703757501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIDGESTONE CORP</name>
        <lei>N/A</lei>
        <title>BRIDGESTONE CORP NPV</title>
        <cusip>J04578126</cusip>
        <identifiers>
          <isin value="JP3830800003"/>
          <ticker value="BRDCF"/>
          <other otherDesc="SEDOL" value="6132101"/>
        </identifiers>
        <balance>9000.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>188832.49</valUSD>
        <pctVal>0.4162353863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAI NIPPON PRINTING CO LTD</name>
        <lei>N/A</lei>
        <title>DAI NIPPON PRINTING CO LTD NPV</title>
        <cusip>J10584142</cusip>
        <identifiers>
          <isin value="JP3493800001"/>
          <ticker value="DNPCF"/>
          <other otherDesc="SEDOL" value="6250906"/>
        </identifiers>
        <balance>16400.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>298383.63</valUSD>
        <pctVal>0.6577142816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EBARA CORP</name>
        <lei>N/A</lei>
        <title>EBARA CORP NPV</title>
        <cusip>J12600128</cusip>
        <identifiers>
          <isin value="JP3166000004"/>
          <ticker value="EBCOF"/>
          <other otherDesc="SEDOL" value="6302700"/>
        </identifiers>
        <balance>11000.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>423417.94</valUSD>
        <pctVal>0.9333220666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUBARU CORP</name>
        <lei>N/A</lei>
        <title>SUBARU CORP NPV</title>
        <cusip>J7676H100</cusip>
        <identifiers>
          <isin value="JP3814800003"/>
          <ticker value="FUJHF"/>
          <other otherDesc="SEDOL" value="6356406"/>
        </identifiers>
        <balance>19100.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>280873.71</valUSD>
        <pctVal>0.6191179133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUJIFILM HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>FUJIFILM HOLDINGS CORP NPV</title>
        <cusip>J14208102</cusip>
        <identifiers>
          <isin value="JP3814000000"/>
          <ticker value="FUJIF"/>
          <other otherDesc="SEDOL" value="6356525"/>
        </identifiers>
        <balance>11600.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>248594.37</valUSD>
        <pctVal>0.5479659439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FANUC CORP</name>
        <lei>N/A</lei>
        <title>FANUC CORP NPV</title>
        <cusip>J13440102</cusip>
        <identifiers>
          <isin value="JP3802400006"/>
          <ticker value="FANUF"/>
          <other otherDesc="SEDOL" value="6356934"/>
        </identifiers>
        <balance>13000.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>588309.49</valUSD>
        <pctVal>1.2967854622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA RESEARCH INSTITUTE LTD</name>
        <lei>N/A</lei>
        <title>NOMURA RESEARCH INSTITUTE LTD NPV</title>
        <cusip>J5900F106</cusip>
        <identifiers>
          <isin value="JP3762800005"/>
          <ticker value="NURAF"/>
          <other otherDesc="SEDOL" value="6390921"/>
        </identifiers>
        <balance>9500.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>268414.09</valUSD>
        <pctVal>0.5916537055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HORIBA LTD</name>
        <lei>N/A</lei>
        <title>HORIBA LTD NPV</title>
        <cusip>J22428106</cusip>
        <identifiers>
          <isin value="JP3853000002"/>
          <ticker value="HRIBF"/>
          <other otherDesc="SEDOL" value="6437947"/>
        </identifiers>
        <balance>3800.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>640873.71</valUSD>
        <pctVal>1.4126505256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOMATSU LTD</name>
        <lei>N/A</lei>
        <title>KOMATSU LTD NPV</title>
        <cusip>J35759125</cusip>
        <identifiers>
          <isin value="JP3304200003"/>
          <ticker value="KMTUF"/>
          <other otherDesc="SEDOL" value="6496584"/>
        </identifiers>
        <balance>11600.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>448369.17</valUSD>
        <pctVal>0.9883209964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KYOCERA CORP</name>
        <lei>N/A</lei>
        <title>KYOCERA CORP NPV</title>
        <cusip>J37479110</cusip>
        <identifiers>
          <isin value="JP3249600002"/>
          <ticker value="KYOCF"/>
          <other otherDesc="SEDOL" value="6499260"/>
        </identifiers>
        <balance>45600.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.525000"/>
        <valUSD>999117.67</valUSD>
        <pctVal>2.2023123739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMITH &amp; NEPHEW PLC</name>
        <lei>N/A</lei>
        <title>SMITH &amp; NEPHEW PLC ORD USD0.20</title>
        <cusip>G82343164</cusip>
        <identifiers>
          <isin value="GB0009223206"/>
          <ticker value="SNNUF"/>
          <other otherDesc="SEDOL" value="0922320"/>
        </identifiers>
        <balance>23430.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753438"/>
        <valUSD>339117.87</valUSD>
        <pctVal>0.7475030256</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>ASTRAZENECA PLC</name>
        <lei>N/A</lei>
        <title>ASTRAZENECA PLC ORD USD0.25</title>
        <cusip>G0593M107</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
          <ticker value="AZN"/>
          <other otherDesc="SEDOL" value="0989529"/>
        </identifiers>
        <balance>1987.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753438"/>
        <valUSD>371851.64</valUSD>
        <pctVal>0.8196566757</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>IMI PLC</name>
        <lei>N/A</lei>
        <title>IMI PLC ORD GBP0.28571428</title>
        <cusip>G47152114</cusip>
        <identifiers>
          <isin value="GB00BGLP8L22"/>
          <ticker value="IMIAF"/>
          <other otherDesc="SEDOL" value="BGLP8L2"/>
        </identifiers>
        <balance>17256.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753438"/>
        <valUSD>678845.67</valUSD>
        <pctVal>1.4963504939</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>MONDI PLC</name>
        <lei>N/A</lei>
        <title>MONDI PLC ORD EUR0.22</title>
        <cusip>G6258S115</cusip>
        <identifiers>
          <isin value="GB00BMWC6P49"/>
          <ticker value="MNODF"/>
          <other otherDesc="SEDOL" value="BMWC6P4"/>
        </identifiers>
        <balance>23770.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".753438"/>
        <valUSD>215856.42</valUSD>
        <pctVal>0.4758030801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-14</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST II</ncom:nameOfApplicant>
      <ncom:signature>/s/ Scott Schulenburg</ncom:signature>
      <ncom:signerName>Scott Schulenburg</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
