# EDGAR Filing Document

**Accession Number:** 0001398739
**File Stem:** 0001398739-23-000003
**Filing Date:** 2023-2
**Character Count:** 35745
**Document Hash:** 97aa9c671d356d3cd579afe6ede78b64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398739-23-000003.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001398739-23-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Employees Retirement System of Texas
- **CENTRAL INDEX KEY:** 0001398739
- **IRS NUMBER:** 746000098
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12470
- **FILM NUMBER:** 23632552

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 13207
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78711-3207
- **BUSINESS PHONE:** 512-867-7711

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 13207
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78711-3207

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Employees Retirement System of Texas<br>**Address:** P.O. BOX 13207<br>AUSTIN, TX 78711-3207

**Form 13F File Number:** 028-12470

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Patti Roano<br>**Title:** Asst Director Budget  Cash Processing/Investment Accounting<br>**Phone:** 512-867-7169

**Signature, Place, and Date of Signing:**

Patti RoanoERS02-14-2023  Austin, TX  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 333

**Form 13F Information Table Value Total:** $6867990

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AT INC | COM | 00206R102 |  | 37271 | 2024500 | SH |  | SOLE |  | 2024500 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 |  | 53 | 8506 | SH |  | SOLE |  | 8506 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 18424 | 114000 | SH |  | SOLE |  | 114000 | 0 | 0 |
| ACADIA RLTY TR | COM SH BEN INT | 004239109 |  | 1652 | 115154 | SH |  | SOLE |  | 115154 | 0 | 0 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 19061 | 249000 | SH |  | SOLE |  | 249000 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 21201 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 19561 | 302000 | SH |  | SOLE |  | 302000 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1549 | 29789 | SH |  | SOLE |  | 29789 | 0 | 0 |
| AGREE RLTY CORP | COM | 008492100 |  | 1032 | 14550 | SH |  | SOLE |  | 14550 | 0 | 0 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 5428 | 126400 | SH |  | SOLE |  | 126400 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 19084 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 29717 | 204000 | SH |  | SOLE |  | 204000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 125642 | 1416000 | SH |  | SOLE |  | 1416000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 52783 | 598243 | SH |  | SOLE |  | 598243 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 4618 | 101019 | SH |  | SOLE |  | 101019 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 127764 | 1521000 | SH |  | SOLE |  | 1521000 | 0 | 0 |
| AMEREN CORP | COM | 023608102 |  | 18051 | 203000 | SH |  | SOLE |  | 203000 | 0 | 0 |
| AMERICAN ASSETS TR INC | COM | 024013104 |  | 1219 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 25109 | 264440 | SH |  | SOLE |  | 264440 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 30437 | 206000 | SH |  | SOLE |  | 206000 | 0 | 0 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 3655 | 121265 | SH |  | SOLE |  | 121265 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 24999 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| AMERICOLD REALTY TRUST INC | COM | 03064D108 |  | 2856 | 100868 | SH |  | SOLE |  | 100868 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 29892 | 96000 | SH |  | SOLE |  | 96000 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 21523 | 154044 | SH |  | SOLE |  | 154044 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 35639 | 69476 | SH |  | SOLE |  | 69476 | 0 | 0 |
| APARTMENT INCOME REIT CORP | COM | 03750L109 |  | 1018 | 29664 | SH |  | SOLE |  | 29664 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 1115 | 17478 | SH |  | SOLE |  | 17478 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 283637 | 2183000 | SH |  | SOLE |  | 2183000 | 0 | 0 |
| APPLE HOSPITALITY REIT INC | COM NEW | 03784Y200 |  | 1499 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 30168 | 309792 | SH |  | SOLE |  | 309792 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 |  | 1591 | 60665 | SH |  | SOLE |  | 60665 | 0 | 0 |
| ARCH RESOURCES INC | CL A | 03940R107 |  | 2660 | 18628 | SH |  | SOLE |  | 18628 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 9536 | 140642 | SH |  | SOLE |  | 140642 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 1631 | 14553 | SH |  | SOLE |  | 14553 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 |  | 4883 | 63768 | SH |  | SOLE |  | 63768 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 14327 | 88700 | SH |  | SOLE |  | 88700 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 21029 | 602025 | SH |  | SOLE |  | 602025 | 0 | 0 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 23170 | 1947029 | SH |  | SOLE |  | 1947029 | 0 | 0 |
| BANCOLOMBIA S A | SPON ADR PREF | 05968L102 |  | 279 | 9786 | SH |  | SOLE |  | 9786 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 63659 | 1922075 | SH |  | SOLE |  | 1922075 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 532 | 68188 | SH |  | SOLE |  | 68188 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 6568 | 128855 | SH |  | SOLE |  | 128855 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1406 | 3 | SH |  | SOLE |  | 3 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 59680 | 193202 | SH |  | SOLE |  | 193202 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 27011 | 261000 | SH |  | SOLE |  | 261000 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 27692 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 12464 | 168000 | SH |  | SOLE |  | 168000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 22168 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| BOSTON PROPERTIES INC | COM | 101121101 |  | 5069 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 51967 | 722272 | SH |  | SOLE |  | 722272 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 7130 | 178330 | SH |  | SOLE |  | 178330 | 0 | 0 |
| BRIXMOR PPTY GROUP INC | COM | 11120U105 |  | 4307 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| BROADSTONE NET LEASE INC | COM | 11135E203 |  | 2432 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 59032 | 105579 | SH |  | SOLE |  | 105579 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 17722 | 208000 | SH |  | SOLE |  | 208000 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 14100 | 154000 | SH |  | SOLE |  | 154000 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 4422 | 13345 | SH |  | SOLE |  | 13345 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 14630 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 19796 | 639000 | SH |  | SOLE |  | 639000 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 12232 | 131260 | SH |  | SOLE |  | 131260 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 43694 | 272000 | SH |  | SOLE |  | 272000 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 5818 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 6133 | 110450 | SH |  | SOLE |  | 110450 | 0 | 0 |
| CANON INC | SPONSORED ADR | 138006309 |  | 862 | 39755 | SH |  | SOLE |  | 39755 | 0 | 0 |
| CARETRUST REIT INC | COM | 14174T107 |  | 1301 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 23744 | 99115 | SH |  | SOLE |  | 99115 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 25793 | 172000 | SH |  | SOLE |  | 172000 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167735 |  | 10697 | 113351 | SH |  | SOLE |  | 113351 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 64253 | 357977 | SH |  | SOLE |  | 357977 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 24975 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 20742 | 458600 | SH |  | SOLE |  | 458600 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 92044 | 1447000 | SH |  | SOLE |  | 1447000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 32487 | 929000 | SH |  | SOLE |  | 929000 | 0 | 0 |
| CIA ENERGETICA DE MINAS GERA | SP ADR N-V PFD | 204409601 |  | 270 | 133074 | SH |  | SOLE |  | 133074 | 0 | 0 |
| COMPANIA CERVECERIAS UNIDAS | SPONSORED ADR | 204429104 |  | 75 | 5694 | SH |  | SOLE |  | 5694 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 8831 | 228200 | SH |  | SOLE |  | 228200 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 12667 | 107350 | SH |  | SOLE |  | 107350 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 20626 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 25777 | 299000 | SH |  | SOLE |  | 299000 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 27862 | 474000 | SH |  | SOLE |  | 474000 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 46631 | 102149 | SH |  | SOLE |  | 102149 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 12288 | 159000 | SH |  | SOLE |  | 159000 | 0 | 0 |
| COUSINS PPTYS INC | COM NEW | 222795502 |  | 1302 | 51500 | SH |  | SOLE |  | 51500 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 8598 | 104588 | SH |  | SOLE |  | 104588 | 0 | 0 |
| CUBESMART | COM | 229663109 |  | 7165 | 178000 | SH |  | SOLE |  | 178000 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 5944 | 66680 | SH |  | SOLE |  | 66680 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 39548 | 149000 | SH |  | SOLE |  | 149000 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 19090 | 138000 | SH |  | SOLE |  | 138000 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 33523 | 78185 | SH |  | SOLE |  | 78185 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 8397 | 255544 | SH |  | SOLE |  | 255544 | 0 | 0 |
| DENTSPLY SIRONA INC | COM | 24906P109 |  | 6065 | 190499 | SH |  | SOLE |  | 190499 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 29216 | 258000 | SH |  | SOLE |  | 258000 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 16544 | 164999 | SH |  | SOLE |  | 164999 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 39075 | 449758 | SH |  | SOLE |  | 449758 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 17903 | 183000 | SH |  | SOLE |  | 183000 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 25364 | 103000 | SH |  | SOLE |  | 103000 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 6684 | 109000 | SH |  | SOLE |  | 109000 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 8890 | 129533 | SH |  | SOLE |  | 129533 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 155 | 5412 | SH |  | SOLE |  | 5412 | 0 | 0 |
| EPR PPTYS | COM SH BEN INT | 26884U109 |  | 1547 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 3109 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 9708 | 152600 | SH |  | SOLE |  | 152600 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 31038 | 416000 | SH |  | SOLE |  | 416000 | 0 | 0 |
| EMPIRE ST RLTY TR INC | CL A | 292104106 |  | 1011 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| ENDAVA PLC | ADS | 29260V105 |  | 755 | 9870 | SH |  | SOLE |  | 9870 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 14288 | 127000 | SH |  | SOLE |  | 127000 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 46507 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| EQUINOR ASA | SPONSORED ADR | 29446M102 |  | 164 | 4587 | SH |  | SOLE |  | 4587 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 5491 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 12981 | 220020 | SH |  | SOLE |  | 220020 | 0 | 0 |
| ESSENTIAL PPTYS RLTY TR INC | COM | 29670E107 |  | 3943 | 168000 | SH |  | SOLE |  | 168000 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 8901 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 36308 | 839890 | SH |  | SOLE |  | 839890 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 9861 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 78609 | 712685 | SH |  | SOLE |  | 712685 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 62306 | 517751 | SH |  | SOLE |  | 517751 | 0 | 0 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 4648 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 10215 | 58978 | SH |  | SOLE |  | 58978 | 0 | 0 |
| FINVOLUTION GROUP | SPONSORED ADS | 31810T101 |  | 635 | 128100 | SH |  | SOLE |  | 128100 | 0 | 0 |
| FIRST INDL RLTY TR INC | COM | 32054K103 |  | 3012 | 62410 | SH |  | SOLE |  | 62410 | 0 | 0 |
| FIRST REP BK SAN FRANCISCO C | COM | 33616C100 |  | 20356 | 167000 | SH |  | SOLE |  | 167000 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 9910 | 236300 | SH |  | SOLE |  | 236300 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 2892 | 37025 | SH |  | SOLE |  | 37025 | 0 | 0 |
| FORUM ENERGY TECHNOLOGIES IN | NOTE 9.000% 8/0 | 34984VAC4 |  | 25656 | 24968845 | PRN |  | SOLE |  | 24968845 | 0 | 0 |
| FOUR CORNERS PPTY TR INC | COM | 35086T109 |  | 1940 | 74800 | SH |  | SOLE |  | 74800 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 17974 | 473000 | SH |  | SOLE |  | 473000 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 21305 | 113000 | SH |  | SOLE |  | 113000 | 0 | 0 |
| GAMING  LEISURE PPTYS INC | COM | 36467J108 |  | 3134 | 60164 | SH |  | SOLE |  | 60164 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 34239 | 138000 | SH |  | SOLE |  | 138000 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 10093 | 300040 | SH |  | SOLE |  | 300040 | 0 | 0 |
| GENTHERM INC | COM | 37253A103 |  | 14447 | 221269 | SH |  | SOLE |  | 221269 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 10645 | 302941 | SH |  | SOLE |  | 302941 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 8070 | 81250 | SH |  | SOLE |  | 81250 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 |  | 19469 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL CENT | SPON ADR | 400501102 |  | 2708 | 43794 | SH |  | SOLE |  | 43794 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 3954 | 57792 | SH |  | SOLE |  | 57792 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 7028 | 878517 | SH |  | SOLE |  | 878517 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 28529 | 725000 | SH |  | SOLE |  | 725000 | 0 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 13270 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| HEALTHCARE RLTY TR | CL A COM | 42226K105 |  | 16881 | 876000 | SH |  | SOLE |  | 876000 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 10037 | 400344 | SH |  | SOLE |  | 400344 | 0 | 0 |
| HELLO GROUP INC | ADS | 423403104 |  | 884 | 98400 | SH |  | SOLE |  | 98400 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 14126 | 61000 | SH |  | SOLE |  | 61000 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 21415 | 151000 | SH |  | SOLE |  | 151000 | 0 | 0 |
| HIGHWOODS PPTYS INC | COM | 431284108 |  | 1664 | 59460 | SH |  | SOLE |  | 59460 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 97536 | 308795 | SH |  | SOLE |  | 308795 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 296 | 12929 | SH |  | SOLE |  | 12929 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 40717 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 5698 | 355000 | SH |  | SOLE |  | 355000 | 0 | 0 |
| HOWARD HUGHES CORP | COM | 44267D107 |  | 4440 | 58100 | SH |  | SOLE |  | 58100 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 847 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 16746 | 32695 | SH |  | SOLE |  | 32695 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 3568 | 162990 | SH |  | SOLE |  | 162990 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 23051 | 114000 | SH |  | SOLE |  | 114000 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 6042 | 61700 | SH |  | SOLE |  | 61700 | 0 | 0 |
| INNOVATIVE INDL PPTYS INC | COM | 45781V101 |  | 1926 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 39700 | 102000 | SH |  | SOLE |  | 102000 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 12895 | 48596 | SH |  | SOLE |  | 48596 | 0 | 0 |
| INVITATION HOMES INC | COM | 46187W107 |  | 14909 | 503000 | SH |  | SOLE |  | 503000 | 0 | 0 |
| ISHARES INC | EM MKT SM-CP ETF | 464286475 |  | 234 | 4850 | SH |  | SOLE |  | 4850 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 137823 | 3636500 | SH |  | SOLE |  | 3636500 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 |  | 790 | 9388 | SH |  | SOLE |  | 9388 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 8222 | 97200 | PRN |  | SOLE |  | 97200 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 7363 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 2940 | 624141 | SH |  | SOLE |  | 624141 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 14519 | 286652 | SH |  | SOLE |  | 286652 | 0 | 0 |
| JBG SMITH PPTYS | COM | 46590V100 |  | 1139 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 61465 | 458350 | SH |  | SOLE |  | 458350 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 87354 | 494502 | SH |  | SOLE |  | 494502 | 0 | 0 |
| KB FINL GROUP INC | SPONSORED ADR | 48241A105 |  | 2307 | 59668 | SH |  | SOLE |  | 59668 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 425 | 31468 | SH |  | SOLE |  | 31468 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 2989 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 30622 | 179000 | SH |  | SOLE |  | 179000 | 0 | 0 |
| KILROY RLTY CORP | COM | 49427F108 |  | 2707 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 6747 | 318556 | SH |  | SOLE |  | 318556 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 10588 | 237500 | SH |  | SOLE |  | 237500 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 33665 | 155734 | SH |  | SOLE |  | 155734 | 0 | 0 |
| LXP INDUSTRIAL TRUST | COM | 529043101 |  | 1944 | 193994 | SH |  | SOLE |  | 193994 | 0 | 0 |
| LIFE STORAGE INC | COM | 53223X107 |  | 6107 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 68400 | 186968 | SH |  | SOLE |  | 186968 | 0 | 0 |
| LITHIA MTRS INC | COM | 536797103 |  | 4914 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 34477 | 70869 | SH |  | SOLE |  | 70869 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 13010 | 388000 | SH |  | SOLE |  | 388000 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 4229 | 75270 | SH |  | SOLE |  | 75270 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 32822 | 282000 | SH |  | SOLE |  | 282000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 98950 | 284559 | SH |  | SOLE |  | 284559 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 46118 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| MEDICAL PPTYS TRUST INC | COM | 58463J304 |  | 2228 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 60959 | 549424 | SH |  | SOLE |  | 549424 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 11194 | 154679 | SH |  | SOLE |  | 154679 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 229405 | 956573 | SH |  | SOLE |  | 956573 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 21669 | 433550 | SH |  | SOLE |  | 433550 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 23780 | 151477 | SH |  | SOLE |  | 151477 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 14113 | 139000 | SH |  | SOLE |  | 139000 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 36899 | 434000 | SH |  | SOLE |  | 434000 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 22421 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| NCL CORP LTD | NOTE 6.000% 5/1 | 62886HAT8 |  | 233 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| NATIONAL RETAIL PROPERTIES I | COM | 637417106 |  | 6635 | 145000 | SH |  | SOLE |  | 145000 | 0 | 0 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 795 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 17693 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| NETSTREIT CORP | COM | 64119V303 |  | 917 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 7207 | 838017 | SH |  | SOLE |  | 838017 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 23827 | 504800 | SH |  | SOLE |  | 504800 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 22154 | 265000 | SH |  | SOLE |  | 265000 | 0 | 0 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 1191 | 6195 | SH |  | SOLE |  | 6195 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 11983 | 437000 | SH |  | SOLE |  | 437000 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 545 | 117475 | SH |  | SOLE |  | 117475 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 38369 | 70323 | SH |  | SOLE |  | 70323 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 4532 | 49957 | SH |  | SOLE |  | 49957 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 58809 | 402415 | SH |  | SOLE |  | 402415 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 4872 | 77341 | SH |  | SOLE |  | 77341 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 17878 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 1565 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 34004 | 416000 | SH |  | SOLE |  | 416000 | 0 | 0 |
| ORIX CORP | SPONSORED ADR | 686330101 |  | 698 | 8672 | SH |  | SOLE |  | 8672 | 0 | 0 |
| POSCO HOLDINGS INC | SPONSORED ADR | 693483109 |  | 660 | 12111 | SH |  | SOLE |  | 12111 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 41862 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| PARAMOUNT GROUP INC | COM | 69924R108 |  | 871 | 146700 | SH |  | SOLE |  | 146700 | 0 | 0 |
| PARK HOTELS  RESORTS INC | COM | 700517105 |  | 3124 | 265000 | SH |  | SOLE |  | 265000 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 20370 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 11195 | 157194 | SH |  | SOLE |  | 157194 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | COM | 70509V100 |  | 1018 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 553 | 59480 | SH |  | SOLE |  | 59480 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 4350 | 408464 | SH |  | SOLE |  | 408464 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 8514 | 166162 | SH |  | SOLE |  | 166162 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 44379 | 438485 | SH |  | SOLE |  | 438485 | 0 | 0 |
| PHILLIPS EDISON  CO INC | COMMON STOCK | 71844V201 |  | 1305 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 31518 | 138000 | SH |  | SOLE |  | 138000 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 77285 | 509928 | SH |  | SOLE |  | 509928 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 91250 | 809455 | SH |  | SOLE |  | 809455 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 36792 | 131311 | SH |  | SOLE |  | 131311 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 5919 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 28365 | 258000 | SH |  | SOLE |  | 258000 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 26933 | 189000 | SH |  | SOLE |  | 189000 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 41276 | 409000 | SH |  | SOLE |  | 409000 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 30458 | 480183 | SH |  | SOLE |  | 480183 | 0 | 0 |
| REGENCY CTRS CORP | COM | 758849103 |  | 8129 | 130060 | SH |  | SOLE |  | 130060 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 5249 | 36944 | SH |  | SOLE |  | 36944 | 0 | 0 |
| RELX PLC | SPONSORED ADR | 759530108 |  | 1399 | 50456 | SH |  | SOLE |  | 50456 | 0 | 0 |
| RETAIL OPPORTUNITY INVTS COR | COM | 76131N101 |  | 1996 | 132800 | SH |  | SOLE |  | 132800 | 0 | 0 |
| REXFORD INDL RLTY INC | COM | 76169C100 |  | 5191 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 7107 | 99822 | SH |  | SOLE |  | 99822 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | NOTE 4.250% 6/1 | 780153BB7 |  | 99 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | NOTE 2.875%11/1 | 780153BF8 |  | 98 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 13173 | 231312 | SH |  | SOLE |  | 231312 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 1588 | 19412 | SH |  | SOLE |  | 19412 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 19427 | 58000 | SH |  | SOLE |  | 58000 | 0 | 0 |
| SL GREEN RLTY CORP | COM | 78440X887 |  | 1514 | 44898 | SH |  | SOLE |  | 44898 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 29299 | 353000 | SH |  | SOLE |  | 353000 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 1181 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| SAFEHOLD INC | COM | 78645L100 |  | 1002 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 29568 | 223000 | SH |  | SOLE |  | 223000 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 401 | 3889 | SH |  | SOLE |  | 3889 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 7539 | 141023 | SH |  | SOLE |  | 141023 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 41621 | 499894 | SH |  | SOLE |  | 499894 | 0 | 0 |
| SEAGEN INC | COM | 81181C104 |  | 20819 | 162000 | SH |  | SOLE |  | 162000 | 0 | 0 |
| SERVICE PPTYS TR | COM SH BEN INT | 81761L102 |  | 1239 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 51892 | 133649 | SH |  | SOLE |  | 133649 | 0 | 0 |
| SHINHAN FINANCIAL GROUP CO L | SPN ADR RESTRD | 824596100 |  | 997 | 35698 | SH |  | SOLE |  | 35698 | 0 | 0 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 260 | 24405 | SH |  | SOLE |  | 24405 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 17808 | 151579 | SH |  | SOLE |  | 151579 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 114 | 1432 | SH |  | SOLE |  | 1432 | 0 | 0 |
| SOHU COM LTD | SPONSORED ADS | 83410S108 |  | 99 | 7222 | SH |  | SOLE |  | 7222 | 0 | 0 |
| SPIRIT RLTY CAP INC NEW | COM NEW | 84860W300 |  | 2556 | 64000 | SH |  | SOLE |  | 64000 | 0 | 0 |
| STAG INDL INC | COM | 85254J102 |  | 4103 | 127000 | SH |  | SOLE |  | 127000 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 37131 | 151872 | SH |  | SOLE |  | 151872 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 10725 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| SYNEOS HEALTH INC | CL A | 87166B102 |  | 4627 | 126150 | SH |  | SOLE |  | 126150 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 26681 | 349000 | SH |  | SOLE |  | 349000 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 39880 | 501000 | SH |  | SOLE |  | 501000 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 60376 | 431257 | SH |  | SOLE |  | 431257 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 3436 | 46125 | SH |  | SOLE |  | 46125 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 15411 | 148000 | SH |  | SOLE |  | 148000 | 0 | 0 |
| TAKEDA PHARMACEUTICAL CO LTD | SPONSORED ADS | 874060205 |  | 617 | 39577 | SH |  | SOLE |  | 39577 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 39581 | 265572 | SH |  | SOLE |  | 265572 | 0 | 0 |
| TENARIS S A | SPONSORED ADS | 88031M109 |  | 3382 | 96186 | SH |  | SOLE |  | 96186 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 7719 | 88365 | SH |  | SOLE |  | 88365 | 0 | 0 |
| TERNIUM SA | SPONSORED ADS | 880890108 |  | 483 | 15791 | SH |  | SOLE |  | 15791 | 0 | 0 |
| TERRENO RLTY CORP | COM | 88146M101 |  | 1990 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 43975 | 357000 | SH |  | SOLE |  | 357000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 50765 | 92185 | SH |  | SOLE |  | 92185 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 1329 | 21400 | SH |  | SOLE |  | 21400 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 15741 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 1784 | 51864 | SH |  | SOLE |  | 51864 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 7054 | 113320 | SH |  | SOLE |  | 113320 | 0 | 0 |
| UDR INC | COM | 902653104 |  | 8812 | 227513 | SH |  | SOLE |  | 227513 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 6035 | 162800 | SH |  | SOLE |  | 162800 | 0 | 0 |
| UNITED STATES STL CORP NEW | COM | 912909108 |  | 776 | 30997 | SH |  | SOLE |  | 30997 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 75867 | 143096 | SH |  | SOLE |  | 143096 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 |  | 3989 | 96500 | SH |  | SOLE |  | 96500 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 8307 | 184399 | SH |  | SOLE |  | 184399 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 457655 | 1302600 | SH |  | SOLE |  | 1302600 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 13937 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 5119 | 459908 | SH |  | SOLE |  | 459908 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 23163 | 714900 | SH |  | SOLE |  | 714900 | 0 | 0 |
| VIPSHOP HOLDINGS LIMITED | SPONSORED ADS A | 92763W103 |  | 728 | 53387 | SH |  | SOLE |  | 53387 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 4075 | 19615 | SH |  | SOLE |  | 19615 | 0 | 0 |
| VONTIER CORPORATION | COM | 928881101 |  | 6748 | 349070 | SH |  | SOLE |  | 349070 | 0 | 0 |
| WNS HLDGS LTD | SPON ADR | 92932M101 |  | 400 | 4999 | SH |  | SOLE |  | 4999 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 |  | 5197 | 66500 | SH |  | SOLE |  | 66500 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 18096 | 193000 | SH |  | SOLE |  | 193000 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 4231 | 29841 | SH |  | SOLE |  | 29841 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 32474 | 207000 | SH |  | SOLE |  | 207000 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 53643 | 1299170 | SH |  | SOLE |  | 1299170 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 17240 | 263000 | SH |  | SOLE |  | 263000 | 0 | 0 |
| XENIA HOTELS  RESORTS INC | COM | 984017103 |  | 1784 | 135370 | SH |  | SOLE |  | 135370 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 631 | 16001 | SH |  | SOLE |  | 16001 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 5782 | 22550 | SH |  | SOLE |  | 22550 | 0 | 0 |
| EURONAV NV | SHS | B38564108 |  | 534 | 31340 | SH |  | SOLE |  | 31340 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 13304 | 44326 | SH |  | SOLE |  | 44326 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 45567 | 170765 | SH |  | SOLE |  | 170765 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 29664 | 189000 | SH |  | SOLE |  | 189000 | 0 | 0 |
| EVEREST RE GROUP LTD | COM | G3223R108 |  | 6759 | 20403 | SH |  | SOLE |  | 20403 | 0 | 0 |
| FLEX LNG LTD | SHS | G35947202 |  | 452 | 13822 | SH |  | SOLE |  | 13822 | 0 | 0 |
| GEOPARK LTD | USD SHS | G38327105 |  | 144 | 9312 | SH |  | SOLE |  | 9312 | 0 | 0 |
| HORIZON THERAPEUTICS PUB L | SHS | G46188101 |  | 9072 | 79722 | SH |  | SOLE |  | 79722 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 2716 | 13982 | SH |  | SOLE |  | 13982 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 8429 | 52910 | SH |  | SOLE |  | 52910 | 0 | 0 |
| LIBERTY GLOBAL PLC | SHS CL A | G5480U104 |  | 4322 | 228334 | SH |  | SOLE |  | 228334 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 41425 | 127000 | SH |  | SOLE |  | 127000 | 0 | 0 |
| MALLINCKRODT PLC | ORD SHS | G5890A102 |  | 238 | 30686 | SH |  | SOLE |  | 30686 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 26503 | 341012 | SH |  | SOLE |  | 341012 | 0 | 0 |
| APTIV PLC | SHS | G6095L109 |  | 2918 | 31331 | SH |  | SOLE |  | 31331 | 0 | 0 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 6068 | 160925 | SH |  | SOLE |  | 160925 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 40185 | 164302 | SH |  | SOLE |  | 164302 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 47551 | 215553 | SH |  | SOLE |  | 215553 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 2561 | 15232 | SH |  | SOLE |  | 15232 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 5545 | 43949 | SH |  | SOLE |  | 43949 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 10678 | 183100 | SH |  | SOLE |  | 183100 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 2427 | 4441 | SH |  | SOLE |  | 4441 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 26707 | 169000 | SH |  | SOLE |  | 169000 | 0 | 0 |
| SAFE BULKERS INC | COM | Y7388L103 |  | 86 | 29484 | SH |  | SOLE |  | 29484 | 0 | 0 |

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