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        <assetCat>EC</assetCat>
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        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Mahindra &amp; Mahindra Ltd.</name>
        <lei>3358003B573EV4KB4Z02</lei>
        <title>Mahindra &amp; Mahindra Ltd.</title>
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        <identifiers>
          <isin value="INE101A01026"/>
          <other otherDesc="Inhouse Asset ID" value="178795"/>
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        <balance>300864.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GE Vernova T&amp;D India Ltd.</name>
        <lei>549300NMRD6VZDFLN355</lei>
        <title>GE Vernova T&amp;D India Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE200A01026"/>
          <other otherDesc="Inhouse Asset ID" value="373822"/>
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        <balance>128148.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PetroChina Co. Ltd.</name>
        <lei>529900RPY4YG47TRSV05</lei>
        <title>PetroChina Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000003W8"/>
          <other otherDesc="Inhouse Asset ID" value="185252"/>
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        <balance>11634000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Apollo Hospitals Enterprise Ltd.</name>
        <lei>3358005YT7JQCWYLTG43</lei>
        <title>Apollo Hospitals Enterprise Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE437A01024"/>
          <other otherDesc="Inhouse Asset ID" value="303627"/>
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        <balance>83245.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Elite Material Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Elite Material Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002383007"/>
          <other otherDesc="Inhouse Asset ID" value="406059"/>
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        <balance>79000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>King Yuan Electronics Co. Ltd.</name>
        <lei>N/A</lei>
        <title>King Yuan Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002449006"/>
          <other otherDesc="Inhouse Asset ID" value="319807"/>
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        <balance>913000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gamuda Bhd.</name>
        <lei>254900RW4N94L9KA9137</lei>
        <title>Gamuda Bhd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYL5398OO002"/>
          <other otherDesc="Inhouse Asset ID" value="301351"/>
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        <balance>3961764.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="4.13250000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Far EasTone Telecommunications Co. Ltd.</name>
        <lei>529900L7W7BWDLVZL253</lei>
        <title>Far EasTone Telecommunications Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0004904008"/>
          <other otherDesc="Inhouse Asset ID" value="317592"/>
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        <balance>1281000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="31.38500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Harbin Electric Co. Ltd.</name>
        <lei>529900QH6Y4U07RU0U61</lei>
        <title>Harbin Electric Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000003C0"/>
          <other otherDesc="Inhouse Asset ID" value="320750"/>
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        <balance>2530000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.78565000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bharti Airtel Ltd.</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>Bharti Airtel Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
          <other otherDesc="Inhouse Asset ID" value="258118"/>
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        <balance>577246.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SK Hynix, Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <other otherDesc="Inhouse Asset ID" value="181268"/>
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        <balance>23936.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Container Terminal Services, Inc.</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>International Container Terminal Services, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY411571011"/>
          <other otherDesc="Inhouse Asset ID" value="51062"/>
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        <balance>914100.00000000</balance>
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        <currencyConditional curCd="PHP" exchangeRt="58.64500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Korea Electric Power Corp.</name>
        <lei>988400QG33WS7JEIV602</lei>
        <title>Korea Electric Power Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7015760002"/>
          <other otherDesc="Inhouse Asset ID" value="23600"/>
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        <balance>226764.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CTBC Financial Holding Co. Ltd.</name>
        <lei>549300IWDYIFW6JXM387</lei>
        <title>CTBC Financial Holding Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002891009"/>
          <other otherDesc="Inhouse Asset ID" value="249698"/>
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        <balance>5442000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Asia Vital Components Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Asia Vital Components Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0003017000"/>
          <other otherDesc="Inhouse Asset ID" value="320604"/>
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        <balance>164000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MTN Group Ltd.</name>
        <lei>2549009JD6Q6XHZS5E05</lei>
        <title>MTN Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000042164"/>
          <other otherDesc="Inhouse Asset ID" value="54924"/>
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        <balance>443978.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Unilever Indonesia Tbk. PT</name>
        <lei>549300MUHUFNRRI19O72</lei>
        <title>Unilever Indonesia Tbk. PT</title>
        <cusip>N/A</cusip>
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          <isin value="ID1000095706"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PICC Property &amp; Casualty Co. Ltd.</name>
        <lei>300300F1000311000017</lei>
        <title>PICC Property &amp; Casualty Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000593"/>
          <other otherDesc="Inhouse Asset ID" value="289784"/>
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        <balance>5274000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Zijin Mining Group Co. Ltd.</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>Zijin Mining Group Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000502"/>
          <other otherDesc="Inhouse Asset ID" value="316303"/>
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        <balance>2062000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="KR7005930003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Samsung Heavy Industries Co. Ltd.</name>
        <lei>988400OSK0T9LDTWNC20</lei>
        <title>Samsung Heavy Industries Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
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          <other otherDesc="Inhouse Asset ID" value="25650"/>
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        <balance>223311.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hanwha Aerospace Co. Ltd.</name>
        <lei>9884001NSUA8FQKQWR25</lei>
        <title>Hanwha Aerospace Co. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="KR7012450003"/>
          <other otherDesc="Inhouse Asset ID" value="317805"/>
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        <balance>6499.00000000</balance>
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        <valUSD>3772587.15000000</valUSD>
        <pctVal>0.631071248665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <other otherDesc="Inhouse Asset ID" value="47226"/>
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        <balance>1686889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.38500000"/>
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        <pctVal>13.01028061820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JUMBO SA</name>
        <lei>549300TGIVUUMY40MZ05</lei>
        <title>JUMBO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS282183003"/>
          <other otherDesc="Inhouse Asset ID" value="318675"/>
        </identifiers>
        <balance>35123.00000000</balance>
        <units>NS</units>
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        <valUSD>1115056.06000000</valUSD>
        <pctVal>0.186524470380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OTP Bank</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP Bank Nyrt.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
          <other otherDesc="Inhouse Asset ID" value="34081"/>
        </identifiers>
        <balance>64380.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="328.65085000"/>
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        <pctVal>1.121007306148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Putnam Short Term Investment Fund</name>
        <lei>549300S9JYWEMKQCLW53</lei>
        <title>Putnam Short Term Investment Fund, Class P</title>
        <cusip>74676P664</cusip>
        <identifiers>
          <isin value="US74676P6640"/>
          <other otherDesc="Inhouse Asset ID" value="1319393"/>
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        <balance>17630529.53000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17630529.53000000</valUSD>
        <pctVal>2.949201659961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sea Ltd.</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>Sea Ltd.</title>
        <cusip>81141R100</cusip>
        <identifiers>
          <isin value="US81141R1005"/>
          <other otherDesc="Inhouse Asset ID" value="676995"/>
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        <balance>32019.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4450961.19000000</valUSD>
        <pctVal>0.744548376022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Larsen &amp; Toubro Ltd.</name>
        <lei>3358003FR3JIC5FRXA90</lei>
        <title>Larsen &amp; Toubro Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE018A01030"/>
          <other otherDesc="Inhouse Asset ID" value="52294"/>
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        <balance>84230.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank Central Asia Tbk. PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>Bank Central Asia Tbk. PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
          <other otherDesc="Inhouse Asset ID" value="303457"/>
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        <balance>13062000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16655.00000000"/>
        <valUSD>6504362.44000000</valUSD>
        <pctVal>1.088037456413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UltraTech Cement Ltd.</name>
        <lei>335800PC9O9B4BQHG814</lei>
        <title>UltraTech Cement Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE481G01011"/>
          <other otherDesc="Inhouse Asset ID" value="305582"/>
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        <balance>50278.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
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        <pctVal>1.093516229369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Emaar Properties PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>Emaar Properties PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <other otherDesc="Inhouse Asset ID" value="379333"/>
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        <balance>1718535.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67285000"/>
        <valUSD>6226486.09000000</valUSD>
        <pctVal>1.041554825741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NTPC Ltd.</name>
        <lei>335800Q4TRGJXNLVMB81</lei>
        <title>NTPC Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE733E01010"/>
          <other otherDesc="Inhouse Asset ID" value="321291"/>
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        <balance>2712342.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
        <valUSD>9931619.93000000</valUSD>
        <pctVal>1.661342612190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Itau Unibanco Holding SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holding SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRITUBACNPR1"/>
          <other otherDesc="Inhouse Asset ID" value="276281"/>
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        <balance>1413300.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.33785000"/>
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        <pctVal>1.843355854567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Etihad Etisalat Co.</name>
        <lei>2549007BA9ABDE3HVK79</lei>
        <title>Etihad Etisalat Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA000A0DM9P2"/>
          <other otherDesc="Inhouse Asset ID" value="342563"/>
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        <balance>354159.00000000</balance>
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        <currencyConditional curCd="SAR" exchangeRt="3.75145000"/>
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        <pctVal>0.993228412248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Al Rajhi Bank</name>
        <lei>558600BQZS4Y1DTU8589</lei>
        <title>Al Rajhi Bank</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA0007879113"/>
          <other otherDesc="Inhouse Asset ID" value="421520"/>
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        <balance>437409.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of China Ltd.</name>
        <lei>54930053HGCFWVHYZX42</lei>
        <title>Bank of China Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000001Z5"/>
          <other otherDesc="Inhouse Asset ID" value="362054"/>
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        <balance>28712000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.78565000"/>
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        <pctVal>2.893814711777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Indian Hotels Co. Ltd. (The)</name>
        <lei>33580076CH5SBY5HWA22</lei>
        <title>Indian Hotels Co. Ltd. (The), Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE053A01029"/>
          <other otherDesc="Inhouse Asset ID" value="373589"/>
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        <balance>831822.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
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        <pctVal>1.161291402957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cia de Saneamento Basico do Estado de Sao Paulo SABESP</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>Cia de Saneamento Basico do Estado de Sao Paulo SABESP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
          <other otherDesc="Inhouse Asset ID" value="265395"/>
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        <balance>338000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KB Financial Group, Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB Financial Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
          <other otherDesc="Inhouse Asset ID" value="430760"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Powszechny Zaklad Ubezpieczen SA</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>Powszechny Zaklad Ubezpieczen SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLPZU0000011"/>
          <other otherDesc="Inhouse Asset ID" value="467790"/>
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        <balance>183940.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sieyuan Electric Co. Ltd.</name>
        <lei>836800H6UQQUWN4PSZ32</lei>
        <title>Sieyuan Electric Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
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          <isin value="CNE000001KM8"/>
          <other otherDesc="Inhouse Asset ID" value="973074"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NAURA Technology Group Co. Ltd.</name>
        <lei>300300JI5I0B95GO5C39</lei>
        <title>NAURA Technology Group Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amber Enterprises India Ltd.</name>
        <lei>3358009JZU4XT3666G06</lei>
        <title>Amber Enterprises India Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE371P01015"/>
          <other otherDesc="Inhouse Asset ID" value="823308"/>
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        <balance>18278.00000000</balance>
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        <pctVal>0.246197660855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>National Bank of Greece SA</name>
        <lei>5UMCZOEYKCVFAW8ZLO05</lei>
        <title>National Bank of Greece SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS003003035"/>
          <other otherDesc="Inhouse Asset ID" value="262364"/>
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        <balance>383115.00000000</balance>
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        <valUSD>6003334.37000000</valUSD>
        <pctVal>1.004226427753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HDFC Asset Management Co. Ltd.</name>
        <lei>3358002FLK8AK8WSEP31</lei>
        <title>HDFC Asset Management Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE127D01025"/>
          <other otherDesc="Inhouse Asset ID" value="917234"/>
        </identifiers>
        <balance>109626.00000000</balance>
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        <valUSD>3281892.49000000</valUSD>
        <pctVal>0.548988773301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xiaomi Corp.</name>
        <lei>2549001ACVFAZRNMKL32</lei>
        <title>Xiaomi Corp., Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9830T1067"/>
          <other otherDesc="Inhouse Asset ID" value="879098"/>
        </identifiers>
        <balance>503289.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78565000"/>
        <valUSD>2675348.56000000</valUSD>
        <pctVal>0.447527250993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WuXi AppTec Co. Ltd.</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>WuXi AppTec Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003F19"/>
          <other otherDesc="Inhouse Asset ID" value="973784"/>
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        <balance>282623.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78565000"/>
        <valUSD>3692625.00000000</valUSD>
        <pctVal>0.617695331333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <other otherDesc="Inhouse Asset ID" value="1022256"/>
        </identifiers>
        <balance>1207800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78565000"/>
        <valUSD>23763234.88000000</valUSD>
        <pctVal>3.975069020752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eternal Ltd.</name>
        <lei>335800T4VOF9ETHF8W59</lei>
        <title>Eternal Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE758T01015"/>
          <other otherDesc="Inhouse Asset ID" value="1154298"/>
        </identifiers>
        <balance>1073162.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
        <valUSD>3616066.40000000</valUSD>
        <pctVal>0.604888753412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rasan Information Technology Co.</name>
        <lei>N/A</lei>
        <title>Rasan Information Technology Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA162GIK1SH5"/>
          <other otherDesc="Inhouse Asset ID" value="1356053"/>
        </identifiers>
        <balance>201298.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75145000"/>
        <valUSD>6128660.62000000</valUSD>
        <pctVal>1.025190766000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <other otherDesc="Inhouse Asset ID" value="318608"/>
        </identifiers>
        <balance>653400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78565000"/>
        <valUSD>51626142.19000000</valUSD>
        <pctVal>8.635923497652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TIM SA</name>
        <lei>529900QI0CH1DN5ZCS77</lei>
        <title>TIM SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRTIMSACNOR5"/>
          <other otherDesc="Inhouse Asset ID" value="1114826"/>
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        <balance>2094100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.33785000"/>
        <valUSD>9839172.70000000</valUSD>
        <pctVal>1.645878214271</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>APR Corp.</name>
        <lei>N/A</lei>
        <title>APR Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7278470000"/>
          <other otherDesc="Inhouse Asset ID" value="1327539"/>
        </identifiers>
        <balance>18880.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1470.65000000"/>
        <valUSD>3280073.44000000</valUSD>
        <pctVal>0.548684486054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Anglogold Ashanti plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
          <other otherDesc="Inhouse Asset ID" value="1298611"/>
        </identifiers>
        <balance>78519.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.11125000"/>
        <valUSD>6694758.38000000</valUSD>
        <pctVal>1.119886529428</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Brazilian Real</name>
        <lei>N/A</lei>
        <title>Brazilian Real</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="BRL"/>
        </identifiers>
        <balance>-0.03000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="BRL" exchangeRt="5.33785000"/>
        <valUSD>-0.01000000</valUSD>
        <pctVal>-0.00000000167</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Samsung C&amp;T Corp.</name>
        <lei>988400GFRE4IDFPE9E64</lei>
        <title>Samsung C&amp;T Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7028260008"/>
          <other otherDesc="Inhouse Asset ID" value="593109"/>
        </identifiers>
        <balance>51901.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1470.65000000"/>
        <valUSD>7969873.22000000</valUSD>
        <pctVal>1.333185330033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICICI Bank Ltd.</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
          <other otherDesc="Inhouse Asset ID" value="208822"/>
        </identifiers>
        <balance>914031.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
        <valUSD>14233600.87000000</valUSD>
        <pctVal>2.380969853549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Coforge Ltd.</name>
        <lei>3358004YL9JGBNP4KF72</lei>
        <title>Coforge Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE591G01025"/>
          <other otherDesc="Inhouse Asset ID" value="399128"/>
        </identifiers>
        <balance>177740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
        <valUSD>3810990.03000000</valUSD>
        <pctVal>0.637495209854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aditya Birla Capital Ltd.</name>
        <lei>5299009K0PUXVSIRL787</lei>
        <title>Aditya Birla Capital Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE674K01013"/>
          <other otherDesc="Inhouse Asset ID" value="811485"/>
        </identifiers>
        <balance>815209.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
        <valUSD>3274298.54000000</valUSD>
        <pctVal>0.547718471696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chilean Peso</name>
        <lei>N/A</lei>
        <title>Chilean Peso</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="CLP"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="CLP" exchangeRt="928.18000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Czech Koruna</name>
        <lei>N/A</lei>
        <title>Czech Koruna</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="CZK"/>
        </identifiers>
        <balance>-0.80000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="CZK" exchangeRt="20.83940000"/>
        <valUSD>-0.04000000</valUSD>
        <pctVal>-0.00000000669</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="EUR"/>
        </identifiers>
        <balance>-0.03000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.86180893"/>
        <valUSD>-0.03000000</valUSD>
        <pctVal>-0.00000000501</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NU Holdings Ltd.</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU Holdings Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
          <other otherDesc="Inhouse Asset ID" value="1179504"/>
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        <balance>370812.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6448420.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hong Kong Dollar</name>
        <lei>N/A</lei>
        <title>Hong Kong Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="HKD"/>
        </identifiers>
        <balance>0.01000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="HKD" exchangeRt="7.78565000"/>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Forint</name>
        <lei>N/A</lei>
        <title>Forint</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="HUF"/>
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        <balance>0.39000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="HUF" exchangeRt="328.65085000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rupiah</name>
        <lei>N/A</lei>
        <title>Rupiah</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="IDR"/>
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        <balance>2.52999999</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="IDR" exchangeRt="16655.00000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indian Rupee</name>
        <lei>N/A</lei>
        <title>Indian Rupee</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="INR"/>
        </identifiers>
        <balance>-22.56000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="INR" exchangeRt="89.44750000"/>
        <valUSD>-0.25000000</valUSD>
        <pctVal>-0.00000004181</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kenyan Shilling</name>
        <lei>N/A</lei>
        <title>Kenyan Shilling</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="KES"/>
        </identifiers>
        <balance>-0.09000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="KES" exchangeRt="129.50000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Won</name>
        <lei>N/A</lei>
        <title>Won</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="KRW"/>
        </identifiers>
        <balance>1836.32000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="KRW" exchangeRt="1470.65000000"/>
        <valUSD>1.25000000</valUSD>
        <pctVal>0.000000209097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mexican Peso</name>
        <lei>N/A</lei>
        <title>Mexican Peso</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="MXN"/>
        </identifiers>
        <balance>0.01000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="MXN" exchangeRt="18.30100000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Malaysian Ringgit</name>
        <lei>N/A</lei>
        <title>Malaysian Ringgit</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="MYR"/>
        </identifiers>
        <balance>-1.76000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="MYR" exchangeRt="4.13250000"/>
        <valUSD>-0.43000000</valUSD>
        <pctVal>-0.00000007192</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zloty</name>
        <lei>N/A</lei>
        <title>Zloty</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="PLN"/>
        </identifiers>
        <balance>-0.52000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="PLN" exchangeRt="3.64935000"/>
        <valUSD>-0.14000000</valUSD>
        <pctVal>-0.00000002341</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saudi Riyal</name>
        <lei>N/A</lei>
        <title>Saudi Riyal</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="SAR"/>
        </identifiers>
        <balance>4178476.78000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="SAR" exchangeRt="3.75145000"/>
        <valUSD>1113829.79000000</valUSD>
        <pctVal>0.186319342251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Taiwan Dollar</name>
        <lei>N/A</lei>
        <title>New Taiwan Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="TWD"/>
        </identifiers>
        <balance>13.15000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="TWD" exchangeRt="31.38500000"/>
        <valUSD>0.42000000</valUSD>
        <pctVal>0.000000070256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rand</name>
        <lei>N/A</lei>
        <title>Rand</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="ZAR"/>
        </identifiers>
        <balance>536.00000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="ZAR" exchangeRt="17.11125000"/>
        <valUSD>31.32000000</valUSD>
        <pctVal>0.000005239150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.2.b"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
