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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anadolu Efes Biracilik Ve Malt</name>
        <lei>7890006LGARYVIPOJX03</lei>
        <title>Anadolu Efes Biracilik Ve Malt Sanayii AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAAEFES91A9"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050332"/>
        <valUSD>25928.53000000</valUSD>
        <pctVal>0.268977533141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haci Omer Sabanci Holding AS</name>
        <lei>78900090FFOWNLGP0F20</lei>
        <title>Haci Omer Sabanci Holding AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRASAHOL91Q5"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49049712"/>
        <valUSD>27744.75000000</valUSD>
        <pctVal>0.287818646588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JUMBO SA</name>
        <lei>549300TGIVUUMY40MZ05</lei>
        <title>JUMBO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS282183003"/>
        </identifiers>
        <balance>15300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035600"/>
        <valUSD>203709.00000000</valUSD>
        <pctVal>2.113237591903</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>Akbank TAS</name>
        <lei>789000TUMN63Z28TJ497</lei>
        <title>Akbank TAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAAKBNK91N6"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050176"/>
        <valUSD>24329.78000000</valUSD>
        <pctVal>0.252392411227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aksa Akrilik Kimya Sanayii AS</name>
        <lei>789000OKY3ICX0Y2NY41</lei>
        <title>Aksa Akrilik Kimya Sanayii AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAAKSAW91E1"/>
        </identifiers>
        <balance>38000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49049960"/>
        <valUSD>117208.76000000</valUSD>
        <pctVal>1.215900906353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="585219722"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>1609301.00000000</valUSD>
        <pctVal>16.69457593865</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
              <counterpartyLei>5493006KMX1VFTPYPW14</counterpartyLei>
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            <amtCurSold>1598362.00000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>8000000.00000000</amtCurPur>
            <curPur>PLN</curPur>
            <settlementDt>2022-10-17</settlementDt>
            <unrealizedAppr>10940.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dino Polska SA</name>
        <lei>259400H4L81SMPRTW956</lei>
        <title>Dino Polska SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLDINPL00011"/>
        </identifiers>
        <balance>4500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.95689994"/>
        <valUSD>272569.25000000</valUSD>
        <pctVal>2.827580448075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Turkiye Sise ve Cam Fabrikalar</name>
        <lei>789000KWOK751Q6R8875</lei>
        <title>Turkiye Sise ve Cam Fabrikalari AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRASISEW91Q3"/>
        </identifiers>
        <balance>142000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050033"/>
        <valUSD>193500.46000000</valUSD>
        <pctVal>2.007336181133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AG Anadolu Grubu Holding AS</name>
        <lei>789000K5XY4AZWGQQU40</lei>
        <title>AG Anadolu Grubu Holding AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAYAZIC91Q6"/>
        </identifiers>
        <balance>6500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050229"/>
        <valUSD>28707.96000000</valUSD>
        <pctVal>0.297810800008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allegro.eu SA</name>
        <lei>222100VRLXV3FPMG4982</lei>
        <title>Allegro.eu SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU2237380790"/>
        </identifiers>
        <balance>43000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.95690006"/>
        <valUSD>184979.85000000</valUSD>
        <pctVal>1.918945028273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PGE Polska Grupa Energetyczna</name>
        <lei>259400MP9VXR0E69MJ89</lei>
        <title>PGE Polska Grupa Energetyczna SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLPGER000010"/>
        </identifiers>
        <balance>144000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.95689996"/>
        <valUSD>181152.49000000</valUSD>
        <pctVal>1.879240739166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007236101"/>
        </identifiers>
        <balance>920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035598"/>
        <valUSD>89923.46000000</valUSD>
        <pctVal>0.932848504808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0008404005"/>
        </identifiers>
        <balance>598.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035602"/>
        <valUSD>94205.57000000</valUSD>
        <pctVal>0.977270282072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Handlowy w Warszawie SA</name>
        <lei>XLEZHWWOI4HFQDGL4793</lei>
        <title>Bank Handlowy w Warszawie SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLBH00000012"/>
        </identifiers>
        <balance>8500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.95690020"/>
        <valUSD>92909.94000000</valUSD>
        <pctVal>0.963829668151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ford Otomotiv Sanayi AS</name>
        <lei>7890006XJG6ZE2H34671</lei>
        <title>Ford Otomotiv Sanayi AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAOTOSN91H6"/>
        </identifiers>
        <balance>11400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050039"/>
        <valUSD>200823.53000000</valUSD>
        <pctVal>2.083304286677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Turk Hava Yollari AO</name>
        <lei>789000EV8M3BL7ZPFB03</lei>
        <title>Turk Hava Yollari AO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATHYAO91M5"/>
        </identifiers>
        <balance>53500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050027"/>
        <valUSD>203137.89000000</valUSD>
        <pctVal>2.107313007711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROMGAZ SA</name>
        <lei>2549009R7KJ38D9RW354</lei>
        <title>Societatea Nationala de Gaze Naturale ROMGAZ SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROSNGNACNOR3"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="5.04869987"/>
        <valUSD>63313.51000000</valUSD>
        <pctVal>0.656802052964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Piraeus Financial Holdings SA</name>
        <lei>M6AD1Y1KW32H8THQ6F76</lei>
        <title>Piraeus Financial Holdings SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS014003032"/>
        </identifiers>
        <balance>155000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035601"/>
        <valUSD>156337.09000000</valUSD>
        <pctVal>1.621810600399</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>Turkcell Iletisim Hizmetleri A</name>
        <lei>7890003EX1LTLS2FFL84</lei>
        <title>Turkcell Iletisim Hizmetleri AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATCELL91M1"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050070"/>
        <valUSD>26567.75000000</valUSD>
        <pctVal>0.275608677242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OMV Petrom SA</name>
        <lei>N/A</lei>
        <title>OMV Petrom SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="7180411RT"/>
        </identifiers>
        <balance>2165000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="5.04869981"/>
        <valUSD>14072.95000000</valUSD>
        <pctVal>0.145990049379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Rights"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Turk Telekomunikasyon AS</name>
        <lei>789000A2TXOI10JZLF90</lei>
        <title>Turk Telekomunikasyon AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRETTLK00013"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49049993"/>
        <valUSD>26019.27000000</valUSD>
        <pctVal>0.269918852274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="585219717"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>301744.00000000</valUSD>
        <pctVal>3.130233636860</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
              <counterpartyLei>5493006KMX1VFTPYPW14</counterpartyLei>
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            <amtCurSold>302679.00000000</amtCurSold>
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            <amtCurPur>1500000.00000000</amtCurPur>
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            <settlementDt>2022-10-17</settlementDt>
            <unrealizedAppr>-935.00000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Tauron Polska Energia SA</name>
        <lei>259400NAPDFBOTNCRL54</lei>
        <title>Tauron Polska Energia SA</title>
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        <identifiers>
          <isin value="PLTAURN00011"/>
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        <balance>450000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>3T6997NB6</cusip>
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          <ticker value="TTE 1 C60"/>
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        <curCd>USD</curCd>
        <valUSD>4900.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>The Options Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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            <unrealizedAppr>-16552.92000000</unrealizedAppr>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="585219694"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>981234.00000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
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            <amtCurSold>1000000.00000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orsu Metals Corp.</name>
        <lei>N/A</lei>
        <title>Orsu Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSU CN"/>
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        <balance>402500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38135019"/>
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        <pctVal>0.287159909924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="585219667"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>3319184.00000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
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            <amtCurSold>16500000.00000000</amtCurSold>
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            <unrealizedAppr>171719.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orange Polska SA</name>
        <lei>259400TOMPUOLS65II22</lei>
        <title>Orange Polska SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLTLKPL00017"/>
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        <balance>161000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.95689998"/>
        <valUSD>167276.01000000</valUSD>
        <pctVal>1.735288831399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MOL Hungarian Oil &amp; Gas PLC</name>
        <lei>213800R83KX5FQFGXS67</lei>
        <title>MOL Hungarian Oil &amp; Gas PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HU0000153937"/>
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        <balance>63200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="431.66170552"/>
        <valUSD>350994.97000000</valUSD>
        <pctVal>3.641153631763</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>Eurobank Ergasias Services and</name>
        <lei>JEUVK5RWVJEN8W0C9M24</lei>
        <title>Eurobank Ergasias Services and Holdings SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS323003012"/>
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        <balance>220000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035600"/>
        <valUSD>183636.77000000</valUSD>
        <pctVal>1.905012177271</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Emlak Konut Gayrimenkul Yatiri</name>
        <lei>789000IA5R88NAGSC462</lei>
        <title>Emlak Konut Gayrimenkul Yatirim Ortakligi AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREEGYO00017"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49049960"/>
        <valUSD>20589.66000000</valUSD>
        <pctVal>0.213593132932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PZU</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>Powszechny Zaklad Ubezpieczen SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLPZU0000011"/>
        </identifiers>
        <balance>81000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.95689999"/>
        <valUSD>375809.90000000</valUSD>
        <pctVal>3.898578894842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volkswagen AG</name>
        <lei>529900NNUPAGGOMPXZ31</lei>
        <title>Volkswagen AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007664005"/>
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        <balance>400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035597"/>
        <valUSD>65187.74000000</valUSD>
        <pctVal>0.676244950882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BIM Birlesik Magazalar AS</name>
        <lei>7890001GCDJQD8DJKE29</lei>
        <title>BIM Birlesik Magazalar AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREBIMM00018"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050257"/>
        <valUSD>31150.54000000</valUSD>
        <pctVal>0.323149650413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Turkiye Petrol Rafinerileri AS</name>
        <lei>789000RCNG97UV50EE03</lei>
        <title>Turkiye Petrol Rafinerileri AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRATUPRS91E8"/>
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        <balance>11750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="18.49050032"/>
        <valUSD>182868.83000000</valUSD>
        <pctVal>1.897045716897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banca Transilvania SA</name>
        <lei>549300RG3H390KEL8896</lei>
        <title>Banca Transilvania SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROTLVAACNOR1"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="5.04869999"/>
        <valUSD>132232.48000000</valUSD>
        <pctVal>1.371754059008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KOC Holding AS</name>
        <lei>7890005U0H950VH19H45</lei>
        <title>KOC Holding AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAKCHOL91Q8"/>
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        <balance>91000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VanEck Russia ETF</name>
        <lei>N/A</lei>
        <title>VanEck Russia ETF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RSX 1 C16"/>
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        <balance>1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1000.00000000</valUSD>
        <pctVal>0.010373805732</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>The Options Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>N/A</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>OMV Petrom SA</name>
        <lei>549300UKYDM6L8HEPU79</lei>
        <title>OMV Petrom SA</title>
        <cusip>N/A</cusip>
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          <isin value="ROSNPPACNOR9"/>
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        <balance>2165000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>RO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <balance>100.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6900.00000000</valUSD>
        <pctVal>0.071579259552</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>The Options Clearing Corporation</counterpartyName>
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            <putOrCall>Call</putOrCall>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Dogus Otomotiv Servis ve Ticar</name>
        <lei>789000PVDP82LTUNS694</lei>
        <title>Dogus Otomotiv Servis ve Ticaret AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREDOTO00013"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AP Moller - Maersk A/S</name>
        <lei>549300D2K6PKKKXVNN73</lei>
        <title>AP Moller - Maersk A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010244425"/>
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        <balance>41.00000000</balance>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARIS MINING CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
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          <isin value="CA04040Y1337"/>
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      <invstOrSec>
        <name>Cyfrowy Polsat SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OPAP SA</name>
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          <isin value="GRS419003009"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank Polska Kasa Opieki SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Magyar Telekom Telecommunicati</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Bank Millennium SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Richter Gedeon Nyrt</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hellenic Telecommunications Or</name>
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        <name>OTP Bank Nyrt</name>
        <lei>529900W3MOO00A18X956</lei>
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        <name>Yapi ve Kredi Bankasi AS</name>
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      <invstOrSec>
        <name>Gazprom Neft PJSC</name>
        <lei>253400KXA9P2AN72P004</lei>
        <title>Gazprom Neft PJSC</title>
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        <name>N/A</name>
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        <name>Enea SA</name>
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        <name>Powszechna Kasa Oszczednosci B</name>
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        <name>ARIS MINING CORP</name>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO</counterpartyName>
              <counterpartyLei>5493006KMX1VFTPYPW14</counterpartyLei>
            </counterparties>
            <amtCurSold>350000000.00000000</amtCurSold>
            <curSold>HUF</curSold>
            <amtCurPur>878845.00000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2022-10-17</settlementDt>
            <unrealizedAppr>72193.00000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02035600"/>
        <valUSD>191381.91000000</valUSD>
        <pctVal>1.985358754999</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-02-17</ncom:dateSigned>
      <ncom:nameOfApplicant>US Global Investors Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Karen Shaw</ncom:signature>
      <ncom:signerName>Karen Shaw</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
