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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sea Ltd.</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>Sea Ltd.</title>
        <cusip>81141R100</cusip>
        <identifiers>
          <isin value="US81141R1005"/>
        </identifiers>
        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1034550.00000000</valUSD>
        <pctVal>0.839558500352</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>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>222000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.11000000"/>
        <valUSD>1512854.93000000</valUSD>
        <pctVal>1.227712741077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
        </identifiers>
        <balance>332000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>4037843.61000000</valUSD>
        <pctVal>3.276792736812</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meituan</name>
        <lei>21380033K525E5JLIA77</lei>
        <title>Meituan</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG596691041"/>
        </identifiers>
        <balance>162000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>3803012.57000000</valUSD>
        <pctVal>3.086222541289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Varun Beverages Ltd.</name>
        <lei>33580058NWEMWBDNMD48</lei>
        <title>Varun Beverages Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE200M01039"/>
        </identifiers>
        <balance>96000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>682442.14000000</valUSD>
        <pctVal>0.553815764956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ningbo Orient Wires &amp; Cables Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Ningbo Orient Wires &amp; Cables Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001T23"/>
        </identifiers>
        <balance>124991.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>991756.46000000</valUSD>
        <pctVal>0.804830666736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capitec Bank Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Capitec Bank Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000035861"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.63000000"/>
        <valUSD>2158209.87000000</valUSD>
        <pctVal>1.751431484126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.com, Inc.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com, Inc., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8208B1014"/>
        </identifiers>
        <balance>74000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1480171.34000000</valUSD>
        <pctVal>1.201189338819</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumber Alfaria Trijaya Tbk. PT</name>
        <lei>N/A</lei>
        <title>Sumber Alfaria Trijaya Tbk. PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000128705"/>
        </identifiers>
        <balance>4800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15695.00000000"/>
        <valUSD>1015355.21000000</valUSD>
        <pctVal>0.823981535385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Turkiye Garanti Bankasi A/S</name>
        <lei>5493002XSS7K7RHN1V37</lei>
        <title>Turkiye Garanti Bankasi A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAGARAN91N1"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="34.26500000"/>
        <valUSD>436772.22000000</valUSD>
        <pctVal>0.354449596461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="436145.05999900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dr. Sulaiman Al Habib Medical Services Group Co.</name>
        <lei>N/A</lei>
        <title>Dr. Sulaiman Al Habib Medical Services Group Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA1510P1UMH1"/>
        </identifiers>
        <balance>8400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75570000"/>
        <valUSD>640115.03000000</valUSD>
        <pctVal>0.519466448832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Giant Biogene Holding Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Giant Biogene Holding Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3887G1091"/>
        </identifiers>
        <balance>198000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1347319.95000000</valUSD>
        <pctVal>1.093377716608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>414000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>13018772.96000000</valUSD>
        <pctVal>10.56500072758</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pop Mart International Group Ltd.</name>
        <lei>9845000A05E8F937E337</lei>
        <title>Pop Mart International Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG7170M1033"/>
        </identifiers>
        <balance>138000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1251463.19000000</valUSD>
        <pctVal>1.015587993855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kaspi.KZ JSC</name>
        <lei>2549003YU6FARG8OAZ13</lei>
        <title>Kaspi.KZ JSC</title>
        <cusip>48581R205</cusip>
        <identifiers>
          <isin value="US48581R2058"/>
        </identifiers>
        <balance>2800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>308392.00000000</valUSD>
        <pctVal>0.250266420222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Leejam Sports Co. JSC</name>
        <lei>N/A</lei>
        <title>Leejam Sports Co. JSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA14K0Q0SJ16"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75570000"/>
        <valUSD>151769.31000000</valUSD>
        <pctVal>0.123163901506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DB Insurance Co. Ltd.</name>
        <lei>9884000ZF26VNJBWSJ91</lei>
        <title>DB Insurance Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005830005"/>
        </identifiers>
        <balance>15400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>1219724.64000000</valUSD>
        <pctVal>0.989831510899</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Mandiri Persero Tbk. PT</name>
        <lei>549300RSKQN4Z5ZSGH94</lei>
        <title>Bank Mandiri Persero Tbk. PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000095003"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15695.00000000"/>
        <valUSD>597642.56000000</valUSD>
        <pctVal>0.484999170093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NU Holdings Ltd.</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU Holdings Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1358100.00000000</valUSD>
        <pctVal>1.102125947831</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Merchants Bank Co. Ltd.</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>China Merchants Bank Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000002M1"/>
        </identifiers>
        <balance>264000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1290438.76000000</valUSD>
        <pctVal>1.047217466668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northam Platinum Holdings Ltd.</name>
        <lei>3789009D0712C7101695</lei>
        <title>Northam Platinum Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000298253"/>
        </identifiers>
        <balance>68000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.63000000"/>
        <valUSD>502266.59000000</valUSD>
        <pctVal>0.407599618266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APT Medical, Inc.</name>
        <lei>N/A</lei>
        <title>APT Medical, Inc., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100004C45"/>
        </identifiers>
        <balance>22000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>1148595.00000000</valUSD>
        <pctVal>0.932108352145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuyao Glass Industry Group Co. Ltd.</name>
        <lei>549300AS5CSLWETN0P64</lei>
        <title>Fuyao Glass Industry Group Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001TR7"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1064110.32000000</valUSD>
        <pctVal>0.863547305078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Macro SA</name>
        <lei>579100KKDKKIFEBKK040</lei>
        <title>Banco Macro SA</title>
        <cusip>05961W105</cusip>
        <identifiers>
          <isin value="US05961W1053"/>
        </identifiers>
        <balance>9400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>735362.00000000</valUSD>
        <pctVal>0.596761314519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Realtek Semiconductor Corp.</name>
        <lei>5299002E7F36O00MYY75</lei>
        <title>Realtek Semiconductor Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002379005"/>
        </identifiers>
        <balance>32000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>472194.07000000</valUSD>
        <pctVal>0.383195152756</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sailun Group Co. Ltd.</name>
        <lei>300300GF13IPLVWINQ61</lei>
        <title>Sailun Group Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000015F7"/>
        </identifiers>
        <balance>80997.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>165166.42000000</valUSD>
        <pctVal>0.134035930485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suzano SA</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>Suzano SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSUZBACNOR0"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78090000"/>
        <valUSD>827137.64000000</valUSD>
        <pctVal>0.671239124859</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>Gruma SAB de CV</name>
        <lei>5493000XJLJ6C4T0PG82</lei>
        <title>Gruma SAB de CV, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP4948K1056"/>
        </identifiers>
        <balance>24000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.00950000"/>
        <valUSD>414571.08000000</valUSD>
        <pctVal>0.336432916934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABB India Ltd.</name>
        <lei>5493001BUNB8WEF9JI21</lei>
        <title>ABB India Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE117A01022"/>
        </identifiers>
        <balance>14600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1289984.63000000</valUSD>
        <pctVal>1.046848930878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rede D'Or Sao Luiz SA</name>
        <lei>N/A</lei>
        <title>Rede D'Or Sao Luiz SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRRDORACNOR8"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78090000"/>
        <valUSD>761819.09000000</valUSD>
        <pctVal>0.618231784583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itau Unibanco Holding SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holding SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRITUBACNPR1"/>
        </identifiers>
        <balance>132000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78090000"/>
        <valUSD>799640.19000000</valUSD>
        <pctVal>0.648924381361</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Qifu Technology, Inc.</name>
        <lei>N/A</lei>
        <title>Qifu Technology, Inc.</title>
        <cusip>88557W101</cusip>
        <identifiers>
          <isin value="US88557W1018"/>
        </identifiers>
        <balance>19000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>623390.00000000</valUSD>
        <pctVal>0.505893744656</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bilibili, Inc.</name>
        <lei>5493008V60M52L3PIS45</lei>
        <title>Bilibili, Inc., Class Z</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG1098A1013"/>
        </identifiers>
        <balance>16000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>351114.60000000</valUSD>
        <pctVal>0.284936684575</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMOC Group Ltd.</name>
        <lei>2549008KG3638J59U652</lei>
        <title>CMOC Group Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000114"/>
        </identifiers>
        <balance>1040001.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>862865.98000000</valUSD>
        <pctVal>0.700233404063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chongqing Rural Commercial Bank Co. Ltd.</name>
        <lei>300300C1126750000027</lei>
        <title>Chongqing Rural Commercial Bank Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000X44"/>
        </identifiers>
        <balance>1120000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>607967.48000000</valUSD>
        <pctVal>0.493378054006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Electronics Co.</name>
        <lei>N/A</lei>
        <title>United Electronics Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA12U0RHUHH8"/>
        </identifiers>
        <balance>23000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75570000"/>
        <valUSD>618526.51000000</valUSD>
        <pctVal>0.501946922975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>7026022.30000000</valUSD>
        <pctVal>5.701760906318</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Torrent Pharmaceuticals Ltd.</name>
        <lei>335800NA6HK275RIJE13</lei>
        <title>Torrent Pharmaceuticals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE685A01028"/>
        </identifiers>
        <balance>38000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1447331.76000000</valUSD>
        <pctVal>1.174539347482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Biologics Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Samsung Biologics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7207940008"/>
        </identifiers>
        <balance>2120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>1539304.35000000</valUSD>
        <pctVal>1.249176986778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eoptolink Technology, Inc. Ltd.</name>
        <lei>N/A</lei>
        <title>Eoptolink Technology, Inc. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002615"/>
        </identifiers>
        <balance>39994.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>731629.43000000</valUSD>
        <pctVal>0.593732257565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>720000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>799831.83000000</valUSD>
        <pctVal>0.649079901144</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Heavy Industries Co. Ltd.</name>
        <lei>988400OSK0T9LDTWNC20</lei>
        <title>Samsung Heavy Industries Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7010140002"/>
        </identifiers>
        <balance>176000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>1223072.46000000</valUSD>
        <pctVal>0.992548335353</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lenovo Group Ltd.</name>
        <lei>254900VUZRGD5U73RE46</lei>
        <title>Lenovo Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0992009065"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>317978.93000000</valUSD>
        <pctVal>0.258046410144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YPF SA</name>
        <lei>5493003N7447U18U5U53</lei>
        <title>YPF SA</title>
        <cusip>984245100</cusip>
        <identifiers>
          <isin value="US9842451000"/>
        </identifiers>
        <balance>62000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1519620.00000000</valUSD>
        <pctVal>1.233202733851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEED Technology, Inc.</name>
        <lei>N/A</lei>
        <title>ASPEED Technology, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
        </identifiers>
        <balance>6200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>769143.90000000</valUSD>
        <pctVal>0.624176017823</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Al Rajhi Bank</name>
        <lei>558600BQZS4Y1DTU8589</lei>
        <title>Al Rajhi Bank</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA0007879113"/>
        </identifiers>
        <balance>49000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75570000"/>
        <valUSD>1148121.52000000</valUSD>
        <pctVal>0.931724113434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASE Technology Holding Co. Ltd.</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE Technology Holding Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0003711008"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>814809.71000000</valUSD>
        <pctVal>0.661234757334</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shriram Finance Ltd.</name>
        <lei>335800TM2YO24B76XL26</lei>
        <title>Shriram Finance Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE721A01013"/>
        </identifiers>
        <balance>26000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>970567.72000000</valUSD>
        <pctVal>0.787635570531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hong Kong Exchanges &amp; Clearing Ltd.</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>Hong Kong Exchanges &amp; Clearing Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0388045442"/>
        </identifiers>
        <balance>11000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>439767.95000000</valUSD>
        <pctVal>0.356880692673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PDD Holdings, Inc.</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD Holdings, Inc.</title>
        <cusip>722304102</cusip>
        <identifiers>
          <isin value="US7223041028"/>
        </identifiers>
        <balance>9200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1109428.00000000</valUSD>
        <pctVal>0.900323529968</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>
        </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>38000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.00275000"/>
        <valUSD>333410.78000000</valUSD>
        <pctVal>0.270569672280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China State Construction International Holdings Ltd.</name>
        <lei>529900QVUUH13RIZIR85</lei>
        <title>China State Construction International Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG216771363"/>
        </identifiers>
        <balance>740000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1087045.45000000</valUSD>
        <pctVal>0.882159632513</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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>19000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1586838.51000000</valUSD>
        <pctVal>1.287751930556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eastroc Beverage Group Co. Ltd.</name>
        <lei>836800LQ338417RCIL29</lei>
        <title>Eastroc Beverage Group Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100005576"/>
        </identifiers>
        <balance>45907.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>1368826.21000000</valUSD>
        <pctVal>1.110830486792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ping An Insurance Group Co. of China Ltd.</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>Ping An Insurance Group Co. of China Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000003X6"/>
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        <balance>312000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1932416.61000000</valUSD>
        <pctVal>1.568195632060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Jiangsu Co. Ltd.</name>
        <lei>300300C1086832000046</lei>
        <title>Bank of Jiangsu Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002G76"/>
        </identifiers>
        <balance>640960.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>793582.82000000</valUSD>
        <pctVal>0.644008701623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Hangzhou Co. Ltd.</name>
        <lei>300300C1092033000075</lei>
        <title>Bank of Hangzhou Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002GQ4"/>
        </identifiers>
        <balance>300996.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>585439.79000000</valUSD>
        <pctVal>0.475096372470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clicks Group Ltd.</name>
        <lei>378900E967958A677472</lei>
        <title>Clicks Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000134854"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.63000000"/>
        <valUSD>853862.73000000</valUSD>
        <pctVal>0.692927082408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muangthai Capital PCL</name>
        <lei>254900ZI1FO2W9132C98</lei>
        <title>Muangthai Capital PCL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TH6068010R19"/>
        </identifiers>
        <balance>1020000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.74500000"/>
        <valUSD>1534005.04000000</valUSD>
        <pctVal>1.244876488246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="42097.89659200"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Contemporary Amperex Technology Co. Ltd.</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>Contemporary Amperex Technology Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>345688.73000000</valUSD>
        <pctVal>0.280533480013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Accton Technology Corp.</name>
        <lei>529900M1YRZ0GWMDF920</lei>
        <title>Accton Technology Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002345006"/>
        </identifiers>
        <balance>64000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>1085483.67000000</valUSD>
        <pctVal>0.880892216076</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIWOOM Securities Co. Ltd.</name>
        <lei>988400O27CNGJA2QWJ18</lei>
        <title>KIWOOM Securities Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7039490008"/>
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        <balance>11200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>1092405.80000000</valUSD>
        <pctVal>0.886509666255</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reliance Industries Ltd.</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE002A01018"/>
        </identifiers>
        <balance>104000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1647513.12000000</valUSD>
        <pctVal>1.336990618470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLDT, Inc.</name>
        <lei>254900ADE8GQHM5P2648</lei>
        <title>PLDT, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY7072Q1032"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.11000000"/>
        <valUSD>369127.52000000</valUSD>
        <pctVal>0.299554537847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Merdeka Copper Gold Tbk. PT</name>
        <lei>894500DF5TJXCOE26L58</lei>
        <title>Merdeka Copper Gold Tbk. PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000134406"/>
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        <balance>3200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15695.00000000"/>
        <valUSD>493405.54000000</valUSD>
        <pctVal>0.400408694821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrias Penoles SAB de CV</name>
        <lei>549300WA2HB7776CB324</lei>
        <title>Industrias Penoles SAB de CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP554091415"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.00950000"/>
        <valUSD>785401.93000000</valUSD>
        <pctVal>0.637369741940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>52000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78090000"/>
        <valUSD>828272.41000000</valUSD>
        <pctVal>0.672160013941</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>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"/>
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        <balance>54000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>1009005.96000000</valUSD>
        <pctVal>0.818828989052</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIO SA</name>
        <lei>N/A</lei>
        <title>PRIO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
        </identifiers>
        <balance>62000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78090000"/>
        <valUSD>439509.42000000</valUSD>
        <pctVal>0.356670890286</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>Silergy Corp.</name>
        <lei>N/A</lei>
        <title>Silergy Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>1394933.98000000</valUSD>
        <pctVal>1.132017476525</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KB Financial Group, Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB Financial Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
        </identifiers>
        <balance>15200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>994608.70000000</valUSD>
        <pctVal>0.807145317876</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KPIT Technologies Ltd.</name>
        <lei>3358009MOTWWU66WMV49</lei>
        <title>KPIT Technologies Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE04I401011"/>
        </identifiers>
        <balance>22000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>364524.52000000</valUSD>
        <pctVal>0.295819109132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dixon Technologies India Ltd.</name>
        <lei>335800D7XO7AVXXJ8575</lei>
        <title>Dixon Technologies India Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE935N01020"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1170598.05000000</valUSD>
        <pctVal>0.949964277583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO GOVT AND AGCY LEX</name>
        <lei>O37NHJVF7S22I1ONOU83</lei>
        <title>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO OPEN-END FUND USD</title>
        <cusip>825252885</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="825252885"/>
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        <balance>468326.65000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>468326.65000000</valUSD>
        <pctVal>0.380056662267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="468326.65000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WEG SA</name>
        <lei>254900NKQV127YFRO022</lei>
        <title>WEG SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRWEGEACNOR0"/>
        </identifiers>
        <balance>124000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.78090000"/>
        <valUSD>1160656.65000000</valUSD>
        <pctVal>0.941896628000</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>Trent Ltd.</name>
        <lei>335800IYA8EHI7MW7G59</lei>
        <title>Trent Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE849A01020"/>
        </identifiers>
        <balance>19600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1661575.58000000</valUSD>
        <pctVal>1.348402592593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coforge Ltd.</name>
        <lei>3358004YL9JGBNP4KF72</lei>
        <title>Coforge Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE591G01017"/>
        </identifiers>
        <balance>15400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1396317.95000000</valUSD>
        <pctVal>1.133140596508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delta Electronics, Inc.</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>Delta Electronics, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
        </identifiers>
        <balance>72000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>887368.30000000</valUSD>
        <pctVal>0.720117538261</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix, Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
        </identifiers>
        <balance>12600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>1701000.00000000</valUSD>
        <pctVal>1.380396316369</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xiaomi Corp.</name>
        <lei>2549001ACVFAZRNMKL32</lei>
        <title>Xiaomi Corp., Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9830T1067"/>
        </identifiers>
        <balance>630000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>2163723.13000000</valUSD>
        <pctVal>1.755905607463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
        </identifiers>
        <balance>126000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.63000000"/>
        <valUSD>2073818.49000000</valUSD>
        <pctVal>1.682946151918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wiwynn Corp.</name>
        <lei>254900FV2R15PMKXFL69</lei>
        <title>Wiwynn Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0006669005"/>
        </identifiers>
        <balance>14000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>785529.72000000</valUSD>
        <pctVal>0.637473446141</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>America Movil SAB de CV</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil SAB de CV, Series B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01AM050019"/>
        </identifiers>
        <balance>960000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.00950000"/>
        <valUSD>758519.70000000</valUSD>
        <pctVal>0.615554262065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MercadoLibre, Inc.</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre, Inc.</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
        </identifiers>
        <balance>450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>916731.00000000</valUSD>
        <pctVal>0.743945970312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglogold Ashanti plc</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
        </identifiers>
        <balance>53000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.63000000"/>
        <valUSD>1472696.54000000</valUSD>
        <pctVal>1.195123385623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Naspers Ltd.</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>Naspers Ltd., Class N</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000325783"/>
        </identifiers>
        <balance>5400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.63000000"/>
        <valUSD>1269343.05000000</valUSD>
        <pctVal>1.030097866213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BYD Co. Ltd.</name>
        <lei>5299005557VL7ULJ7A69</lei>
        <title>BYD Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000296"/>
        </identifiers>
        <balance>34000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
        <valUSD>1230701.95000000</valUSD>
        <pctVal>0.998739822650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI Bank Ltd.</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
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        <balance>176000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>2704794.18000000</valUSD>
        <pctVal>2.194995839276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NAURA Technology Group Co. Ltd.</name>
        <lei>300300JI5I0B95GO5C39</lei>
        <title>NAURA Technology Group Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000ML7"/>
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        <balance>19997.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>1102671.28000000</valUSD>
        <pctVal>0.894840313390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Axis Bank Ltd.</name>
        <lei>549300HVNWMJPOFVNI41</lei>
        <title>Axis Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE238A01034"/>
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        <balance>80000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1103200.58000000</valUSD>
        <pctVal>0.895269851174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elm Co.</name>
        <lei>N/A</lei>
        <title>Elm Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA15GG53GHH3"/>
        </identifiers>
        <balance>3100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75570000"/>
        <valUSD>844066.35000000</valUSD>
        <pctVal>0.684977119524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
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        <balance>44000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>1528840.58000000</valUSD>
        <pctVal>1.240685423249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bharti Airtel Ltd.</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>Bharti Airtel Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
        </identifiers>
        <balance>152000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>2915044.97000000</valUSD>
        <pctVal>2.365618658811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meritz Financial Group, Inc.</name>
        <lei>N/A</lei>
        <title>Meritz Financial Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7138040001"/>
        </identifiers>
        <balance>19000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>1413985.51000000</valUSD>
        <pctVal>1.147478183070</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Financiero Banorte SAB de CV</name>
        <lei>N/A</lei>
        <title>Grupo Financiero Banorte SAB de CV, Class O</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
        </identifiers>
        <balance>64000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.00950000"/>
        <valUSD>445644.32000000</valUSD>
        <pctVal>0.361649487206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Press Metal Aluminium Holdings Bhd.</name>
        <lei>254900RO5GQ4M0YV5S47</lei>
        <title>Press Metal Aluminium Holdings Bhd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYL8869OO009"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.37900000"/>
        <valUSD>645074.30000000</valUSD>
        <pctVal>0.523490997944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MakeMyTrip Ltd.</name>
        <lei>529900DNT8HNJ7RYUO60</lei>
        <title>MakeMyTrip Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MU0295S00016"/>
        </identifiers>
        <balance>4600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>466854.00000000</valUSD>
        <pctVal>0.378861576650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Infosys Ltd.</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>Infosys Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE009A01021"/>
        </identifiers>
        <balance>56000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.08625000"/>
        <valUSD>1170298.35000000</valUSD>
        <pctVal>0.949721064898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daejoo Electronic Materials Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Daejoo Electronic Materials Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7078600004"/>
        </identifiers>
        <balance>4400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>344985.51000000</valUSD>
        <pctVal>0.279962802589</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>E Ink Holdings, Inc.</name>
        <lei>529900UOR451FJJYL571</lei>
        <title>E Ink Holdings, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0008069006"/>
        </identifiers>
        <balance>132200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>1225783.73000000</valUSD>
        <pctVal>0.994748586453</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Mining Co. Ltd.</name>
        <lei>300300QBV4A9N1NDK519</lei>
        <title>Western Mining Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000619"/>
        </identifiers>
        <balance>239990.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>596631.80000000</valUSD>
        <pctVal>0.484178917665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lotes Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Lotes Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0003533006"/>
        </identifiers>
        <balance>16000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.04000000"/>
        <valUSD>822534.99000000</valUSD>
        <pctVal>0.667503980176</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WUS Printed Circuit Kunshan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>WUS Printed Circuit Kunshan Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000SP5"/>
        </identifiers>
        <balance>47993.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.11565000"/>
        <valUSD>275656.32000000</valUSD>
        <pctVal>0.223700745862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
        </identifiers>
        <balance>48000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1380.00000000"/>
        <valUSD>2059130.43000000</valUSD>
        <pctVal>1.671026490591</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>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Country classifications may be different than those used for compliance monitoring purposes." noteItem="C.5.a"/>

      <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"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-11-29</ncom:dateSigned>
      <ncom:nameOfApplicant>NEW YORK LIFE INVESTMENTS FUNDS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Jack Benintende</ncom:signature>
      <ncom:signerName>Jack Benintende</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
