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      <invstOrSec>
        <name>Cms Info Systems Limited</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nestle India Ltd.</name>
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          <isin value="INE239A01024"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PVR INOX Ltd.</name>
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        <title>PVR INOX Ltd. INR10</title>
        <cusip>000000000</cusip>
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          <isin value="INE191H01014"/>
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          <other otherDesc="SEDOL" value="B0LX4M7"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cognizant Technology Solutions Corp.</name>
        <lei>5493006IEVQEFQO40L83</lei>
        <title>Cognizant Technology Solutions Corp. CL A</title>
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          <isin value="US1924461023"/>
          <ticker value="CTSH"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bharat Electronics Ltd.</name>
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          <isin value="INE263A01024"/>
          <ticker value="BHE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ICICI Asset Management Co Ltd.</name>
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        <title>ICICI Asset Management Co Ltd. INR1</title>
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          <isin value="INE346A01027"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Trust</name>
        <lei>S2FHCT8U6D2VORP0J605</lei>
        <title>Goldman Sachs Financial Square Treasury Obligations Fund</title>
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        <identifiers>
          <isin value="US38141W3236"/>
          <ticker value="FTOXX"/>
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        <balance>2957735.50000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bikaji Foods International Ltd.</name>
        <lei>335800L7NF5DOD1W7A75</lei>
        <title>Bikaji Foods International Ltd. INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE00E101023"/>
          <ticker value="BIKAJI"/>
          <other otherDesc="SEDOL" value="BN95Y82"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Medplus Health Services Limited</name>
        <lei>335800QYF5P4YJGT4P11</lei>
        <title>Medplus Health Services Limited INR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE804L01022"/>
          <ticker value="MEDPLUS"/>
          <other otherDesc="SEDOL" value="BMG4XB1"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Transformers And R</name>
        <lei>335800CLAIFWDACD5H92</lei>
        <title>Transformers And R INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE763I01026"/>
          <ticker value="TARIL"/>
          <other otherDesc="SEDOL" value="BF1QMS3"/>
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        <balance>155075.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAKEMYTRIP LTD</name>
        <lei>529900DNT8HNJ7RYUO60</lei>
        <title>MakeMyTrip Ltd. SHS</title>
        <cusip>000000000</cusip>
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          <isin value="MU0295S00016"/>
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        <balance>15131.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Siemens Energy India Ltd.</name>
        <lei>335800AEZO3CVXCSA716</lei>
        <title>Siemens Energy India Ltd. INR2</title>
        <cusip>000000000</cusip>
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          <isin value="INE1NPP01017"/>
          <ticker value="2447489"/>
          <other otherDesc="SEDOL" value="BTWMYX7"/>
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        <balance>27983.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Nuvama Wealth Management Ltd.</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="SEDOL" value="BP955R2"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Gokaldas Exports Ltd.</name>
        <lei>335800EI4T29Z2KFOF66</lei>
        <title>Gokaldas Exports Ltd. INR5</title>
        <cusip>000000000</cusip>
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          <isin value="INE887G01027"/>
          <ticker value="GEXP"/>
          <other otherDesc="SEDOL" value="B1QHBQ4"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Sai Lifesciences Ltd.</name>
        <lei>335800JBS3NY25NIBC93</lei>
        <title>Sai Lifesciences Ltd. INR1</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <name>Suzlon Energy Ltd.</name>
        <lei>724500ZW9AZP283ZN723</lei>
        <title>Suzlon Energy Ltd. INR2.00</title>
        <cusip>000000000</cusip>
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        <invCountry>IN</invCountry>
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        <name>Ask Automotive Ltd.</name>
        <lei>335800JQETY6RD4Y6N79</lei>
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        <cusip>000000000</cusip>
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        <invCountry>IN</invCountry>
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        <name>Archean Chemical Industries Ltd.</name>
        <lei>335800SM3YUC83D34P94</lei>
        <title>Archean Chemical Industries Ltd. INR2</title>
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        <name>Ganesha Ecosphere Ltd.</name>
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        <title>Ganesha Ecosphere Ltd. INR10</title>
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        <invCountry>IN</invCountry>
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        <name>Mahindra &amp; Mahindra Ltd.</name>
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        <title>Mahindra &amp; Mahindra Ltd. INR5</title>
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          <ticker value="MM"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ICICI Bank Ltd.</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd. INR2</title>
        <cusip>000000000</cusip>
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          <ticker value="ICICIBC"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Akzo Nobel India Ltd.</name>
        <lei>335800Z6FCJYII12VJ88</lei>
        <title>Akzo Nobel India Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE133A01011"/>
          <ticker value="AKZO"/>
          <other otherDesc="SEDOL" value="6124896"/>
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        <balance>29132.00000000</balance>
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        <pctVal>0.584463959648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aye Finance Ltd.</name>
        <lei>335800Q6CHM9LTEPY552</lei>
        <title>Aye Finance Ltd. INR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE501X01029"/>
          <ticker value="AYE"/>
          <other otherDesc="SEDOL" value="BT5GK94"/>
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        <balance>345644.00000000</balance>
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        <pctVal>0.281250538925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brigade Enterprises Ltd.</name>
        <lei>335800QDUUQVHS6II245</lei>
        <title>Brigade Enterprises Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE791I01019"/>
          <ticker value="BRGD"/>
          <other otherDesc="SEDOL" value="B29ZGD4"/>
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        <balance>69499.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Awfis Space Solutions Private Limited</name>
        <lei>335800HPRMTHOWFZZJ90</lei>
        <title>Awfis Space Solutions Private Limited INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE108V01019"/>
          <ticker value="AWFIS"/>
          <other otherDesc="SEDOL" value="BR51BY7"/>
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        <balance>85477.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Torrent Pharmaceuticals Ltd.</name>
        <lei>335800NA6HK275RIJE13</lei>
        <title>Torrent Pharmaceuticals Ltd. INR5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE685A01028"/>
          <ticker value="TRP"/>
          <other otherDesc="SEDOL" value="B0XPSB8"/>
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        <balance>51758.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <pctVal>1.532961276987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sbi Life Insurance Co Ltd.</name>
        <lei>335800WMVIESQUO95586</lei>
        <title>Sbi Life Insurance Co Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE123W01016"/>
          <ticker value="SBILIFE"/>
          <other otherDesc="SEDOL" value="BZ60N32"/>
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        <balance>94449.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <pctVal>1.315121788747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wework India Management Ltd.</name>
        <lei>254900IXKRIW8O6L5C10</lei>
        <title>Wework India Management Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE085001019"/>
          <ticker value="WEWORK"/>
          <other otherDesc="SEDOL" value="BV4FYG1"/>
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        <balance>70163.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <pctVal>0.238005702853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LG Electronics India Ltd.</name>
        <lei>3358001R8E6IU2XJFQ88</lei>
        <title>LG Electronics India Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE324D01010"/>
          <ticker value="LGEL"/>
          <other otherDesc="SEDOL" value="BT6BF48"/>
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        <balance>60064.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>1049083.65000000</valUSD>
        <pctVal>0.652338621886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PB Fintech Ltd.</name>
        <lei>98450083AC6B01HF1F87</lei>
        <title>PB Fintech Ltd. INR2.00</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE417T01026"/>
          <ticker value="POLICYBZ"/>
          <other otherDesc="SEDOL" value="BP4DVR3"/>
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        <balance>103162.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>1680051.87000000</valUSD>
        <pctVal>1.044685732709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Whirlpool Of India Ltd.</name>
        <lei>335800XP84MJSVAKMW93</lei>
        <title>Whirlpool Of India Ltd. INRP10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE716A01013"/>
          <ticker value="WHIRL"/>
          <other otherDesc="SEDOL" value="6291790"/>
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        <balance>55403.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>561391.08000000</valUSD>
        <pctVal>0.349082824297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Netweb Technologies India Ltd.</name>
        <lei>335800OOUVFL1RE5GY79</lei>
        <title>Netweb Technologies India Ltd. INR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE0NT901020"/>
          <ticker value="NETWEB"/>
          <other otherDesc="SEDOL" value="BQPDLK2"/>
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        <balance>13522.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <pctVal>0.356878731212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fractal Analytics Ltd.</name>
        <lei>335800EORWMNDCWHE628</lei>
        <title>Fractal Analytics Ltd. INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE212S01015"/>
          <ticker value="FRACTAL"/>
          <other otherDesc="SEDOL" value="BS2C6X4"/>
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        <balance>31371.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <pctVal>0.166925204287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>R Systems International Limited</name>
        <lei>335800EUPGIHULMZZ129</lei>
        <title>R Systems International Limited INR1</title>
        <cusip>000000000</cusip>
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          <isin value="INE411H01032"/>
          <ticker value="RSYS"/>
          <other otherDesc="SEDOL" value="BK4MBM0"/>
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        <balance>99996.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Coforge Limited</name>
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        <title>Coforge Limited INR2 (POST SUBD)</title>
        <cusip>000000000</cusip>
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          <ticker value="COFORGE"/>
          <other otherDesc="SEDOL" value="BVK9DQ0"/>
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        <balance>88534.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Punjab National Bank</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="SEDOL" value="BTDV035"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NTPC Green Energy Ltd.</name>
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        <title>NTPC Green Energy Ltd. INR10</title>
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          <ticker value="NTPCGREE"/>
          <other otherDesc="SEDOL" value="BR862V3"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACME Solar Holdings Pvt Ltd.</name>
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        <title>ACME Solar Holdings Pvt Ltd. INR2</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gng Electronics Ltd.</name>
        <lei>3358003623O8R6GDIK75</lei>
        <title>Gng Electronics Ltd. INR2</title>
        <cusip>000000000</cusip>
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          <ticker value="EBGNG"/>
          <other otherDesc="SEDOL" value="BRXXSB1"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bharti Airtel Ltd.</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>Bharti Airtel Ltd. INR5</title>
        <cusip>000000000</cusip>
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          <ticker value="BHARTI"/>
          <other otherDesc="SEDOL" value="6442327"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aurionpro Solutions Ltd.</name>
        <lei>335800MR487397CQOL11</lei>
        <title>Aurionpro Solutions Ltd. INR10</title>
        <cusip>000000000</cusip>
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          <isin value="INE132H01018"/>
          <ticker value="AUPS"/>
          <other otherDesc="SEDOL" value="B0C5XF8"/>
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        <balance>48787.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <pctVal>0.296342703700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>India Shelter Finance Corporation Limited</name>
        <lei>335800LYXG6JYBGK1K19</lei>
        <title>India Shelter Finance Corporation Limited INR5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE922K01024"/>
          <ticker value="INDIASH"/>
          <other otherDesc="SEDOL" value="BS39TT1"/>
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        <balance>90074.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>726225.57000000</valUSD>
        <pctVal>0.451579802537</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Inox India Limited</name>
        <lei>335800IFAO5TFQS6K527</lei>
        <title>Inox India Limited INR2</title>
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          <isin value="INE616N01034"/>
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          <other otherDesc="SEDOL" value="BM9VMH8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Laurus Labs Ltd</name>
        <lei>335800S8HO8QRYP3VQ26</lei>
        <title>Laurus Labs Ltd INR2 (POST SUBD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE947Q01028"/>
          <ticker value="LAURUS"/>
          <other otherDesc="SEDOL" value="BMZ1CH2"/>
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        <balance>80303.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Samvardhana Motherson International ltd</name>
        <lei>335800C7BQ19CKG8GH63</lei>
        <title>Samvardhana Motherson International ltd INR1</title>
        <cusip>000000000</cusip>
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          <isin value="INE775A01035"/>
          <ticker value="MOTHERSO"/>
          <other otherDesc="SEDOL" value="6743990"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pfizer Ltd</name>
        <lei>335800XKH6F1JFLUBO78</lei>
        <title>Pfizer Ltd INR10</title>
        <cusip>000000000</cusip>
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          <isin value="INE182A01018"/>
          <ticker value="PFIZ"/>
          <other otherDesc="SEDOL" value="6124960"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tata Capital Ltd.</name>
        <lei>335800TXSHN87ZZ57925</lei>
        <title>Tata Capital Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE976I01016"/>
          <ticker value="TATACAP"/>
          <other otherDesc="SEDOL" value="BSNRGN8"/>
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        <balance>199769.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tata Steel Ltd.</name>
        <lei>335800E6C75YGSGD5T66</lei>
        <title>Tata Steel Ltd. INR1.00(POST SUBDIVISION)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE081A01020"/>
          <ticker value="TATA"/>
          <other otherDesc="SEDOL" value="BPQWCZ3"/>
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        <balance>1426463.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TD Power Systems P</name>
        <lei>335800X4CR12E4TJMM03</lei>
        <title>TD Power Systems P INR2 POST SUBD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE419M01027"/>
          <ticker value="TDPS"/>
          <other otherDesc="SEDOL" value="BQMSXV5"/>
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        <balance>129308.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vikram Solar Ltd.</name>
        <lei>335800MO7I8XVIKI3748</lei>
        <title>Vikram Solar Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE078V01014"/>
          <ticker value="VIKRAMS"/>
          <other otherDesc="SEDOL" value="BVZKXF7"/>
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        <balance>109360.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bajaj Finance Ltd.</name>
        <lei>335800YTEXC3DO4Z6F68</lei>
        <title>Bajaj Finance Ltd. INR1(POST SUBD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE296A01032"/>
          <ticker value="BAF"/>
          <other otherDesc="SEDOL" value="BTFGH15"/>
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        <balance>386521.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JNK INDIA LTD</name>
        <lei>2549005L7M563VGD9I56</lei>
        <title>JNK India Ltd. INR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE0OAF01028"/>
          <ticker value="JNKINDI"/>
          <other otherDesc="SEDOL" value="BPGM6T5"/>
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        <balance>11736.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AU Small Finance Bank Ltd.</name>
        <lei>3358006J6L5P5MWKCU97</lei>
        <title>AU Small Finance Bank Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE949L01017"/>
          <ticker value="AUBANK"/>
          <other otherDesc="SEDOL" value="BF1YBK2"/>
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        <balance>129633.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hexaware Technologies Ltd.</name>
        <lei>335800ZHALNQ1Q2JCP43</lei>
        <title>Hexaware Technologies Ltd. INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE093A01041"/>
          <ticker value="HEXT"/>
          <other otherDesc="SEDOL" value="BQ98501"/>
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        <balance>30754.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apollo Hospitals Enterprise Ltd.</name>
        <lei>3358005YT7JQCWYLTG43</lei>
        <title>Apollo Hospitals Enterprise Ltd. INR5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE437A01024"/>
          <ticker value="APHS"/>
          <other otherDesc="SEDOL" value="6273583"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tata Motors Ltd.</name>
        <lei>335800ZFUZ3FBKQASV25</lei>
        <title>Tata Motors Ltd. INR2</title>
        <cusip>000000000</cusip>
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          <isin value="INE1TAE01010"/>
          <ticker value="TMCV"/>
          <other otherDesc="SEDOL" value="BSNRFT7"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pearl Global Industries Limited</name>
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        <title>Pearl Global Industries Limited INR5(POST SUBD)</title>
        <cusip>000000000</cusip>
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          <ticker value="PGIL"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jain Resource Recycling Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Navin Fluorine International Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Home First Finance Company India Limited</name>
        <lei>335800LHIN24IFBBN535</lei>
        <title>Home First Finance Company India Limited INR2</title>
        <cusip>000000000</cusip>
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          <other otherDesc="SEDOL" value="BMH4TB2"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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      <invstOrSec>
        <name>KEI Industries Ltd</name>
        <lei>335800UDWBC2AWPU7M56</lei>
        <title>KEI Industries Ltd INR2</title>
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          <other otherDesc="SEDOL" value="B1L9PJ6"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <name>360 One Wam Ltd.</name>
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        <title>360 One Wam Ltd. INR1(POST SUBD)</title>
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          <ticker value="360ONE"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Newgen Software Technologies Limited</name>
        <lei>335800WRTIML8UTR8X82</lei>
        <title>Newgen Software Technologies Limited INR10</title>
        <cusip>000000000</cusip>
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          <ticker value="NEWGEN"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Praj Industries Ltd.</name>
        <lei>335800REA5D98T7WI642</lei>
        <title>Praj Industries Ltd. INR2</title>
        <cusip>000000000</cusip>
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          <ticker value="PRJ"/>
          <other otherDesc="SEDOL" value="B0FHS89"/>
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      <invstOrSec>
        <name>Divis Laboratories Ltd.</name>
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          <isin value="INE361B01024"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>JSW Cement Limited</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Ather Energy Ltd.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kalyan Jewellers India Ltd.</name>
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        <title>Kalyan Jewellers India Ltd. INR10</title>
        <cusip>000000000</cusip>
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          <isin value="INE303R01014"/>
          <ticker value="KALYANK"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Persistent Systems Ltd.</name>
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        <title>Persistent Systems Ltd. INR5(POST SUBD)</title>
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          <isin value="INE262H01021"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Medi Assist Healthcare Services Ltd.</name>
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          <isin value="INE456Z01021"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Infosys Ltd.</name>
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        <title>Infosys Ltd. INR5</title>
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          <isin value="INE009A01021"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IDFC First Bank Ltd.</name>
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        <title>IDFC First Bank Ltd. INR10</title>
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          <isin value="INE092T01019"/>
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          <other otherDesc="SEDOL" value="BYWZNK1"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Info Edge (India) Ltd.</name>
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          <isin value="INE663F01032"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NHPC Ltd.</name>
        <lei>3358003ZPPTGWT595J46</lei>
        <title>NHPC Ltd. INR10</title>
        <cusip>000000000</cusip>
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          <isin value="INE848E01016"/>
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          <other otherDesc="SEDOL" value="B233LP1"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tatva Chintan Pharma Chem Ltd.</name>
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          <isin value="INE0GK401011"/>
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          <other otherDesc="SEDOL" value="BMVC514"/>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TVS Motor Company Limited</name>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>Tenneco Clean Air India Ltd.</name>
        <lei>335800C1PMX62O6J4U34</lei>
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        <cusip>000000000</cusip>
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          <ticker value="TENNIND"/>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Godrej Properties Ltd.</name>
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          <isin value="INE484J01027"/>
          <ticker value="GPL"/>
          <other otherDesc="SEDOL" value="BGQL729"/>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Grasim Industries Ltd.</name>
        <lei>335800WLY7FOIT3ERV21</lei>
        <title>Grasim Industries Ltd. INR2</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Eternal Ltd.</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <name>Kfin Technologies Ltd.</name>
        <lei>335800GNCGJJ76Z17N17</lei>
        <title>Kfin Technologies Ltd. INR10</title>
        <cusip>000000000</cusip>
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          <other otherDesc="SEDOL" value="BMD3139"/>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MIDWEST LTD</name>
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        <title>Midwest Ltd. INR5</title>
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          <other otherDesc="SEDOL" value="BW5T1G8"/>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APL Apollo Tubes Ltd.</name>
        <lei>335800ZU4GXSB7Q4IU95</lei>
        <title>APL Apollo Tubes Ltd. INR2.00 POST SUB</title>
        <cusip>000000000</cusip>
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          <ticker value="APAT"/>
          <other otherDesc="SEDOL" value="BNDTGN9"/>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kotak Mahindra Bank Ltd.</name>
        <lei>335800E6GTTXKHXE2I75</lei>
        <title>Kotak Mahindra Bank Ltd. INR1(POST SUBD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE237A01036"/>
          <ticker value="KMB"/>
          <other otherDesc="SEDOL" value="BNBX1W7"/>
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        <balance>797201.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
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        <pctVal>2.262351705125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Metro Brands Ltd</name>
        <lei>894500HOIH518O40VN09</lei>
        <title>Metro Brands Ltd INR5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE317I01021"/>
          <ticker value="METROBR"/>
          <other otherDesc="SEDOL" value="BLBJ0P7"/>
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        <balance>51695.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>600386.77000000</valUSD>
        <pctVal>0.373331028598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Afcons Infrastructure Limited</name>
        <lei>335800OKAQF4E62NHB43</lei>
        <title>Afcons Infrastructure Limited INR10</title>
        <cusip>000000000</cusip>
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          <isin value="INE101I01011"/>
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          <other otherDesc="SEDOL" value="BQPFYZ4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Bank of India</name>
        <lei>5493001JZ37UBBZF6L49</lei>
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        <cusip>000000000</cusip>
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          <isin value="INE062A01020"/>
          <ticker value="SBIN"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jupiter Life Line Hospitals Ltd.</name>
        <lei>335800O7XGF2IIMHP506</lei>
        <title>Jupiter Life Line Hospitals Ltd. INR10</title>
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          <isin value="INE682M01012"/>
          <ticker value="JLHL"/>
          <other otherDesc="SEDOL" value="BRXL279"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Trent Ltd.</name>
        <lei>335800IYA8EHI7MW7G59</lei>
        <title>Trent Ltd. INR1</title>
        <cusip>000000000</cusip>
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          <isin value="INE849A01020"/>
          <ticker value="TRENT"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Godrej Consumer Products Ltd.</name>
        <lei>335800P4GUWLGZFK2D63</lei>
        <title>Godrej Consumer Products Ltd. INR1</title>
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          <isin value="INE102D01028"/>
          <ticker value="GCPL"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Techno Electric &amp; Engineering Co Ltd.</name>
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          <isin value="INE285K01026"/>
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          <other otherDesc="SEDOL" value="BDFFZP0"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Physicswallah Ltd.</name>
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        <title>Physicswallah Ltd. INR1</title>
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          <isin value="INE0LP301011"/>
          <ticker value="PWL"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Five Star Business Finance Ltd</name>
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        <title>Five Star Business Finance Ltd INR1</title>
        <cusip>000000000</cusip>
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          <isin value="INE128S01021"/>
          <ticker value="FIVESTA"/>
          <other otherDesc="SEDOL" value="BP5JGC0"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pricol Ltd</name>
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        <cusip>000000000</cusip>
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          <isin value="INE726V01018"/>
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          <other otherDesc="SEDOL" value="BD5BW02"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Go Digit General Insurance Ltd.</name>
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        <cusip>000000000</cusip>
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          <isin value="INE03JT01014"/>
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          <other otherDesc="SEDOL" value="BQ0K6B4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Axis Bank Ltd.</name>
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        <title>Axis Bank Ltd. INR2</title>
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          <isin value="INE238A01034"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Computer Age Management Services Ltd</name>
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          <ticker value="CAMS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JK Lakshmi Cement Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Doms Industries Ltd.</name>
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        <name>Sun Pharmaceutical Industries Ltd.</name>
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        <name>Hindalco Industries Ltd.</name>
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        <name>Eureka Forbes Ltd.</name>
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        <name>SJS Enterprises Ltd.</name>
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        <name>Aditya Birla Capital Ltd.</name>
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        <invCountry>IN</invCountry>
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        <name>TATA Consumer Products Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Siemens India Ltd</name>
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        <title>Siemens India Ltd INR2 (POST SUBDIVISION)</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amber Enterprises India Limited</name>
        <lei>3358009JZU4XT3666G06</lei>
        <title>Amber Enterprises India Limited INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE371P01015"/>
          <ticker value="AMBER"/>
          <other otherDesc="SEDOL" value="BDDX4S2"/>
        </identifiers>
        <balance>19630.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>1720554.76000000</valUSD>
        <pctVal>1.069871140417</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>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd. INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
          <ticker value="HDFCB"/>
          <other otherDesc="SEDOL" value="BK1N461"/>
        </identifiers>
        <balance>703448.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>6864274.60000000</valUSD>
        <pctVal>4.268326394006</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>Colgate-Palmolive (India) Ltd.</name>
        <lei>335800YWKI47DGFKWB26</lei>
        <title>Colgate-Palmolive (India) Ltd. INR1.00</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE259A01022"/>
          <ticker value="CLGT"/>
          <other otherDesc="SEDOL" value="6139696"/>
        </identifiers>
        <balance>60025.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>1487491.10000000</valUSD>
        <pctVal>0.924948067051</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>Laxmi Dental Ltd.</name>
        <lei>254900M8P2C921MMM832</lei>
        <title>Laxmi Dental Ltd. INR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE0WO601020"/>
          <ticker value="LAXMIDE"/>
          <other otherDesc="SEDOL" value="BRC83J0"/>
        </identifiers>
        <balance>56978.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>120605.69000000</valUSD>
        <pctVal>0.074994734315</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>Angel One Limited</name>
        <lei>3358003DRK7SFA3Q3214</lei>
        <title>Angel One Limited INR1(POST SUBD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE732I01021"/>
          <ticker value="ANGELONE"/>
          <other otherDesc="SEDOL" value="BRBTVP6"/>
        </identifiers>
        <balance>220260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>564593.86000000</valUSD>
        <pctVal>0.351074369101</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>Rubicon Research Ltd.</name>
        <lei>335800GME6PCQIKP8T34</lei>
        <title>Rubicon Research Ltd. INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE506V01022"/>
          <ticker value="RUBICON"/>
          <other otherDesc="SEDOL" value="BVBS1Q2"/>
        </identifiers>
        <balance>50833.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>436020.74000000</valUSD>
        <pctVal>0.271125347007</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) Pvt Ltd</name>
        <lei>335800D7XO7AVXXJ8575</lei>
        <title>Dixon Technologies (India) Pvt Ltd INR2.00 (POST SUBD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE935N01020"/>
          <ticker value="DIXON"/>
          <other otherDesc="SEDOL" value="BNC5412"/>
        </identifiers>
        <balance>11003.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>1273294.78000000</valUSD>
        <pctVal>0.791757036763</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>Cello World Ltd.</name>
        <lei>335800NY1TDFJ53VY681</lei>
        <title>Cello World Ltd. INR5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE0LMW01024"/>
          <ticker value="CELLO"/>
          <other otherDesc="SEDOL" value="BRXCD35"/>
        </identifiers>
        <balance>102076.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>466867.16000000</valUSD>
        <pctVal>0.290306192226</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>Spandana Sphoorty Financial Ltd.</name>
        <lei>335800439Z6PMBKI2680</lei>
        <title>Spandana Sphoorty Financial Ltd. INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE572J01011"/>
          <ticker value="SPANDAN"/>
          <other otherDesc="SEDOL" value="BK1KFS1"/>
        </identifiers>
        <balance>92675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>257826.00000000</valUSD>
        <pctVal>0.160320730884</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>TVS Motor Company Limited</name>
        <lei>335800URVL13UQEWM152</lei>
        <title>TVS Motor Company Limited INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE494B01023"/>
          <ticker value="TVSL"/>
          <other otherDesc="SEDOL" value="6726548"/>
        </identifiers>
        <balance>60043.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>2553945.64000000</valUSD>
        <pctVal>1.588088213147</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>Arvind Fashions Limited</name>
        <lei>335800YB14A1HMDAPJ19</lei>
        <title>Arvind Fashions Limited INR4</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE955V01021"/>
          <ticker value="ARVINDF"/>
          <other otherDesc="SEDOL" value="BDFSBX9"/>
        </identifiers>
        <balance>85636.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="90.97625000"/>
        <valUSD>414360.53000000</valUSD>
        <pctVal>0.257656648356</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Allison Frachiolla</ncom:signature>
      <ncom:signerName>Allison Frachiolla</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
