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      <invstOrSec>
        <name>Hyundai Motor Co.</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>HYUNDAI MOTOR-2</title>
        <cusip>Y38472224</cusip>
        <identifiers>
          <isin value="KR7005382007"/>
        </identifiers>
        <balance>6683.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>672695.43000000</valUSD>
        <pctVal>0.672129393744</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>Ooredoo</name>
        <lei>549300D3EIDZJB62TR20</lei>
        <title>OOREDOO QPSC</title>
        <cusip>M8180V102</cusip>
        <identifiers>
          <isin value="QA0007227737"/>
        </identifiers>
        <balance>73421.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.64075000"/>
        <valUSD>237964.10000000</valUSD>
        <pctVal>0.237763866280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSPC Pharmaceutical Group Ltd.</name>
        <lei>529900M3XQCW234H8O91</lei>
        <title>CSPC PHARMACEUTICAL GROUP</title>
        <cusip>Y1837N109</cusip>
        <identifiers>
          <isin value="HK1093012172"/>
        </identifiers>
        <balance>1278000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>811367.04000000</valUSD>
        <pctVal>0.810684319201</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>Compeq Manufacturing</name>
        <lei>N/A</lei>
        <title>COMPEQ MFG</title>
        <cusip>Y1690B101</cusip>
        <identifiers>
          <isin value="TW0002313004"/>
        </identifiers>
        <balance>366000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>622557.48000000</valUSD>
        <pctVal>0.622033632075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dongjin Semichem Co Ltd.</name>
        <lei>N/A</lei>
        <title>DONGJIN SEMICHEM</title>
        <cusip>Y2121T109</cusip>
        <identifiers>
          <isin value="KR7005290002"/>
        </identifiers>
        <balance>14367.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>284256.57000000</valUSD>
        <pctVal>0.284017383709</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>Hong Kong Exchanges &amp; Clearing Ltd.</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>HKEX</title>
        <cusip>Y3506N139</cusip>
        <identifiers>
          <isin value="HK0388045442"/>
        </identifiers>
        <balance>20400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>903976.18000000</valUSD>
        <pctVal>0.903215533696</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>Gold Fields Ltd</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd</title>
        <cusip>S31755101</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
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        <balance>5278.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.32980000"/>
        <valUSD>116739.23000000</valUSD>
        <pctVal>0.116641000349</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>EO Technics Co</name>
        <lei>N/A</lei>
        <title>EO TECHNICS CO</title>
        <cusip>Y2297V102</cusip>
        <identifiers>
          <isin value="KR7039030002"/>
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        <balance>2573.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>231573.67000000</valUSD>
        <pctVal>0.231378813476</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>Remgro Ltd</name>
        <lei>N/A</lei>
        <title>REMGRO LTD</title>
        <cusip>S6873K106</cusip>
        <identifiers>
          <isin value="ZAE000026480"/>
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        <balance>60764.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.32980000"/>
        <valUSD>523113.14000000</valUSD>
        <pctVal>0.522672969025</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>Ultrajaya Milk Industry &amp; Trading Co Tbk PT</name>
        <lei>N/A</lei>
        <title>ULTRAJAYA MILK</title>
        <cusip>Y7145S169</cusip>
        <identifiers>
          <isin value="ID1000063100"/>
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        <balance>675800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16559.00000000"/>
        <valUSD>60401.23000000</valUSD>
        <pctVal>0.060350405682</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>Elite Material Co Ltd.</name>
        <lei>N/A</lei>
        <title>ELITE MATERIAL</title>
        <cusip>Y2290G102</cusip>
        <identifiers>
          <isin value="TW0002383007"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>655146.51000000</valUSD>
        <pctVal>0.654595240196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TravelSky Technology Ltd.</name>
        <lei>5299007TAWP4DZ6QFG73</lei>
        <title>TravelSky Technology Ltd</title>
        <cusip>Y8972V101</cusip>
        <identifiers>
          <isin value="CNE1000004J3"/>
        </identifiers>
        <balance>588000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>873563.99000000</valUSD>
        <pctVal>0.872828933883</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>Kingdee International Software Group Co Ltd.</name>
        <lei>529900SWRZN94C5SZO63</lei>
        <title>KINGDEE INTL SFT</title>
        <cusip>G52568147</cusip>
        <identifiers>
          <isin value="KYG525681477"/>
        </identifiers>
        <balance>408000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>690042.14000000</valUSD>
        <pctVal>0.689461507440</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>Giant Manufacturing Co Ltd.</name>
        <lei>549300M7TYVF50B2GY12</lei>
        <title>GIANT MANUFACTUR</title>
        <cusip>Y2708Z106</cusip>
        <identifiers>
          <isin value="TW0009921007"/>
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        <balance>115000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>485574.76000000</valUSD>
        <pctVal>0.485166175510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MediaTek Inc.</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MEDIATEK</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>334184.82000000</valUSD>
        <pctVal>0.333903621829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Central Cooling Company PJSC (Tabreed)</name>
        <lei>254900E7M1Y3DXGQ1283</lei>
        <title>TABREED</title>
        <cusip>M72005107</cusip>
        <identifiers>
          <isin value="AEN000501017"/>
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        <balance>299606.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67310000"/>
        <valUSD>220232.56000000</valUSD>
        <pctVal>0.220047246397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heiniken Malaysia Berhad</name>
        <lei>N/A</lei>
        <title>HEINEKEN MALAYSI</title>
        <cusip>Y29432104</cusip>
        <identifiers>
          <isin value="MYL3255OO006"/>
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        <balance>13800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.43730000"/>
        <valUSD>83223.58000000</valUSD>
        <pctVal>0.083153551928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Db Hitek Co Ltd</name>
        <lei>N/A</lei>
        <title>DB HITEK CO LTD</title>
        <cusip>Y3R69A103</cusip>
        <identifiers>
          <isin value="KR7000990002"/>
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        <balance>12839.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>372540.23000000</valUSD>
        <pctVal>0.372226757858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK HYNIX INC</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
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        <balance>6194.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>801729.30000000</valUSD>
        <pctVal>0.801054688829</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>Largan Precision Co Ltd.</name>
        <lei>N/A</lei>
        <title>LARGAN PRECISION</title>
        <cusip>Y52144105</cusip>
        <identifiers>
          <isin value="TW0003008009"/>
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        <balance>10000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>707738.54000000</valUSD>
        <pctVal>0.707143016891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mayora Indah</name>
        <lei>529900RM3VNQRMDJ7M38</lei>
        <title>MAYORA INDAH</title>
        <cusip>Y7129D105</cusip>
        <identifiers>
          <isin value="ID1000060007"/>
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        <balance>1348800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16559.00000000"/>
        <valUSD>165352.01000000</valUSD>
        <pctVal>0.165212875365</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>Abu Dhabi Commercial Bank PJSC</name>
        <lei>213800RWVKKIRX1AUH58</lei>
        <title>ABU DHABI COMMERCIAL BANK</title>
        <cusip>M0152Q104</cusip>
        <identifiers>
          <isin value="AEA000201011"/>
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        <balance>119972.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67310000"/>
        <valUSD>356019.38000000</valUSD>
        <pctVal>0.355719809246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NAVER Corp.</name>
        <lei>988400ULUQYDB2HQYJ61</lei>
        <title>NAVER CORP</title>
        <cusip>Y62579100</cusip>
        <identifiers>
          <isin value="KR7035420009"/>
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        <balance>1902.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>246575.40000000</valUSD>
        <pctVal>0.246367920344</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>China Oilfield Services Ltd.</name>
        <lei>529900J4X53VL8QQW675</lei>
        <title>China Oilfield Services L</title>
        <cusip>Y15002101</cusip>
        <identifiers>
          <isin value="CNE1000002P4"/>
        </identifiers>
        <balance>846000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>696928.07000000</valUSD>
        <pctVal>0.696341643308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Makalot Industrial Co Ltd.</name>
        <lei>N/A</lei>
        <title>MAKALOT</title>
        <cusip>Y5419P101</cusip>
        <identifiers>
          <isin value="TW0001477008"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>690833.96000000</valUSD>
        <pctVal>0.690252661167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merida Industry Co Ltd.</name>
        <lei>N/A</lei>
        <title>MERIDA INDUSTRY</title>
        <cusip>Y6020B101</cusip>
        <identifiers>
          <isin value="TW0009914002"/>
        </identifiers>
        <balance>96000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>434199.85000000</valUSD>
        <pctVal>0.433834494675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Firstrand Ltd</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>FirstRand Ltd</title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <isin value="ZAE000066304"/>
        </identifiers>
        <balance>66376.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.32980000"/>
        <valUSD>260147.51000000</valUSD>
        <pctVal>0.259928610159</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>Nong Shim Co Ltd</name>
        <lei>N/A</lei>
        <title>NongShim Co Ltd</title>
        <cusip>Y63472107</cusip>
        <identifiers>
          <isin value="KR7004370003"/>
        </identifiers>
        <balance>1198.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>328913.13000000</valUSD>
        <pctVal>0.328636367667</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</title>
        <cusip>Y7123S108</cusip>
        <identifiers>
          <isin value="ID1000095003"/>
        </identifiers>
        <balance>432000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16559.00000000"/>
        <valUSD>135660.37000000</valUSD>
        <pctVal>0.135546219249</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>Northern Institutional Funds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NT-INST TRSR-PRM</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
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        <balance>2366591.91000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2366591.91000000</valUSD>
        <pctVal>2.364600552895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Rakyat Indonesia (Persero) Tbk</name>
        <lei>254900HB6S4B12GBNP64</lei>
        <title>BANK RAKYAT INDO</title>
        <cusip>Y0697U112</cusip>
        <identifiers>
          <isin value="ID1000118201"/>
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        <balance>600300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16559.00000000"/>
        <valUSD>146821.37000000</valUSD>
        <pctVal>0.146697827881</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>Phison Electronics Corp.</name>
        <lei>N/A</lei>
        <title>PHISON ELEC</title>
        <cusip>Y7136T101</cusip>
        <identifiers>
          <isin value="TW0008299009"/>
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        <balance>45000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>711344.85000000</valUSD>
        <pctVal>0.710746292380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</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</title>
        <cusip>Y2266Z100</cusip>
        <identifiers>
          <isin value="TW0008069006"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>716754.32000000</valUSD>
        <pctVal>0.716151210608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</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 ELECTRON</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
        </identifiers>
        <balance>37547.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>1473021.02000000</valUSD>
        <pctVal>1.471781553718</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>Samyang Foods Co., Ltd</name>
        <lei>N/A</lei>
        <title>SAMYANG FOODS CO</title>
        <cusip>Y7498J105</cusip>
        <identifiers>
          <isin value="KR7003230000"/>
        </identifiers>
        <balance>1273.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>743075.12000000</valUSD>
        <pctVal>0.742449863100</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>Samsung Electronics Co Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Lt</title>
        <cusip>Y74718118</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
        </identifiers>
        <balance>20143.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>645315.38000000</valUSD>
        <pctVal>0.644772382552</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>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TSMC</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
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        <balance>289000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>7903531.18000000</valUSD>
        <pctVal>7.896880792622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Bank of Kuwait S.A.K.P.</name>
        <lei>549300NB7FE83IH6BW96</lei>
        <title>NATL BANK KUWAIT</title>
        <cusip>M7103V108</cusip>
        <identifiers>
          <isin value="KW0EQ0100010"/>
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        <balance>47966.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30863000"/>
        <valUSD>162875.84000000</valUSD>
        <pctVal>0.162738788926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Robina Corp.</name>
        <lei>N/A</lei>
        <title>Universal Robina Corp</title>
        <cusip>Y9297P100</cusip>
        <identifiers>
          <isin value="PHY9297P1004"/>
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        <balance>109320.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="57.27000000"/>
        <valUSD>133619.70000000</valUSD>
        <pctVal>0.133507266361</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>Pampa Energia SA</name>
        <lei>254900QNIK0CVURGML24</lei>
        <title>PAMPA-SPON ADR</title>
        <cusip>697660207</cusip>
        <identifiers>
          <isin value="US6976602077"/>
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        <balance>3300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254760.00000000</valUSD>
        <pctVal>0.254545633452</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>PDD Holdings Inc.</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD HOLDINGS INC</title>
        <cusip>722304102</cusip>
        <identifiers>
          <isin value="US7223041028"/>
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        <balance>6100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>721935.00000000</valUSD>
        <pctVal>0.721327531350</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>OTP Bank PLC</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK PLC</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
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        <balance>1400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="372.45000000"/>
        <valUSD>93972.35000000</valUSD>
        <pctVal>0.093893277429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transportadora de Gas del Sur S.A.</name>
        <lei>5299002TRC7IFQYSW596</lei>
        <title>TRANSPORT GA-ADR</title>
        <cusip>893870204</cusip>
        <identifiers>
          <isin value="US8938702045"/>
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        <balance>7600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>201096.00000000</valUSD>
        <pctVal>0.200926788761</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>Bank Central Asia Tbk PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>BANK CENTRAL ASI</title>
        <cusip>Y7123P138</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
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        <balance>562600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16559.00000000"/>
        <valUSD>288791.59000000</valUSD>
        <pctVal>0.288548587739</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>Shin Zu Shing Co Ltd.</name>
        <lei>N/A</lei>
        <title>SHIN ZU SHING</title>
        <cusip>Y7755T127</cusip>
        <identifiers>
          <isin value="TW0003376000"/>
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        <balance>69000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>466566.49000000</valUSD>
        <pctVal>0.466173899925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Suzano S A</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>SUZANO SA</title>
        <cusip>P8T20U187</cusip>
        <identifiers>
          <isin value="BRSUZBACNOR0"/>
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        <balance>49000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>456211.34000000</valUSD>
        <pctVal>0.455827463215</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>Standard Bank Group Ltd.</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>STANDARD BANK GR</title>
        <cusip>S80605140</cusip>
        <identifiers>
          <isin value="ZAE000109815"/>
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        <balance>6239.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.32980000"/>
        <valUSD>81489.10000000</valUSD>
        <pctVal>0.081420531398</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>Tofas Turk Otomobil Fabrikasi As</name>
        <lei>789000YSTNETKLRWHT29</lei>
        <title>TOFAS</title>
        <cusip>M87892101</cusip>
        <identifiers>
          <isin value="TRATOASO91H3"/>
        </identifiers>
        <balance>42537.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="37.94890000"/>
        <valUSD>200977.74000000</valUSD>
        <pctVal>0.200808628270</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Powszechna Kasa Oszczednosci Bank Polski SA</name>
        <lei>P4GTT6GF1W40CVIMFR43</lei>
        <title>PKOBP</title>
        <cusip>X6919X108</cusip>
        <identifiers>
          <isin value="PLPKO0000016"/>
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        <balance>10190.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.87220000"/>
        <valUSD>197894.74000000</valUSD>
        <pctVal>0.197728222445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Raiffeisen Bank International AG</name>
        <lei>9ZHRYM6F437SQJ6OUG95</lei>
        <title>RAIFFEISEN BANK</title>
        <cusip>A7111G104</cusip>
        <identifiers>
          <isin value="AT0000606306"/>
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        <balance>9062.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>232555.06000000</valUSD>
        <pctVal>0.232359377690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Localiza Rent a Car SA</name>
        <lei>N/A</lei>
        <title>LOCALIZA</title>
        <cusip>P6330Z111</cusip>
        <identifiers>
          <isin value="BRRENTACNOR4"/>
        </identifiers>
        <balance>94900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>559105.93000000</valUSD>
        <pctVal>0.558635473069</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>CP All Public Co Ltd.</name>
        <lei>894500LSBZLM09TY1A91</lei>
        <title>CP ALL PCL-F</title>
        <cusip>Y1772K169</cusip>
        <identifiers>
          <isin value="TH0737010Y16"/>
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        <balance>106100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.96600000"/>
        <valUSD>154623.74000000</valUSD>
        <pctVal>0.154493632615</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Construction Bank Corp.</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CCB-H</title>
        <cusip>Y1397N101</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
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        <balance>548000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>484538.80000000</valUSD>
        <pctVal>0.484131087213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</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>The Company for Cooperative Insurance</name>
        <lei>549300J2GTNKWJRJ8581</lei>
        <title>CO FOR COOPERATI</title>
        <cusip>M7225K105</cusip>
        <identifiers>
          <isin value="SA000A0DPSH3"/>
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        <balance>15342.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>583374.01000000</valUSD>
        <pctVal>0.582883132813</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>Arriyadh Dev Co</name>
        <lei>N/A</lei>
        <title>ARRIYADH DEVELOP</title>
        <cusip>M1R03C105</cusip>
        <identifiers>
          <isin value="SA0007879683"/>
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        <balance>39398.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>349835.58000000</valUSD>
        <pctVal>0.349541212574</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>Equatorial SA</name>
        <lei>N/A</lei>
        <title>EQUATORIAL ENERGIA SA - O</title>
        <cusip>P3773H104</cusip>
        <identifiers>
          <isin value="BREQTLACNOR0"/>
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        <balance>113800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>636155.26000000</valUSD>
        <pctVal>0.635619970290</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>
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      </invstOrSec>
      <invstOrSec>
        <name>AL Rajhi Banking &amp; Investment Corp</name>
        <lei>558600BQZS4Y1DTU8589</lei>
        <title>AL RAJHI BANK</title>
        <cusip>M0R60D105</cusip>
        <identifiers>
          <isin value="SA0007879113"/>
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        <balance>28560.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>776790.57000000</valUSD>
        <pctVal>0.776136943401</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>Arab National Bank</name>
        <lei>213800CYWGYQVT1ZBQ57</lei>
        <title>ARAB NATL BANK</title>
        <cusip>M1454X102</cusip>
        <identifiers>
          <isin value="SA0007879105"/>
        </identifiers>
        <balance>89405.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>550705.43000000</valUSD>
        <pctVal>0.550242041628</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>Saudi Telecom Company</name>
        <lei>21380028ATJ79OTA9W17</lei>
        <title>SAUDI TELECOM CO</title>
        <cusip>M8T596104</cusip>
        <identifiers>
          <isin value="SA0007879543"/>
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        <balance>24840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>300382.38000000</valUSD>
        <pctVal>0.300129624726</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>Greentown China Holdings Ltd.</name>
        <lei>529900BLBC6YDNWS8530</lei>
        <title>GREENTOWN CHINA HOLDINGS</title>
        <cusip>G4100M105</cusip>
        <identifiers>
          <isin value="KYG4100M1050"/>
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        <balance>1085000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>1533846.80000000</valUSD>
        <pctVal>1.532556152165</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>
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      </invstOrSec>
      <invstOrSec>
        <name>China Merchants Bank Co Ltd.</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CM BANK-H</title>
        <cusip>Y14896115</cusip>
        <identifiers>
          <isin value="CNE1000002M1"/>
        </identifiers>
        <balance>263500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>1554364.49000000</valUSD>
        <pctVal>1.553056577656</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>Lotes Co Ltd.</name>
        <lei>N/A</lei>
        <title>LOTES</title>
        <cusip>Y53302116</cusip>
        <identifiers>
          <isin value="TW0003533006"/>
        </identifiers>
        <balance>17000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>702479.34000000</valUSD>
        <pctVal>0.701888242219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>China Coal Energy Co Ltd.</name>
        <lei>529900KRC89344UI3Z10</lei>
        <title>China Coal Energy Co Ltd</title>
        <cusip>Y1434L100</cusip>
        <identifiers>
          <isin value="CNE100000528"/>
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        <balance>635000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>647152.26000000</valUSD>
        <pctVal>0.646607716918</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>Zhuzhou CRRC Times Electric Co Ltd.</name>
        <lei>529900PLNH7NQLN00B53</lei>
        <title>CRRC TIMES ELEC</title>
        <cusip>Y9892N104</cusip>
        <identifiers>
          <isin value="CNE1000004X4"/>
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        <balance>189600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>784609.87000000</valUSD>
        <pctVal>0.783949663889</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 International Transportation Co</name>
        <lei>N/A</lei>
        <title>UNITED INTERNATI</title>
        <cusip>M95429102</cusip>
        <identifiers>
          <isin value="SA000A0MWH44"/>
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        <balance>16816.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>372622.69000000</valUSD>
        <pctVal>0.372309148473</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Jazeera Airways</name>
        <lei>N/A</lei>
        <title>JAZEERA AIRWAYS</title>
        <cusip>M6S45Y105</cusip>
        <identifiers>
          <isin value="KW0EQ0602452"/>
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        <balance>48835.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30863000"/>
        <valUSD>161554.42000000</valUSD>
        <pctVal>0.161418480829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alinma Bank</name>
        <lei>558600HPAUTN6XSVBK93</lei>
        <title>ALINMA BANK</title>
        <cusip>M0R35G100</cusip>
        <identifiers>
          <isin value="SA122050HV19"/>
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        <balance>61425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>502839.18000000</valUSD>
        <pctVal>0.502416068449</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Saudi Arabian Mining Company</name>
        <lei>N/A</lei>
        <title>SAUDI ARABIAN MI</title>
        <cusip>M8236Q107</cusip>
        <identifiers>
          <isin value="SA123GA0ITH7"/>
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        <balance>14334.00000000</balance>
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        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>176967.68000000</valUSD>
        <pctVal>0.176818771417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KB Financial Group Inc.</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINANCIAL GRO</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
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        <balance>13961.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>748599.41000000</valUSD>
        <pctVal>0.747969504714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jentech Precision Industrial Co., Ltd</name>
        <lei>N/A</lei>
        <title>JENTECH</title>
        <cusip>Y4432G115</cusip>
        <identifiers>
          <isin value="TW0003653002"/>
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        <balance>22000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
        <valUSD>645289.26000000</valUSD>
        <pctVal>0.644746284530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Indofood Cbp Sukse</name>
        <lei>254900YKZW9GRKZZN285</lei>
        <title>INDOFOOD CBP SUK</title>
        <cusip>Y71260106</cusip>
        <identifiers>
          <isin value="ID1000116700"/>
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        <balance>361600.00000000</balance>
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        <currencyConditional curCd="IDR" exchangeRt="16559.00000000"/>
        <valUSD>222192.16000000</valUSD>
        <pctVal>0.222005197501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Zoomlion Heavy Industry Science &amp; Technology Co Ltd.</name>
        <lei>529900QZ3EMAU0QKFK85</lei>
        <title>ZOOMLION HEAVY-H</title>
        <cusip>Y9895V103</cusip>
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          <isin value="CNE100000X85"/>
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        <balance>1062200.00000000</balance>
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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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BizLink Holding Inc.</name>
        <lei>213800YAKRFVU5XOX138</lei>
        <title>BIZLINK HOLDING</title>
        <cusip>G11474106</cusip>
        <identifiers>
          <isin value="KYG114741062"/>
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        <balance>49000.00000000</balance>
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        <valUSD>742178.81000000</valUSD>
        <pctVal>0.741554307296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BDO Unibank Inc.</name>
        <lei>3FGIIBS1PEI1FYQBGN97</lei>
        <title>BDO Unibank Inc</title>
        <cusip>Y07775102</cusip>
        <identifiers>
          <isin value="PHY077751022"/>
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        <balance>30080.00000000</balance>
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        <currencyConditional curCd="PHP" exchangeRt="57.27000000"/>
        <valUSD>80517.97000000</valUSD>
        <pctVal>0.080450218550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Youngone Corp.</name>
        <lei>N/A</lei>
        <title>YOUNGONE CORP</title>
        <cusip>Y9857Q100</cusip>
        <identifiers>
          <isin value="KR7111770004"/>
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        <balance>10565.00000000</balance>
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        <valUSD>351375.47000000</valUSD>
        <pctVal>0.351079806841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Powszechny Zaklad Ubezpieczen SA</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>Powszechny Zaklad Ubezpie</title>
        <cusip>X6919T107</cusip>
        <identifiers>
          <isin value="PLPZU0000011"/>
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        <balance>13141.00000000</balance>
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        <currencyConditional curCd="PLN" exchangeRt="3.87220000"/>
        <valUSD>190045.97000000</valUSD>
        <pctVal>0.189886056754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASMedia Technology Inc.</name>
        <lei>529900CQG67FQMMNX678</lei>
        <title>ASMEDIA TECH</title>
        <cusip>Y0397P108</cusip>
        <identifiers>
          <isin value="TW0005269005"/>
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        <balance>12000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="33.27500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHEMICAL WORKS OF GEDEON RICHTER</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>RICHTER GEDEON NYRT</title>
        <cusip>X3124S107</cusip>
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          <isin value="HU0000123096"/>
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        <balance>2861.00000000</balance>
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        <currencyConditional curCd="HUF" exchangeRt="372.45000000"/>
        <valUSD>78812.89000000</valUSD>
        <pctVal>0.078746573281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yantai Jereh Oilfield Services Group Co Ltd.</name>
        <lei>300300QPHWK638H2EU20</lei>
        <title>YANTAI JEREH-A</title>
        <cusip>Y9729Z106</cusip>
        <identifiers>
          <isin value="CNE100000L55"/>
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        <balance>158500.00000000</balance>
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        <pctVal>0.790971510415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Ningbo Co Ltd.</name>
        <lei>300300C1092133000091</lei>
        <title>BANK OF NINGBO-A</title>
        <cusip>Y0698G104</cusip>
        <identifiers>
          <isin value="CNE1000005P7"/>
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        <balance>320600.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="7.25990000"/>
        <valUSD>1140221.22000000</valUSD>
        <pctVal>1.139261786471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BGF Retail Co Ltd.</name>
        <lei>N/A</lei>
        <title>BGF RETAIL CO LT</title>
        <cusip>Y0R8SQ109</cusip>
        <identifiers>
          <isin value="KR7282330000"/>
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        <balance>4192.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>311275.16000000</valUSD>
        <pctVal>0.311013239049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Emaar Development PJSC</name>
        <lei>N/A</lei>
        <title>EMAAR DEVELOPMEN</title>
        <cusip>M4100K102</cusip>
        <identifiers>
          <isin value="AEE001901017"/>
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        <balance>66305.00000000</balance>
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        <currencyConditional curCd="AED" exchangeRt="3.67310000"/>
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        <pctVal>0.220944920417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Smartfit Escola De Ginastica E Danca S.A.</name>
        <lei>N/A</lei>
        <title>SMARTFIT- ORD</title>
        <cusip>P8T12R101</cusip>
        <identifiers>
          <isin value="BRSMFTACNOR1"/>
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        <balance>106900.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Absa Group Ltd</name>
        <lei>2138006IPPRD4N6XLT30</lei>
        <title>ABSA GROUP LTD</title>
        <cusip>S0270C106</cusip>
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          <isin value="ZAE000255915"/>
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        <balance>47668.00000000</balance>
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        <pctVal>0.459888283380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Chengdu Co Ltd.</name>
        <lei>30030030JPOKGL9K5418</lei>
        <title>BANK OF CHENGD-A</title>
        <cusip>Y0R95C103</cusip>
        <identifiers>
          <isin value="CNE100002SN6"/>
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        <balance>330600.00000000</balance>
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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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Xiaomi Corp.</name>
        <lei>2549001ACVFAZRNMKL32</lei>
        <title>XIAOMI CORP-CLASS B</title>
        <cusip>G9830T106</cusip>
        <identifiers>
          <isin value="KYG9830T1067"/>
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        <balance>60600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meituan LLC</name>
        <lei>21380033K525E5JLIA77</lei>
        <title>MEITUAN-W</title>
        <cusip>G59669104</cusip>
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          <isin value="KYG596691041"/>
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        <balance>42600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SISB Public Company Limited</name>
        <lei>N/A</lei>
        <title>SISB PCL-F</title>
        <cusip>Y806KG121</cusip>
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          <isin value="TH8859010010"/>
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        <balance>202000.00000000</balance>
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        <currencyConditional curCd="THB" exchangeRt="33.96600000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Contemporary Amperex Technology Co Ltd.</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>CONTEMPORARY A-A</title>
        <cusip>Y1R48E105</cusip>
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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>
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      <invstOrSec>
        <name>Poly Property Services Co Ltd.</name>
        <lei>N/A</lei>
        <title>POLY PROPERTY-H</title>
        <cusip>Y6S9JU104</cusip>
        <identifiers>
          <isin value="CNE100003PV3"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dubai Electricity &amp; Water Authority PJSC</name>
        <lei>213800K4OJF8DKATLT41</lei>
        <title>DUBAI ELECTRICIT</title>
        <cusip>M2R81J103</cusip>
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          <isin value="AED001801011"/>
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        <balance>318862.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>BABA-SW</title>
        <cusip>G01719114</cusip>
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          <isin value="KYG017191142"/>
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        <balance>132900.00000000</balance>
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        <valUSD>2186223.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cosmax Inc.</name>
        <lei>988400ZU10J4AP3M4Y14</lei>
        <title>COSMAX INC</title>
        <cusip>Y1R696106</cusip>
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          <isin value="KR7192820009"/>
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        <balance>3058.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wuxi Biologics (Cayman) Inc.</name>
        <lei>5493001TD2TH6VDTJU11</lei>
        <title>WUXI BIOLOGICS C</title>
        <cusip>G97008117</cusip>
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          <isin value="KYG970081173"/>
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        <balance>219000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>761326.50000000</valUSD>
        <pctVal>0.760685885566</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>
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      <invstOrSec>
        <name>Akeso Inc.</name>
        <lei>254900ECWYGR3QW5GF30</lei>
        <title>AKESO INC</title>
        <cusip>G0146B103</cusip>
        <identifiers>
          <isin value="KYG0146B1032"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>783437.80000000</valUSD>
        <pctVal>0.782778580122</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>Century Pacific Food Inc</name>
        <lei>254900NFV7QTJB821G52</lei>
        <title>CENTURY PACIFIC</title>
        <cusip>Y1249R102</cusip>
        <identifiers>
          <isin value="PHY1249R1024"/>
        </identifiers>
        <balance>326600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="57.27000000"/>
        <valUSD>208437.75000000</valUSD>
        <pctVal>0.208262361082</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>Ichitan Group Public Company Limited</name>
        <lei>N/A</lei>
        <title>ICHITAN GROUP-F</title>
        <cusip>Y41247118</cusip>
        <identifiers>
          <isin value="TH5048010018"/>
        </identifiers>
        <balance>174900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.96600000"/>
        <valUSD>58186.72000000</valUSD>
        <pctVal>0.058137759071</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bangkok Dusit Medical Services Public Co Ltd.</name>
        <lei>N/A</lei>
        <title>BANGKOK DUSIT-F</title>
        <cusip>Y06071255</cusip>
        <identifiers>
          <isin value="TH0264A10Z12"/>
        </identifiers>
        <balance>105200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.96600000"/>
        <valUSD>67519.28000000</valUSD>
        <pctVal>0.067462466234</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HD Hyundai Heavy Industries Co Ltd.</name>
        <lei>988400CAR8W9URQLGF30</lei>
        <title>HD HYUNDAI HEAVY</title>
        <cusip>Y3838M122</cusip>
        <identifiers>
          <isin value="KR7329180004"/>
        </identifiers>
        <balance>3453.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>653892.93000000</valUSD>
        <pctVal>0.653342715015</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>SK Square Co Ltd</name>
        <lei>N/A</lei>
        <title>SK SQUARE CO LTD</title>
        <cusip>Y8T6X4107</cusip>
        <identifiers>
          <isin value="KR7402340004"/>
        </identifiers>
        <balance>11345.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>719212.52000000</valUSD>
        <pctVal>0.718607342167</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>Abu Dhabi Ports Company PJSC</name>
        <lei>213800F5LEV1NQJ68T87</lei>
        <title>ABU DHABI PORTS</title>
        <cusip>M0153A108</cusip>
        <identifiers>
          <isin value="AEA004601018"/>
        </identifiers>
        <balance>226345.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67310000"/>
        <valUSD>267440.94000000</valUSD>
        <pctVal>0.267215903138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</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</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
        </identifiers>
        <balance>52800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>3372483.80000000</valUSD>
        <pctVal>3.369646040119</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>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>AMERICA MOVIL SA</title>
        <cusip>P0280A192</cusip>
        <identifiers>
          <isin value="MX01AM050019"/>
        </identifiers>
        <balance>104500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.46730000"/>
        <valUSD>74441.18000000</valUSD>
        <pctVal>0.074378541835</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>Pepco Group NV</name>
        <lei>213800OVMJPFP79OB449</lei>
        <title>PEPCO GROUP NV</title>
        <cusip>G6999C106</cusip>
        <identifiers>
          <isin value="NL0015000AU7"/>
        </identifiers>
        <balance>61507.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.87220000"/>
        <valUSD>236278.25000000</valUSD>
        <pctVal>0.236079434830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sendas Distribuidora S.A.</name>
        <lei>N/A</lei>
        <title>SENDAS DISTRIBUI</title>
        <cusip>P8T81L100</cusip>
        <identifiers>
          <isin value="BRASAIACNOR0"/>
        </identifiers>
        <balance>249900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>330192.94000000</valUSD>
        <pctVal>0.329915100777</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>Naspers Limited</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>NASPERS LTD-N</title>
        <cusip>S53435111</cusip>
        <identifiers>
          <isin value="ZAE000325783"/>
        </identifiers>
        <balance>2263.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.32980000"/>
        <valUSD>557792.99000000</valUSD>
        <pctVal>0.557323637836</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>Qingdao Port International Co Limited</name>
        <lei>529900URO8Y3C7A1JM55</lei>
        <title>QINGDAO PORT INTERNATIONA</title>
        <cusip>Y7S64R101</cusip>
        <identifiers>
          <isin value="CNE100001SG2"/>
        </identifiers>
        <balance>929000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>768884.57000000</valUSD>
        <pctVal>0.768237595866</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>New Oriental Education &amp;  Technology Group Inc.</name>
        <lei>529900NHZVBZQZ8EKN29</lei>
        <title>NEW ORIENTAL EDU</title>
        <cusip>G6470A116</cusip>
        <identifiers>
          <isin value="KYG6470A1168"/>
        </identifiers>
        <balance>161100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>756732.67000000</valUSD>
        <pctVal>0.756095921022</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>Piraeus Financial Holdings S.A</name>
        <lei>M6AD1Y1KW32H8THQ6F76</lei>
        <title>PIRAEUS FINANCIA</title>
        <cusip>X06397248</cusip>
        <identifiers>
          <isin value="GRS014003032"/>
        </identifiers>
        <balance>35940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>196283.80000000</valUSD>
        <pctVal>0.196118637963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sappe Public Company Limited</name>
        <lei>N/A</lei>
        <title>SAPPE PCL-F</title>
        <cusip>Y75279110</cusip>
        <identifiers>
          <isin value="TH5614010012"/>
        </identifiers>
        <balance>39800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.96600000"/>
        <valUSD>40718.66000000</valUSD>
        <pctVal>0.040684397484</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China State Construction Engineering Corp Ltd.</name>
        <lei>300300CWW8WOEV3BR645</lei>
        <title>CHINA STATE -A</title>
        <cusip>Y1R16Z106</cusip>
        <identifiers>
          <isin value="CNE100000F46"/>
        </identifiers>
        <balance>953880.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.25990000"/>
        <valUSD>691112.66000000</valUSD>
        <pctVal>0.690531126656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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 - A</title>
        <cusip>Y74184105</cusip>
        <identifiers>
          <isin value="CNE1000015F7"/>
        </identifiers>
        <balance>389200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.25990000"/>
        <valUSD>773585.86000000</valUSD>
        <pctVal>0.772934929988</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>Mao Geping Cosmetics Co Ltd.</name>
        <lei>N/A</lei>
        <title>MAO GEPING COSME</title>
        <cusip>Y581B1107</cusip>
        <identifiers>
          <isin value="CNE100006PM5"/>
        </identifiers>
        <balance>62900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>801498.89000000</valUSD>
        <pctVal>0.800824472707</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>Adnoc Gas</name>
        <lei>254900O5NS03BDOOM362</lei>
        <title>ADNOC GAS PLC</title>
        <cusip>M0R823101</cusip>
        <identifiers>
          <isin value="AEE01195A234"/>
        </identifiers>
        <balance>374672.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67310000"/>
        <valUSD>326413.76000000</valUSD>
        <pctVal>0.326139100749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Almoosa Health Co.</name>
        <lei>N/A</lei>
        <title>ALMOOSA HEALTH C</title>
        <cusip>M0853Q106</cusip>
        <identifiers>
          <isin value="SA1661VHUP11"/>
        </identifiers>
        <balance>10359.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>414890.35000000</valUSD>
        <pctVal>0.414541242558</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>Power and Water Utility Company</name>
        <lei>5586004JL8DPCMAXNE10</lei>
        <title>POWER &amp; WATER UT</title>
        <cusip>M7S61K102</cusip>
        <identifiers>
          <isin value="SA15L0N10HH3"/>
        </identifiers>
        <balance>43280.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>529718.95000000</valUSD>
        <pctVal>0.529273220598</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>Anglogold Ashanti PLC</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>ANGLOGOLD ASHANT</title>
        <cusip>G0378L100</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
        </identifiers>
        <balance>16530.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.32980000"/>
        <valUSD>619381.26000000</valUSD>
        <pctVal>0.618860084689</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>AZZAS 2154 S.A.</name>
        <lei>N/A</lei>
        <title>AZZAS 2154 SA</title>
        <cusip>P0R0NH101</cusip>
        <identifiers>
          <isin value="BRAZZAACNOR9"/>
        </identifiers>
        <balance>63000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>269377.03000000</valUSD>
        <pctVal>0.269150364025</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>Saudi National Bank (the)</name>
        <lei>5586006ZEFQ542K7CY16</lei>
        <title>SAUDI NATIONAL B</title>
        <cusip>M7S2CL107</cusip>
        <identifiers>
          <isin value="SA13L050IE10"/>
        </identifiers>
        <balance>104793.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>1001767.65000000</valUSD>
        <pctVal>1.000924717545</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>CS Wind Corp</name>
        <lei>N/A</lei>
        <title>CS WIND</title>
        <cusip>Y1R23X102</cusip>
        <identifiers>
          <isin value="KR7112610001"/>
        </identifiers>
        <balance>9776.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>224940.03000000</valUSD>
        <pctVal>0.224750755319</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>Fushun Special Ste</name>
        <lei>N/A</lei>
        <title>FUSHUN SPECIAL-A</title>
        <cusip>Y2676P106</cusip>
        <identifiers>
          <isin value="CNE0000016F7"/>
        </identifiers>
        <balance>655300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.25990000"/>
        <valUSD>524427.75000000</valUSD>
        <pctVal>0.523986472853</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>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>WALMART DE MEXIC</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
        </identifiers>
        <balance>99000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.46730000"/>
        <valUSD>273628.18000000</valUSD>
        <pctVal>0.273397936915</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>Samsung Biologics Co Ltd</name>
        <lei>N/A</lei>
        <title>SAMSUNG BIOLOGICS CO LTD</title>
        <cusip>Y7T7DY103</cusip>
        <identifiers>
          <isin value="KR7207940008"/>
        </identifiers>
        <balance>772.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>531326.06000000</valUSD>
        <pctVal>0.530878978304</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>Plaza SA</name>
        <lei>N/A</lei>
        <title>PLAZA SA</title>
        <cusip>P7898L106</cusip>
        <identifiers>
          <isin value="CL0002456714"/>
        </identifiers>
        <balance>77462.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="950.50000000"/>
        <valUSD>160131.60000000</valUSD>
        <pctVal>0.159996858054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anheuser-Busch Inbev SA/NV</name>
        <lei>5493008H3828EMEXB082</lei>
        <title>ANHEUSER-BUSCH I</title>
        <cusip>B639CJ108</cusip>
        <identifiers>
          <isin value="BE0974293251"/>
        </identifiers>
        <balance>10074.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.32980000"/>
        <valUSD>621374.18000000</valUSD>
        <pctVal>0.620851327757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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>P7S19Q109</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
        </identifiers>
        <balance>73700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>515958.12000000</valUSD>
        <pctVal>0.515523969581</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>Lig Nex1 Co Ltd</name>
        <lei>988400VTP0QVY3OIY652</lei>
        <title>LIG NEX1 CO LTD</title>
        <cusip>Y5277W107</cusip>
        <identifiers>
          <isin value="KR7079550000"/>
        </identifiers>
        <balance>2496.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.31000000"/>
        <valUSD>420147.83000000</valUSD>
        <pctVal>0.419794298678</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>Alpha Services &amp; Holdings SA</name>
        <lei>5299009N55YRQC69CN08</lei>
        <title>ALPHA SERVICES A</title>
        <cusip>X0084L106</cusip>
        <identifiers>
          <isin value="GRS015003007"/>
        </identifiers>
        <balance>71477.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>170128.10000000</valUSD>
        <pctVal>0.169984946548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco BTG Pactual S.A.</name>
        <lei>ZXLTQRYIK6IJH3R0IK66</lei>
        <title>BCO BTG PAC-UNIT</title>
        <cusip>P1R8ZJ253</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
        </identifiers>
        <balance>92500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.70650000"/>
        <valUSD>549180.76000000</valUSD>
        <pctVal>0.548718654554</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>NORTHERN LIGHTS FUND TRUST III</ncom:nameOfApplicant>
      <ncom:signature>Rich Gleason</ncom:signature>
      <ncom:signerName>Rich Gleason</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
