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        <valUSD>592362.10000000</valUSD>
        <pctVal>2.634527245381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.</name>
        <lei>ELPUFM0XZRZO4LFXW404</lei>
        <title>HELLENIC TELECOMMUN ORGANIZA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS260333000"/>
        </identifiers>
        <balance>49013.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91137000"/>
        <valUSD>590498.63000000</valUSD>
        <pctVal>2.626239472605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QIWI PLC</name>
        <lei>253400VWDGA1977ZTQ68</lei>
        <title>QIWI PLC-SPONSORED ADR DEPOSITARY RECEIPT</title>
        <cusip>74735M108</cusip>
        <identifiers>
          <isin value="US74735M1080"/>
        </identifiers>
        <balance>11791.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>126281.61000000</valUSD>
        <pctVal>0.561636779489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALIBABA GROUP HOLDING LIMITED</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
        </identifiers>
        <balance>4277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>831790.96000000</valUSD>
        <pctVal>3.699385809089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intouch Holdings Public Company Limited</name>
        <lei>529900UDPDZWDBCCDO79</lei>
        <title>INTOUCH HOLDINGS PCL-F COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TH0201A10Y19"/>
        </identifiers>
        <balance>383337.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="32.81750000"/>
        <valUSD>584043.57000000</valUSD>
        <pctVal>2.597530628065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORION Holdings Corp.</name>
        <lei>N/A</lei>
        <title>ORION HOLDINGS CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7001800002"/>
        </identifiers>
        <balance>15571.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>154130.32000000</valUSD>
        <pctVal>0.685493767037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENCENT HOLDINGS LIMITED</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
        </identifiers>
        <balance>17975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75090000"/>
        <valUSD>881716.32000000</valUSD>
        <pctVal>3.921428578461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evertec, Inc.</name>
        <lei>N/A</lei>
        <title>EVERTEC INC COMMON STOCK</title>
        <cusip>30040P103</cusip>
        <identifiers>
          <isin value="PR30040P1032"/>
        </identifiers>
        <balance>6993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>158950.89000000</valUSD>
        <pctVal>0.706933226117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B2W - COMPANHIA DIGITAL</name>
        <lei>N/A</lei>
        <title>B2W CIA DIGITAL COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBTOWACNOR8"/>
        </identifiers>
        <balance>53170.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18660000"/>
        <valUSD>490530.31000000</valUSD>
        <pctVal>2.181630908494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KT CORPORATION</name>
        <lei>9884005ACF8449EANY26</lei>
        <title>KT CORP-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>48268K101</cusip>
        <identifiers>
          <isin value="US48268K1016"/>
        </identifiers>
        <balance>65137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506765.86000000</valUSD>
        <pctVal>2.253838429567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oi S.A. - Em Recuperacao Judicial</name>
        <lei>254900YEMWCRRAGD4978</lei>
        <title>Oi SA PREFERRED STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BROIBRACNPR8"/>
        </identifiers>
        <balance>719800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18660000"/>
        <valUSD>129066.05000000</valUSD>
        <pctVal>0.574020561374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PagSeguro Digital Ltd</name>
        <lei>N/A</lei>
        <title>PAGSEGURO DIGITAL LTD-CL A COMMON STOCK</title>
        <cusip>G68707101</cusip>
        <identifiers>
          <isin value="KYG687071012"/>
        </identifiers>
        <balance>23036.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>445285.88000000</valUSD>
        <pctVal>1.980406550054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SMILES FIDELIDADE S.A.</name>
        <lei>N/A</lei>
        <title>SMILES FIDELIDADE SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSMLSACNOR1"/>
        </identifiers>
        <balance>29300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18660000"/>
        <valUSD>69993.25000000</valUSD>
        <pctVal>0.311294601929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERCADOLIBRE, INC.</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MERCADOLIBRE INC COMMON STOCK</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
        </identifiers>
        <balance>1473.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>719678.34000000</valUSD>
        <pctVal>3.200765536216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Studio Dragon Corporation</name>
        <lei>N/A</lei>
        <title>STUDIO DRAGON CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7253450001"/>
        </identifiers>
        <balance>2939.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>188070.89000000</valUSD>
        <pctVal>0.836444269085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WT MICROELECTRONICS CO., LTD.</name>
        <lei>N/A</lei>
        <title>WT MICROELECTRONICS CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0003036000"/>
        </identifiers>
        <balance>146000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.24150000"/>
        <valUSD>164628.08000000</valUSD>
        <pctVal>0.732182498027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IQIYI, INC.</name>
        <lei>222100XL8T2Q5B8MS302</lei>
        <title>IQIYI INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>46267X108</cusip>
        <identifiers>
          <isin value="US46267X1081"/>
        </identifiers>
        <balance>30241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>538289.80000000</valUSD>
        <pctVal>2.394040982721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kakao Corp.</name>
        <lei>988400FTKUBQXKVZP434</lei>
        <title>KAKAO CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7035720002"/>
        </identifiers>
        <balance>4321.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>551949.32000000</valUSD>
        <pctVal>2.454791624261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Trip.com Group Limited</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>TRIP.COM GROUP LTD-ADR DEPOSITARY RECEIPT</title>
        <cusip>89677Q107</cusip>
        <identifiers>
          <isin value="US89677Q1076"/>
        </identifiers>
        <balance>21721.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>509357.45000000</valUSD>
        <pctVal>2.265364512117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAOU TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>DAOU TECHNOLOGY INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7023590003"/>
        </identifiers>
        <balance>13507.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>164212.10000000</valUSD>
        <pctVal>0.730332429220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEIBO CORPORATION</name>
        <lei>549300Q9ID4640FE0422</lei>
        <title>WEIBO CORP-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>948596101</cusip>
        <identifiers>
          <isin value="US9485961018"/>
        </identifiers>
        <balance>15075.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>499133.25000000</valUSD>
        <pctVal>2.219892437752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRUPO TELEVISA, S.A.B.</name>
        <lei>549300O4AF0C816ILN62</lei>
        <title>GRUPO TELEVISA SAB-SER CPO UNIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP4987V1378"/>
        </identifiers>
        <balance>406000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="23.45925000"/>
        <valUSD>477835.40000000</valUSD>
        <pctVal>2.125170364727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>My EG Services Bhd</name>
        <lei>N/A</lei>
        <title>MY EG SERVICES BHD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYQ0138OO006"/>
        </identifiers>
        <balance>743600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.32000000"/>
        <valUSD>165244.44000000</valUSD>
        <pctVal>0.734923755803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAL EDUCATION GROUP</name>
        <lei>5493003PJZS0EC085V72</lei>
        <title>TAL EDUCATION GROUP- ADR DEPOSITARY RECEIPT</title>
        <cusip>874080104</cusip>
        <identifiers>
          <isin value="US8740801043"/>
        </identifiers>
        <balance>16272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>866646.72000000</valUSD>
        <pctVal>3.854406613726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WPG HOLDINGS LIMITED</name>
        <lei>N/A</lei>
        <title>WPG HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0003702007"/>
        </identifiers>
        <balance>146880.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.24150000"/>
        <valUSD>172420.02000000</valUSD>
        <pctVal>0.766837109158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.COM, INC.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.COM INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>47215P106</cusip>
        <identifiers>
          <isin value="US47215P1066"/>
        </identifiers>
        <balance>21116.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>855198.00000000</valUSD>
        <pctVal>3.803488493264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>58.COM INC.</name>
        <lei>549300R31W8UMZCTNF95</lei>
        <title>58.COM INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>31680Q104</cusip>
        <identifiers>
          <isin value="US31680Q1040"/>
        </identifiers>
        <balance>11263.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>548733.36000000</valUSD>
        <pctVal>2.440488659503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIELO S.A.</name>
        <lei>635400V276LMQ5UZ6C26</lei>
        <title>CIELO SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRCIELACNOR3"/>
        </identifiers>
        <balance>461780.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18660000"/>
        <valUSD>399759.42000000</valUSD>
        <pctVal>1.777927864709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NHN Corporation</name>
        <lei>N/A</lei>
        <title>NHN CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7181710005"/>
        </identifiers>
        <balance>3014.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>169597.08000000</valUSD>
        <pctVal>0.754282098731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CYFROWY POLSAT SPOLKA AKCYJNA</name>
        <lei>259400EM1ITR201TTX36</lei>
        <title>CYFROWY POLSAT SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLCFRPT00013"/>
        </identifiers>
        <balance>103253.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.15350000"/>
        <valUSD>592147.94000000</valUSD>
        <pctVal>2.633574769936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duzon Bizon Co Ltd</name>
        <lei>N/A</lei>
        <title>DOUZONE BIZON CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7012510004"/>
        </identifiers>
        <balance>2567.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>170802.97000000</valUSD>
        <pctVal>0.759645288003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAIDU, INC.</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>BAIDU INC - SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>056752108</cusip>
        <identifiers>
          <isin value="US0567521085"/>
        </identifiers>
        <balance>7887.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>794930.73000000</valUSD>
        <pctVal>3.535450134936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Com2uS Corp</name>
        <lei>N/A</lei>
        <title>COM2US CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7078340007"/>
        </identifiers>
        <balance>2343.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>162442.35000000</valUSD>
        <pctVal>0.722461475639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="82718.07000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PearlAbyss Corp</name>
        <lei>N/A</lei>
        <title>PEARL ABYSS CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7263750002"/>
        </identifiers>
        <balance>1272.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>187035.77000000</valUSD>
        <pctVal>0.831840578467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DoubleU Games Co Ltd</name>
        <lei>N/A</lei>
        <title>DOUBLEUGAMES CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7192080000"/>
        </identifiers>
        <balance>4983.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>177649.98000000</valUSD>
        <pctVal>0.790097328055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="100595.56000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Autohome Inc</name>
        <lei>529900NYB6ZGZN3MVT56</lei>
        <title>AUTOHOME INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>05278C107</cusip>
        <identifiers>
          <isin value="US05278C1071"/>
        </identifiers>
        <balance>8558.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>607789.16000000</valUSD>
        <pctVal>2.703139011539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Netmarble Corporation</name>
        <lei>N/A</lei>
        <title>NETMARBLE CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7251270005"/>
        </identifiers>
        <balance>8223.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>629550.75000000</valUSD>
        <pctVal>2.799923565713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="516923.55000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>ORANGE POLSKA SPOLKA AKCYJNA</name>
        <lei>259400TOMPUOLS65II22</lei>
        <title>ORANGE POLSKA SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLTLKPL00017"/>
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        <balance>118716.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.15350000"/>
        <valUSD>169635.12000000</valUSD>
        <pctVal>0.754451281426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Celltrion Pharm Inc.</name>
        <lei>N/A</lei>
        <title>CELLTRION PHARM INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7068760008"/>
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        <balance>5005.75000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>328549.25000000</valUSD>
        <pctVal>1.461221017642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAVER Corporation</name>
        <lei>N/A</lei>
        <title>NAVER CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7035420009"/>
        </identifiers>
        <balance>6085.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1217.35000000"/>
        <valUSD>849755.62000000</valUSD>
        <pctVal>3.779283537563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wistron NeWeb Corporation</name>
        <lei>N/A</lei>
        <title>WISTRON NEWEB CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0006285000"/>
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        <balance>84000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.24150000"/>
        <valUSD>145270.57000000</valUSD>
        <pctVal>0.646090076689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>MakeMyTrip Ltd</name>
        <lei>529900DNT8HNJ7RYUO60</lei>
        <title>MAKEMYTRIP LTD COMMON STOCK</title>
        <cusip>V5633W109</cusip>
        <identifiers>
          <isin value="MU0295S00016"/>
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        <balance>10039.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>120016.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>MU</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>CHINA TELECOM CORPORATION LIMITED</name>
        <lei>529900JXXCCUCX634T88</lei>
        <title>CHINA TELECOM CORP LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000002V2"/>
        </identifiers>
        <balance>1758000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75090000"/>
        <valUSD>533009.07000000</valUSD>
        <pctVal>2.370554964523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>TELEKOM MALAYSIA BERHAD</name>
        <lei>254900SNFPTSDGGVEK77</lei>
        <title>TELEKOM MALAYSIA BHD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYL4863OO006"/>
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        <balance>775800.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="4.32000000"/>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW ORIENTAL EDUCATION &amp; TECHNOLOGY GROUP INC.</name>
        <lei>529900NHZVBZQZ8EKN29</lei>
        <title>NEW ORIENTAL EDUCATIO-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>647581107</cusip>
        <identifiers>
          <isin value="US6475811070"/>
        </identifiers>
        <balance>6878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>744474.72000000</valUSD>
        <pctVal>3.311047302550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Krane Funds Advisors, LLC</ncom:nameOfApplicant>
      <ncom:signature>Jonathan Krane</ncom:signature>
      <ncom:signerName>Jonathan Krane</ncom:signerName>
      <ncom:title>CEO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
