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        <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>Sun Art Retail Group Ltd.</name>
        <lei>3003009IMRZ363PQCP28</lei>
        <title>SUN ART RETAIL GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0000083920"/>
        </identifiers>
        <balance>233000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>323485.85000000</valUSD>
        <pctVal>0.683134406673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ping An Insurance (Group) Company of China, Ltd.</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>PING AN INSURANCE GROUP CO-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000003X6"/>
        </identifiers>
        <balance>117000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>1239413.18000000</valUSD>
        <pctVal>2.617381215723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</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 LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
        </identifiers>
        <balance>2200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>69830.46000000</valUSD>
        <pctVal>0.147467315370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WANT WANT CHINA HOLDINGS LIMITED</name>
        <lei>5299005HZCEKX4O1J230</lei>
        <title>WANT WANT CHINA HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9431R1039"/>
        </identifiers>
        <balance>515000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>380757.92000000</valUSD>
        <pctVal>0.804081030948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TECHTRONIC INDUSTRIES COMPANY LIMITED</name>
        <lei>549300HZW2SBE758OK89</lei>
        <title>TECHTRONIC INDUSTRIES CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0669013440"/>
        </identifiers>
        <balance>47500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>496132.36000000</valUSD>
        <pctVal>1.047727699310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA RESOURCES LAND LIMITED</name>
        <lei>5299001HL0TU7X15HK51</lei>
        <title>CHINA RESOURCES LAND LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2108Y1052"/>
        </identifiers>
        <balance>146000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>608474.62000000</valUSD>
        <pctVal>1.284971038174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
        </identifiers>
        <balance>278000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.29450000"/>
        <valUSD>4037925.21000000</valUSD>
        <pctVal>8.527252869095</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>CHINA RESOURCES GAS GROUP LIMITED</name>
        <lei>529900A0E1J5JSOKEK83</lei>
        <title>CHINA RESOURCES GAS GROUP LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG2113B1081"/>
        </identifiers>
        <balance>54000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>266160.87000000</valUSD>
        <pctVal>0.562076047552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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 - CL A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8208B1014"/>
        </identifiers>
        <balance>600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>18642.10000000</valUSD>
        <pctVal>0.039368213239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag</name>
        <lei>213800R83KX5FQFGXS67</lei>
        <title>MOL HUNGARIAN OIL AND GAS PL COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HU0000153937"/>
        </identifiers>
        <balance>34838.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="291.28540000"/>
        <valUSD>205354.77000000</valUSD>
        <pctVal>0.433666291621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENGIE BRASIL ENERGIA S.A.</name>
        <lei>52990057Q0EK2Q9YBC07</lei>
        <title>ENGIE BRASIL ENERGIA SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BREGIEACNOR9"/>
        </identifiers>
        <balance>39026.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.20580000"/>
        <valUSD>344920.33000000</valUSD>
        <pctVal>0.728399542001</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>Fila Holdings</name>
        <lei>N/A</lei>
        <title>FILA HOLDINGS CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7081660003"/>
        </identifiers>
        <balance>12208.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40000000"/>
        <valUSD>342242.07000000</valUSD>
        <pctVal>0.722743617465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANGLO AMERICAN PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMERICAN PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1XZS820"/>
        </identifiers>
        <balance>25533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76190000"/>
        <valUSD>626746.52000000</valUSD>
        <pctVal>1.323557466500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELTA ELECTRONICS, INC.</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>DELTA ELECTRONICS INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
        </identifiers>
        <balance>78000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.29450000"/>
        <valUSD>532523.17000000</valUSD>
        <pctVal>1.124577473103</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>NOVATEK MICROELECTRONICS CORP.</name>
        <lei>N/A</lei>
        <title>NOVATEK MICROELECTRONICS COR COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0003034005"/>
        </identifiers>
        <balance>47000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.29450000"/>
        <valUSD>465275.05000000</valUSD>
        <pctVal>0.982563519305</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>PETROLEO BRASILEIRO S.A. - PETROBRAS</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>PETROLEO BRASILEIRO-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>71654V408</cusip>
        <identifiers>
          <isin value="US71654V4086"/>
        </identifiers>
        <balance>75140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>651463.80000000</valUSD>
        <pctVal>1.375755188309</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>Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt.</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>RICHTER GEDEON NYRT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
        </identifiers>
        <balance>10761.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="291.28540000"/>
        <valUSD>250289.84000000</valUSD>
        <pctVal>0.528559754142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSPC PHARMACEUTICAL GROUP LIMITED</name>
        <lei>529900M3XQCW234H8O91</lei>
        <title>CSPC PHARMACEUTICAL GROUP LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK1093012172"/>
        </identifiers>
        <balance>317200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>665488.89000000</valUSD>
        <pctVal>1.405373242810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WUHU SANQI INTERACTIVE ENTERTAINMENT NETWORK TECHNOLOGY GROUP CO., LTD.</name>
        <lei>300300BE4IFCPHCUMI94</lei>
        <title>WUHU SANQI INTERACTIVE ENT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000010N2"/>
        </identifiers>
        <balance>79900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>522020.20000000</valUSD>
        <pctVal>1.102397398830</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO DO BRASIL S.A.</name>
        <lei>QE0Q0253K88YAGNPE356</lei>
        <title>BANCO DO BRASIL S.A. COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBBASACNOR3"/>
        </identifiers>
        <balance>49883.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.20580000"/>
        <valUSD>323303.32000000</valUSD>
        <pctVal>0.682748941518</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>DR.REDDY'S LABORATORIES LTD</name>
        <lei>335800OVDPY3DVZR2798</lei>
        <title>DR. REDDY'S LABORATORIES COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE089A01023"/>
        </identifiers>
        <balance>976.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.81250000"/>
        <valUSD>58981.38000000</valUSD>
        <pctVal>0.124556329221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GMK NORIL'SKIY NIKEL' PAO</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC NORILSK NICKEL PJSC-ADR DEPOSITARY RECEIPT</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
        </identifiers>
        <balance>13597.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>358552.89000000</valUSD>
        <pctVal>0.757188655303</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>TERNIUM S.A.</name>
        <lei>529900QG4KU23TEI2E46</lei>
        <title>TERNIUM SA-SPONSORED ADR DEPOSITARY RECEIPT</title>
        <cusip>880890108</cusip>
        <identifiers>
          <isin value="US8808901081"/>
        </identifiers>
        <balance>11723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168928.43000000</valUSD>
        <pctVal>0.356741485905</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>Chengdu Hongqi Chain Co Ltd</name>
        <lei>N/A</lei>
        <title>CHENGDU HONGQI CHAIN CO LT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001P27"/>
        </identifiers>
        <balance>145899.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>210084.53000000</valUSD>
        <pctVal>0.443654554759</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name> SOUTH AFRICAN RAND</name>
        <lei>N/A</lei>
        <title>FX Forward Contract: ZAR/USD SETTLE 2020-08-03</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTZAR__00014975"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.02875000"/>
        <valUSD>-882.71000000</valUSD>
        <pctVal>-0.00186409876</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL INC.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName> SOUTH AFRICAN RAND</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>27300.79000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>450000.00000000</amtCurPur>
            <curPur>ZAR</curPur>
            <settlementDt>2020-08-03</settlementDt>
            <unrealizedAppr>-882.71000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLYMETAL INTERNATIONAL PLC</name>
        <lei>213800JKJ5HJWYS4GR61</lei>
        <title>POLYMETAL INTERNATIONAL PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B6T5S470"/>
        </identifiers>
        <balance>22214.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76190000"/>
        <valUSD>552507.28000000</valUSD>
        <pctVal>1.166779730567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENGLI PETROCHEMICAL CO., LTD.</name>
        <lei>N/A</lei>
        <title>HENGLI PETROCHEMICAL CO L-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000018V0"/>
        </identifiers>
        <balance>125900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>293487.07000000</valUSD>
        <pctVal>0.619783262330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Corp.</name>
        <lei>N/A</lei>
        <title>LG CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7003550001"/>
        </identifiers>
        <balance>8121.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40000000"/>
        <valUSD>504409.94000000</valUSD>
        <pctVal>1.065208215697</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>MIGROS TICARET ANONIM SIRKETI</name>
        <lei>5493002IOWNT1QZMAA74</lei>
        <title>MIGROS TICARET A.S COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREMGTI00012"/>
        </identifiers>
        <balance>8649.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="6.97950000"/>
        <valUSD>55794.48000000</valUSD>
        <pctVal>0.117826263468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMBEV S.A.</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>AMBEV SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRABEVACNOR1"/>
        </identifiers>
        <balance>11827.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.20580000"/>
        <valUSD>31601.98000000</valUSD>
        <pctVal>0.066736767178</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>Kakao Corp.</name>
        <lei>988400FTKUBQXKVZP434</lei>
        <title>KAKAO CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7035720002"/>
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        <balance>1723.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40000000"/>
        <valUSD>496768.93000000</valUSD>
        <pctVal>1.049072001910</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>AMBEV S.A.</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>AMBEV SA-ADR DEPOSITARY RECEIPT</title>
        <cusip>02319V103</cusip>
        <identifiers>
          <isin value="US02319V1035"/>
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        <balance>138374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>370842.32000000</valUSD>
        <pctVal>0.783141359173</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Accton Technology Corp.</name>
        <lei>529900M1YRZ0GWMDF920</lei>
        <title>ACCTON TECHNOLOGY CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002345006"/>
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        <balance>45000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.29450000"/>
        <valUSD>352540.58000000</valUSD>
        <pctVal>0.744491915014</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>
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      </invstOrSec>
      <invstOrSec>
        <name>AIA Group Limited</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
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        <balance>99400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>898424.56000000</valUSD>
        <pctVal>1.897284622298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>HDFC BANK LIMITED</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LIMITED COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
        </identifiers>
        <balance>33165.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.81250000"/>
        <valUSD>457848.78000000</valUSD>
        <pctVal>0.966880791451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANHUI CONCH CEMENT COMPANY LIMITED</name>
        <lei>300300JVKW56SSAEQZ33</lei>
        <title>ANHUI CONCH CEMENT CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000001W2"/>
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        <balance>65500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>494829.17000000</valUSD>
        <pctVal>1.044975634799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JD.COM, INC.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.COM INC-ADR DEPOSITARY RECEIPT</title>
        <cusip>47215P106</cusip>
        <identifiers>
          <isin value="US47215P1066"/>
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        <balance>18051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1151473.29000000</valUSD>
        <pctVal>2.431670574660</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>
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      <invstOrSec>
        <name>CHINA CONSTRUCTION BANK CORPORATION</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CHINA CONSTRUCTION BANK-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
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        <balance>1172000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>858940.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Netcare Limited</name>
        <lei>N/A</lei>
        <title>NETCARE LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000011953"/>
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        <balance>264350.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.02875000"/>
        <valUSD>211122.95000000</valUSD>
        <pctVal>0.445847480448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wal-Mart de Mexico, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>WALMART DE MEXICO SAB DE CV COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
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        <balance>238370.00000000</balance>
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        <currencyConditional curCd="MXN" exchangeRt="22.19200000"/>
        <valUSD>562627.10000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>GEELY AUTOMOBILE HOLDINGS LIMITED</name>
        <lei>549300YS3T1KVQ2SNI84</lei>
        <title>GEELY AUTOMOBILE HOLDINGS LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3777B1032"/>
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        <balance>246000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>517380.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANY HEAVY INDUSTRY CO., LTD</name>
        <lei>3003001FS86S7NYOHV89</lei>
        <title>SANY HEAVY INDUSTRY CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001F70"/>
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        <balance>129951.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>393046.15000000</valUSD>
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        <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>TURKISH LIRA</name>
        <lei>N/A</lei>
        <title>FX Forward Contract: TRY/USD SETTLE 2020-08-04</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTTRY__00014980"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="TRY" exchangeRt="6.97950000"/>
        <valUSD>-102.67000000</valUSD>
        <pctVal>-0.00021681755</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JP MORGAN</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <counterparties>
              <counterpartyName>TURKISH LIRA</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>21523.46000000</amtCurSold>
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            <amtCurPur>150000.00000000</amtCurPur>
            <curPur>TRY</curPur>
            <settlementDt>2020-08-04</settlementDt>
            <unrealizedAppr>-102.67000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALE S.A.</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
        </identifiers>
        <balance>61386.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>714533.04000000</valUSD>
        <pctVal>1.508944222224</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>China Life Insurance Company Limited</name>
        <lei>549300J6TFLDXGH6S048</lei>
        <title>CHINA LIFE INSURANCE CO-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000002L3"/>
        </identifiers>
        <balance>224000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>516198.29000000</valUSD>
        <pctVal>1.090102743489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hana Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>HANA FINANCIAL GROUP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7086790003"/>
        </identifiers>
        <balance>19777.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40000000"/>
        <valUSD>489694.06000000</valUSD>
        <pctVal>1.034131357305</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>Advanced Info Service Public Company Limited</name>
        <lei>529900DU2YW1NO5RMU78</lei>
        <title>ADVANCED INFO SERVICE-FOR RG COMMON STOCK</title>
        <cusip>Y0014U183</cusip>
        <identifiers>
          <isin value="TH0268010Z11"/>
        </identifiers>
        <balance>58700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.18250000"/>
        <valUSD>348256.23000000</valUSD>
        <pctVal>0.735444264567</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>HONG KONG DOLLAR</name>
        <lei>N/A</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2020-08-03</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00015024"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>0.35000000</valUSD>
        <pctVal>0.000000739126</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName>HONG KONG DOLLAR</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>50321.35000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>390000.00000000</amtCurPur>
            <curPur>HKD</curPur>
            <settlementDt>2020-08-03</settlementDt>
            <unrealizedAppr>0.35000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAV HAVALIMANLARI HOLDING ANONIM SIRKETI</name>
        <lei>789000PBM9TT5D88M597</lei>
        <title>TAV HAVALIMANLARI HOLDING AS COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRETAVH00018"/>
        </identifiers>
        <balance>65504.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="6.97950000"/>
        <valUSD>157082.57000000</valUSD>
        <pctVal>0.331725509031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WH GROUP LIMITED</name>
        <lei>254900A4AYEDRWYSE928</lei>
        <title>WH GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG960071028"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>466729.89000000</valUSD>
        <pctVal>0.985635836874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mexico, Sociedad Anonima Bursatil de Capital Variable</name>
        <lei>529900JWLZAYET2ZGW20</lei>
        <title>GRUPO MEXICO SAB DE CV-SER B COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
        </identifiers>
        <balance>197466.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.19200000"/>
        <valUSD>501584.28000000</valUSD>
        <pctVal>1.059241013214</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>TURKISH LIRA</name>
        <lei>N/A</lei>
        <title>FX Forward Contract: TRY/USD SETTLE 2020-08-05</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTTRY__00015023"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="TRY" exchangeRt="6.97950000"/>
        <valUSD>-144.98000000</valUSD>
        <pctVal>-0.00030616741</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JP MORGAN</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName>TURKISH LIRA</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>34389.96000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>240000.00000000</amtCurPur>
            <curPur>TRY</curPur>
            <settlementDt>2020-08-05</settlementDt>
            <unrealizedAppr>-144.98000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDONESIA RUPIAH</name>
        <lei>N/A</lei>
        <title>FX Forward Contract: IDR/USD SETTLE 2020-08-03</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTIDR__00015058"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="IDR" exchangeRt="14600.00000000"/>
        <valUSD>30.00000000</valUSD>
        <pctVal>0.000063353720</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BROWN BROTHERS HARRIMAN &amp; CO.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName>INDONESIA RUPIAH</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>12286.25000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>180046341.00000000</amtCurPur>
            <curPur>IDR</curPur>
            <settlementDt>2020-08-03</settlementDt>
            <unrealizedAppr>30.00000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHARAT ELECTRONICS LIMITED</name>
        <lei>335800HS8AOTM9W1F335</lei>
        <title>BHARAT ELECTRONICS LTD COMMON STOCK</title>
        <cusip>Y0881Q141</cusip>
        <identifiers>
          <isin value="INE263A01024"/>
        </identifiers>
        <balance>238354.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.81250000"/>
        <valUSD>305379.86000000</valUSD>
        <pctVal>0.644898345541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Telekomunikasi Indonesia (Persero) Tbk</name>
        <lei>529900M5SQZAOKV1PC81</lei>
        <title>TELEKOMUNIKASI INDONESIA PER COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000129000"/>
        </identifiers>
        <balance>1886000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14600.00000000"/>
        <valUSD>392365.56000000</valUSD>
        <pctVal>0.828593937044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wuliangye Yibin Co., Ltd.</name>
        <lei>N/A</lei>
        <title>WULIANGYE YIBIN CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000VQ8"/>
        </identifiers>
        <balance>4100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>127767.03000000</valUSD>
        <pctVal>0.269817224560</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Weichai Power Co., Ltd.</name>
        <lei>529900OKTPKBG85F9502</lei>
        <title>WEICHAI POWER CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000004L9"/>
        </identifiers>
        <balance>299000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>645051.74000000</valUSD>
        <pctVal>1.362214259691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wuliangye Yibin Co., Ltd.</name>
        <lei>N/A</lei>
        <title>WULIANGYE YIBIN CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000VQ8"/>
        </identifiers>
        <balance>11856.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>369464.86000000</valUSD>
        <pctVal>0.780232451968</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Erste Group Bank AG</name>
        <lei>PQOH26KWDF7CG10L6792</lei>
        <title>ERSTE GROUP BANK AG COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT0000652011"/>
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        <balance>19667.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84567000"/>
        <valUSD>439540.60000000</valUSD>
        <pctVal>0.928217747359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORION CORP.</name>
        <lei>N/A</lei>
        <title>ORION CORP/REPUBLIC OF KOREA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7271560005"/>
        </identifiers>
        <balance>1949.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40000000"/>
        <valUSD>219209.33000000</valUSD>
        <pctVal>0.462924222456</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>
        <name>X5 RETAIL GROUP NV</name>
        <lei>213800J17UJJJDGUVF56</lei>
        <title>X 5 RETAIL GROUP NV-REGS GDR DEPOSITARY RECEIPT</title>
        <cusip>98387E205</cusip>
        <identifiers>
          <isin value="US98387E2054"/>
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        <balance>10199.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383074.44000000</valUSD>
        <pctVal>0.808973036320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Samsung Life Insurance Co., Ltd.</name>
        <lei>988400VYE6E0WYSM4S92</lei>
        <title>SAMSUNG LIFE INSURANCE CO LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7032830002"/>
        </identifiers>
        <balance>3331.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40000000"/>
        <valUSD>132943.64000000</valUSD>
        <pctVal>0.280749141368</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>YUM CHINA HOLDINGS, INC.</name>
        <lei>529900DO9BYZ7VA3K502</lei>
        <title>YUM CHINA HOLDINGS INC COMMON STOCK</title>
        <cusip>98850P109</cusip>
        <identifiers>
          <isin value="US98850P1093"/>
        </identifiers>
        <balance>11555.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>592078.20000000</valUSD>
        <pctVal>1.250345231054</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CARLSBERG A/S</name>
        <lei>5299001O0WJQYB5GYZ19</lei>
        <title>CARLSBERG AS-B COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010181759"/>
        </identifiers>
        <balance>3354.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.29865000"/>
        <valUSD>494155.41000000</valUSD>
        <pctVal>1.043552794704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITC LIMITED</name>
        <lei>335800WLOU3OFWFTMP43</lei>
        <title>ITC LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE154A01025"/>
        </identifiers>
        <balance>83435.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.81250000"/>
        <valUSD>216526.72000000</valUSD>
        <pctVal>0.457259111630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG ELECTRONICS CO,.LTD</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
        </identifiers>
        <balance>69360.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40000000"/>
        <valUSD>3370777.24000000</valUSD>
        <pctVal>7.118375996585</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>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>17442.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4378290.84000000</valUSD>
        <pctVal>9.246033838036</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>BID CORPORATION LIMITED</name>
        <lei>N/A</lei>
        <title>BID CORP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000216537"/>
        </identifiers>
        <balance>25414.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.02875000"/>
        <valUSD>418921.52000000</valUSD>
        <pctVal>0.884674566160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALDAR PROPERTIES PJSC</name>
        <lei>N/A</lei>
        <title>ALDAR PROPERTIES PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEA002001013"/>
        </identifiers>
        <balance>406169.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67315000"/>
        <valUSD>191749.99000000</valUSD>
        <pctVal>0.404935843865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air China Limited</name>
        <lei>213800I9TWC9K22N4502</lei>
        <title>AIR CHINA LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000001S0"/>
        </identifiers>
        <balance>34000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>21101.39000000</valUSD>
        <pctVal>0.044561718967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENGLI PETROCHEMICAL CO., LTD.</name>
        <lei>N/A</lei>
        <title>HENGLI PETROCHEMICAL CO L-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000018V0"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>9324.45000000</valUSD>
        <pctVal>0.019691286707</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONG KONG DOLLAR</name>
        <lei>N/A</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2020-08-03</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00015021"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>-0.66000000</valUSD>
        <pctVal>-0.00000139378</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName>HONG KONG DOLLAR</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>92902.27000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>720000.00000000</amtCurPur>
            <curPur>HKD</curPur>
            <settlementDt>2020-08-03</settlementDt>
            <unrealizedAppr>-0.66000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMAAR PROPERTIES (P.J.S.C)</name>
        <lei>N/A</lei>
        <title>EMAAR PROPERTIES PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
        </identifiers>
        <balance>323461.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67315000"/>
        <valUSD>226594.73000000</valUSD>
        <pctVal>0.478520641424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENTING BERHAD</name>
        <lei>N/A</lei>
        <title>GENTING BHD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYL3182OO002"/>
        </identifiers>
        <balance>133000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.24000000"/>
        <valUSD>121198.06000000</valUSD>
        <pctVal>0.255944934865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MediaTek Inc.</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MEDIATEK INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
        </identifiers>
        <balance>44000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.29450000"/>
        <valUSD>1052893.89000000</valUSD>
        <pctVal>2.223491515424</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>Grupo Aeroportuario del Sureste, S.A.B. de C.V.</name>
        <lei>5299001W7JIDXCUOUC82</lei>
        <title>GRUPO AEROPORTUARIO SUR-ADR DEPOSITARY RECEIPT</title>
        <cusip>40051E202</cusip>
        <identifiers>
          <isin value="US40051E2028"/>
        </identifiers>
        <balance>2465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>246080.95000000</valUSD>
        <pctVal>0.519671459421</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>NK LUKOIL PAO</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>69343P105</cusip>
        <identifiers>
          <isin value="US69343P1057"/>
        </identifiers>
        <balance>9497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>650259.59000000</valUSD>
        <pctVal>1.373212148841</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>China Mobile Limited</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>CHINA MOBILE LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0941009539"/>
        </identifiers>
        <balance>21000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75020000"/>
        <valUSD>143880.16000000</valUSD>
        <pctVal>0.303844782495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HACI OMER SABANCI HOLDING ANONIM SIRKETI</name>
        <lei>78900090FFOWNLGP0F20</lei>
        <title>HACI OMER SABANCI HOLDING COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRASAHOL91Q5"/>
        </identifiers>
        <balance>253446.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="6.97950000"/>
        <valUSD>306507.52000000</valUSD>
        <pctVal>0.647279727431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chengdu Hongqi Chain Co Ltd</name>
        <lei>N/A</lei>
        <title>CHENGDU HONGQI CHAIN CO LT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001P27"/>
        </identifiers>
        <balance>29800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.97950000"/>
        <valUSD>42909.95000000</valUSD>
        <pctVal>0.090616832957</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE III</ncom:nameOfApplicant>
      <ncom:signature>Stephen Connors</ncom:signature>
      <ncom:signerName>Stephen Connors</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
