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                <name>JD.COM INC</name>
                <lei>549300HVTWB0GJZ16V92</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>47215P106</cusip>
                <identifiers>
                    <isin value="US47215P1066"/>
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                <balance>3055</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>126202.05</valUSD>
                <pctVal>0.624024636472</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALIBABA GROUP HOLDING LTD</name>
                <lei>5493001NTNQJDH60PM02</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>01609W102</cusip>
                <identifiers>
                    <isin value="US01609W1027"/>
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                <balance>5985</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>611427.6</valUSD>
                <pctVal>3.023293883254</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ASE TECHNOLOGY HOLDING CO LTD</name>
                <lei>300300GO8QHPMV87NZ73</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>00215W100</cusip>
                <identifiers>
                    <isin value="US00215W1009"/>
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                <balance>23003</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>184714.09</valUSD>
                <pctVal>0.913346042030</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>NETEASE INC</name>
                <lei>5299004AF4DSJDB0PA32</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>64110W102</cusip>
                <identifiers>
                    <isin value="US64110W1027"/>
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                <balance>3246</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>352970.04</valUSD>
                <pctVal>1.745312385152</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>AMBEV SA</name>
                <lei>549300TH5Q6VRP8OT012</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>02319V103</cusip>
                <identifiers>
                    <isin value="US02319V1035"/>
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                <balance>113467</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>354017.04</valUSD>
                <pctVal>1.750489430964</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FOMENTO ECONOMICO MEXICANO SAB DE CV</name>
                <lei>549300A8MDWDJNMLV153</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>344419106</cusip>
                <identifiers>
                    <isin value="US3444191064"/>
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                <balance>2635</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>298413.75</valUSD>
                <pctVal>1.475550768486</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MX</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ICICI BANK LTD</name>
                <lei>R7RX8ER1V4666J8D1I38</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>45104G104</cusip>
                <identifiers>
                    <isin value="US45104G1040"/>
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                <balance>66268</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1628204.76</valUSD>
                <pctVal>8.050898408238</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DR REDDY'S LABORATORIES LTD</name>
                <lei>335800OVDPY3DVZR2798</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>256135203</cusip>
                <identifiers>
                    <isin value="US2561352038"/>
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                <balance>5058</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>347383.44</valUSD>
                <pctVal>1.717688618073</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GOLD FIELDS LTD</name>
                <lei>5299003KXIBJQYCBBD72</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>38059T106</cusip>
                <identifiers>
                    <isin value="US38059T1060"/>
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                <balance>22241</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>344068.27</valUSD>
                <pctVal>1.701296271403</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ZA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ADVANCED INFO SERVICE PCL</name>
                <lei>529900DU2YW1NO5RMU78</lei>
                <title>GLOBAL DEPOSITORY RECEIPT</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TH0268010R11"/>
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                <balance>31600</balance>
                <units>NS</units>
                <currencyConditional curCd="THB" exchangeRt=".029215207"/>
                <valUSD>208607.64</valUSD>
                <pctVal>1.031491221548</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PTT OIL  AND  RETAIL BUSINESS PCL</name>
                <lei>254900E86F1OANU6B371</lei>
                <title>GLOBAL DEPOSITORY RECEIPT</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="THA099010R13"/>
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                <balance>107000</balance>
                <units>NS</units>
                <currencyConditional curCd="THB" exchangeRt=".029215207"/>
                <valUSD>66977.93</valUSD>
                <pctVal>0.331182246405</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HOME PRODUCT CENTER PCL</name>
                <lei>N/A</lei>
                <title>GLOBAL DEPOSITORY RECEIPT</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TH0661010R17"/>
                </identifiers>
                <balance>161900</balance>
                <units>NS</units>
                <currencyConditional curCd="THB" exchangeRt=".029215207"/>
                <valUSD>67183.04</valUSD>
                <pctVal>0.332196443030</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BANGKOK DUSIT MEDICAL SERVICES PCL</name>
                <lei>N/A</lei>
                <title>GLOBAL DEPOSITORY RECEIPT</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TH0264010R10"/>
                </identifiers>
                <balance>242700</balance>
                <units>NS</units>
                <currencyConditional curCd="THB" exchangeRt=".029215207"/>
                <valUSD>203790.98</valUSD>
                <pctVal>1.007674536276</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ETIHAD ETISALAT CO</name>
                <lei>2549007BA9ABDE3HVK79</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SA000A0DM9P2"/>
                </identifiers>
                <balance>12127</balance>
                <units>NS</units>
                <currencyConditional curCd="SAR" exchangeRt=".266552937"/>
                <valUSD>151452.94</valUSD>
                <pctVal>0.748881383671</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>MOBILE TELECOMMUNICATIONS CO SAUDI ARABIA</name>
                <lei>254900XHCET9KD2D4R78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SA121053DR18"/>
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                <balance>15964</balance>
                <units>NS</units>
                <currencyConditional curCd="SAR" exchangeRt=".266552937"/>
                <valUSD>57108.1</valUSD>
                <pctVal>0.282379417308</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>HYPERA SA</name>
                <lei>25490092WKPBKTIZX403</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRHYPEACNOR0"/>
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                <balance>8400</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".211472376"/>
                <valUSD>76845.68</valUSD>
                <pctVal>0.379974790635</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>B3 SA - BRASIL BOLSA BALCAO</name>
                <lei>4GTK5S46E6H318LMDS44</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRB3SAACNOR6"/>
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                <balance>57900</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".211472376"/>
                <valUSD>182439.33</valUSD>
                <pctVal>0.902098155945</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CELLTRION INC</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7068270008"/>
                </identifiers>
                <balance>2423</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>278871.85</valUSD>
                <pctVal>1.378922963760</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>SINOPHARM GROUP CO</name>
                <lei>529900N54X78YH9JYK92</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000FN7"/>
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                <balance>43600</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>136773.39</valUSD>
                <pctVal>0.676296185156</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA MINSHENG BANKING CORP LTD</name>
                <lei>549300HBUGSQD1VCXG94</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000HF9"/>
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                <balance>288500</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>110028.26</valUSD>
                <pctVal>0.544050948049</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA PACIFIC INSURANCE GROUP CO LTD</name>
                <lei>529900BA5ILEL308WX03</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000009Q7"/>
                </identifiers>
                <balance>97400</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>260996.67</valUSD>
                <pctVal>1.290536501722</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AGRICULTURAL BANK OF CHINA LTD</name>
                <lei>549300E7TSGLCOVSY746</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000Q43"/>
                </identifiers>
                <balance>311000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>112945.17</valUSD>
                <pctVal>0.558474039451</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA MEDICAL SYSTEM HOLDINGS LTD</name>
                <lei>529900Z57DVJXUBLHX66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG211081248"/>
                </identifiers>
                <balance>38000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>63944.53</valUSD>
                <pctVal>0.316183153028</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SAMSUNG C AND T CORP</name>
                <lei>988400GFRE4IDFPE9E64</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7028260008"/>
                </identifiers>
                <balance>2066</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>167550.18</valUSD>
                <pctVal>0.828476559338</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JOINTOWN PHARMACEUTICAL GROUP CO LTD</name>
                <lei>300300875YINDA6F8T86</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000W45"/>
                </identifiers>
                <balance>14304</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>19834.46</valUSD>
                <pctVal>0.098074410765</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNIVERSAL SCIENTIFIC INDUSTRIAL SHANGHAI CO LTD</name>
                <lei>655600ZQ6P2GFIBK8C07</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100001BZ8"/>
                </identifiers>
                <balance>9800</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>19840.44</valUSD>
                <pctVal>0.098103979757</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ZHEJIANG CHINA COMMODITIES CIT</name>
                <lei>300300UELW04DCUGGZ27</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000001BC8"/>
                </identifiers>
                <balance>19400</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>23121.11</valUSD>
                <pctVal>0.114325736092</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BAOSHAN IRON  AND  STEEL CO LTD</name>
                <lei>300300PYAP4PEHORZT21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000015R4"/>
                </identifiers>
                <balance>54300</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>48961.26</valUSD>
                <pctVal>0.242096166209</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HUNDSUN TECHNOLOGIES INC</name>
                <lei>3003003LS77D1DRDDE25</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000001GD5"/>
                </identifiers>
                <balance>9700</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>55812.94</valUSD>
                <pctVal>0.275975307802</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>OFFSHORE OIL ENGINEERING CO LT</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000019T2"/>
                </identifiers>
                <balance>93100</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>81707.08</valUSD>
                <pctVal>0.404012699431</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HUATAI SECURITIES CO LTD</name>
                <lei>3003009ABT0UCWO79Q77</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100001YQ9"/>
                </identifiers>
                <balance>44200</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>62794.51</valUSD>
                <pctVal>0.310496709643</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA RAILWAY SIGNAL  AND  COMMUNICATION CORP LTD</name>
                <lei>529900GK68ZHDM38WD21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000021L3"/>
                </identifiers>
                <balance>55000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>20119.12</valUSD>
                <pctVal>0.099481954090</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ENEL CHILE SA</name>
                <lei>549300YM5CWCAUVOPB53</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CL0002266774"/>
                </identifiers>
                <balance>869743</balance>
                <units>NS</units>
                <currencyConditional curCd="CLP" exchangeRt=".001191973"/>
                <valUSD>60015.16</valUSD>
                <pctVal>0.296753803934</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DOOSAN BOBCAT INC</name>
                <lei>9884007K6X0Q0112FX44</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7241560002"/>
                </identifiers>
                <balance>1565</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>71894.48</valUSD>
                <pctVal>0.355492852504</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CELLTRION HEALTHCARE CO LTD</name>
                <lei>988400KI4VU01I1E7I73</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7091990002"/>
                </identifiers>
                <balance>1554</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>80288.16</valUSD>
                <pctVal>0.396996640364</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNISPLENDOUR CORP LTD</name>
                <lei>300300Z3RHZRXCNTRC53</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000010T1"/>
                </identifiers>
                <balance>12400</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>47334.74</valUSD>
                <pctVal>0.234053598345</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>37 INTERACTIVE ENTERTAINMENT NETWORK TECHNOLOGY GROUP CO LTD</name>
                <lei>300300BE4IFCPHCUMI94</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000010N2"/>
                </identifiers>
                <balance>6600</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>24867.65</valUSD>
                <pctVal>0.122961760535</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GREE ELECTRIC APPLIANCES INC OF ZHUHAI</name>
                <lei>655600UY069MU9JRAN62</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000001D4"/>
                </identifiers>
                <balance>7500</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>40895.24</valUSD>
                <pctVal>0.202212541511</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VIBRA ENERGIA SA</name>
                <lei>549300U7VLJ3SYVNY689</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRVBBRACNOR1"/>
                </identifiers>
                <balance>37900</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".211472376"/>
                <valUSD>137293.58</valUSD>
                <pctVal>0.678868341279</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>YUNNAN BAIYAO GROUP CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000008X7"/>
                </identifiers>
                <balance>4900</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>37032.34</valUSD>
                <pctVal>0.183111863129</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA TOWER CORP LTD</name>
                <lei>300300T6BNNP0L7O7H91</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100003688"/>
                </identifiers>
                <balance>1298000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>146561.04</valUSD>
                <pctVal>0.724692663130</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MEITUAN</name>
                <lei>21380033K525E5JLIA77</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG596691041"/>
                </identifiers>
                <balance>14400</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>273960.85</valUSD>
                <pctVal>1.354639800454</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FOXCONN INDUSTRIAL INTERNET CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000031P3"/>
                </identifiers>
                <balance>21200</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>66241.59</valUSD>
                <pctVal>0.327541304750</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ZHEJIANG WEIXING NEW BUILDING MATERIALS CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000MK9"/>
                </identifiers>
                <balance>7100</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>21543.48</valUSD>
                <pctVal>0.106524912039</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ZHEFU HOLDING GROUP CO LTD</name>
                <lei>30030076Y21FIWN1VY24</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000CL8"/>
                </identifiers>
                <balance>47300</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>28459.34</valUSD>
                <pctVal>0.140721401100</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ENN NATURAL GAS CO LTD</name>
                <lei>300300KVDMGNQNP52Z98</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000000DG7"/>
                </identifiers>
                <balance>9500</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".139923742"/>
                <valUSD>24464.15</valUSD>
                <pctVal>0.120966595316</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DR SULAIMAN AL HABIB MEDICAL SERVICES GROUP CO</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SA1510P1UMH1"/>
                </identifiers>
                <balance>2746</balance>
                <units>NS</units>
                <currencyConditional curCd="SAR" exchangeRt=".266552937"/>
                <valUSD>211522.97</valUSD>
                <pctVal>1.045906500408</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TIM SA/BRAZIL</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRTIMSACNOR5"/>
                </identifiers>
                <balance>25800</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".211472376"/>
                <valUSD>78238.86</valUSD>
                <pctVal>0.386863574478</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ADNOC DRILLING CO PJSC</name>
                <lei>254900JPRSQL1PM0JV19</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AEA007301012"/>
                </identifiers>
                <balance>13188</balance>
                <units>NS</units>
                <currencyConditional curCd="AED" exchangeRt=".272264423"/>
                <valUSD>14148.43</valUSD>
                <pctVal>0.069958997397</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NAHDI MEDICAL CO</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SA15HG521213"/>
                </identifiers>
                <balance>1388</balance>
                <units>NS</units>
                <currencyConditional curCd="SAR" exchangeRt=".266552937"/>
                <valUSD>64297.81</valUSD>
                <pctVal>0.317929998056</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TURKIYE PETROL RAFINERILERI AS</name>
                <lei>789000RCNG97UV50EE03</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TRATUPRS91E8"/>
                </identifiers>
                <balance>6916</balance>
                <units>NS</units>
                <currencyConditional curCd="TRY" exchangeRt=".037115736"/>
                <valUSD>26542</valUSD>
                <pctVal>0.131240830884</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NESTLE MALAYSIA BHD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MYL4707OO005"/>
                </identifiers>
                <balance>2447</balance>
                <units>NS</units>
                <currencyConditional curCd="MYR" exchangeRt=".221778665"/>
                <valUSD>72658.3</valUSD>
                <pctVal>0.359269673069</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MY</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>METROPOLITAN BANK  AND  TRUST CO</name>
                <lei>549300SQYI82RVWFN715</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PHY6028G1361"/>
                </identifiers>
                <balance>32530</balance>
                <units>NS</units>
                <currencyConditional curCd="PHP" exchangeRt=".018206645"/>
                <valUSD>35536.69</valUSD>
                <pctVal>0.175716401268</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>YAPI VE KREDI BANKASI AS</name>
                <lei>B85ZYWEZ5IZCZ2WNIO12</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TRAYKBNK91N6"/>
                </identifiers>
                <balance>110490</balance>
                <units>NS</units>
                <currencyConditional curCd="TRY" exchangeRt=".037115736"/>
                <valUSD>58356.06</valUSD>
                <pctVal>0.288550139459</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LENOVO GROUP LTD</name>
                <lei>254900VUZRGD5U73RE46</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y5257Y107</cusip>
                <identifiers>
                    <isin value="HK0992009065"/>
                </identifiers>
                <balance>213065</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>244503.49</valUSD>
                <pctVal>1.208983542371</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NASPERS LTD</name>
                <lei>21380044BQ8812EEKT59</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ZAE000325783"/>
                </identifiers>
                <balance>691</balance>
                <units>NS</units>
                <currencyConditional curCd="ZAR" exchangeRt=".055916684"/>
                <valUSD>135779.69</valUSD>
                <pctVal>0.671382689049</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ZA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INVESTEC LTD</name>
                <lei>213800CU7SM6O4UWOZ70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>S39081138</cusip>
                <identifiers>
                    <isin value="ZAE000081949"/>
                </identifiers>
                <balance>2254</balance>
                <units>NS</units>
                <currencyConditional curCd="ZAR" exchangeRt=".055916684"/>
                <valUSD>14069.42</valUSD>
                <pctVal>0.069568320807</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ZA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SAMSUNG ELECTRONICS CO LTD</name>
                <lei>9884007ER46L6N7EI764</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7005930003"/>
                </identifiers>
                <balance>19711</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>1080387.22</valUSD>
                <pctVal>5.342133841801</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ORANGE POLSKA SA</name>
                <lei>259400TOMPUOLS65II22</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PLTLKPL00017"/>
                </identifiers>
                <balance>8155</balance>
                <units>NS</units>
                <currencyConditional curCd="PLN" exchangeRt=".249647373"/>
                <valUSD>15008.47</valUSD>
                <pctVal>0.074211591933</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TELKOM INDONESIA PERSERO TBK PT</name>
                <lei>529900M5SQZAOKV1PC81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ID1000129000"/>
                </identifiers>
                <balance>1193800</balance>
                <units>NS</units>
                <currencyConditional curCd="IDR" exchangeRt=".000066313"/>
                <valUSD>294206.41</valUSD>
                <pctVal>1.454746955759</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ID</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CIA ENERGETICA DE MINAS GERAIS</name>
                <lei>254900W703PXLDSEM056</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRCMIGACNPR3"/>
                </identifiers>
                <balance>44500</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".211472376"/>
                <valUSD>119231.3</valUSD>
                <pctVal>0.589556735716</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MOL HUNGARIAN OIL  AND  GAS PLC</name>
                <lei>213800R83KX5FQFGXS67</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="HU0000153937"/>
                </identifiers>
                <balance>8827</balance>
                <units>NS</units>
                <currencyConditional curCd="HUF" exchangeRt=".002840718"/>
                <valUSD>69708.55</valUSD>
                <pctVal>0.344684199446</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KALBE FARMA TBK PT</name>
                <lei>529900PRQI8S32HOE387</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ID1000125107"/>
                </identifiers>
                <balance>567000</balance>
                <units>NS</units>
                <currencyConditional curCd="IDR" exchangeRt=".000066313"/>
                <valUSD>72077.72</valUSD>
                <pctVal>0.356398909691</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ID</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HYUNDAI MOBIS</name>
                <lei>988400HJA9E0ZVDHRS65</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7012330007"/>
                </identifiers>
                <balance>1492</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>272970.56</valUSD>
                <pctVal>1.349743165595</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JIANGSU EXPRESSWAY CO LTD</name>
                <lei>529900UWWTWZ6AKLYD43</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000003J5"/>
                </identifiers>
                <balance>38944</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>35668.66</valUSD>
                <pctVal>0.176368946384</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GRUPO MEXICO SAB DE CV</name>
                <lei>529900JWLZAYET2ZGW20</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MXP370841019"/>
                </identifiers>
                <balance>22000</balance>
                <units>NS</units>
                <currencyConditional curCd="MXN" exchangeRt=".059719319"/>
                <valUSD>114447.3</valUSD>
                <pctVal>0.565901542627</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MX</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SAMSUNG SECURITIES CO LTD</name>
                <lei>988400RBTJTHNUOHE716</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7016360000"/>
                </identifiers>
                <balance>2061</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>58100.11</valUSD>
                <pctVal>0.287284556960</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ZHEJIANG EXPRESSWAY</name>
                <lei>213800X1ZRKM85U9H438</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000004S4"/>
                </identifiers>
                <balance>26000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>20833.98</valUSD>
                <pctVal>0.103016684719</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SK TELECOM CO LTD</name>
                <lei>9884003WEA1PHW006037</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7017670001"/>
                </identifiers>
                <balance>349</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>12624.78</valUSD>
                <pctVal>0.062425085409</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EMPRESAS COPEC SA</name>
                <lei>549300Q3IDJYG6Z7PA50</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CLP7847L1080"/>
                </identifiers>
                <balance>10443</balance>
                <units>NS</units>
                <currencyConditional curCd="CLP" exchangeRt=".001191973"/>
                <valUSD>80101.44</valUSD>
                <pctVal>0.396073375804</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GRUPO FINANCIERO INBURSA SAB DE CV</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MXP370641013"/>
                </identifiers>
                <balance>64400</balance>
                <units>NS</units>
                <currencyConditional curCd="MXN" exchangeRt=".059719319"/>
                <valUSD>156836.79</valUSD>
                <pctVal>0.775502623493</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MX</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GRUPO FINANCIERO BANORTE SAB DE CV</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>P49501201</cusip>
                <identifiers>
                    <isin value="MXP370711014"/>
                </identifiers>
                <balance>22800</balance>
                <units>NS</units>
                <currencyConditional curCd="MXN" exchangeRt=".059719319"/>
                <valUSD>216194.92</valUSD>
                <pctVal>1.069007645756</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MX</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AKBANK TAS</name>
                <lei>789000TUMN63Z28TJ497</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TRAAKBNK91N6"/>
                </identifiers>
                <balance>105731</balance>
                <units>NS</units>
                <currencyConditional curCd="TRY" exchangeRt=".037115736"/>
                <valUSD>109644.49</valUSD>
                <pctVal>0.542153340722</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WOOLWORTHS HOLDINGS LTD/SOUTH AFRICA</name>
                <lei>37890095421E07184E97</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ZAE000063863"/>
                </identifiers>
                <balance>28863</balance>
                <units>NS</units>
                <currencyConditional curCd="ZAR" exchangeRt=".055916684"/>
                <valUSD>129113.86</valUSD>
                <pctVal>0.638422510173</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ZA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BANK NEGARA INDONESIA PERSERO TBK PT</name>
                <lei>549300HZ8J3MLVXQ8F85</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ID1000096605"/>
                </identifiers>
                <balance>225000</balance>
                <units>NS</units>
                <currencyConditional curCd="IDR" exchangeRt=".000066313"/>
                <valUSD>132414.13</valUSD>
                <pctVal>0.654741181598</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ID</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GUANGZHOU BAIYUNSHAN PHARMACEUTICAL HOLDINGS CO LTD</name>
                <lei>529900ROARJHMUIME057</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y2932P106</cusip>
                <identifiers>
                    <isin value="CNE100000387"/>
                </identifiers>
                <balance>8000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>23973.15</valUSD>
                <pctVal>0.118538773450</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ADVANTECH CO LTD</name>
                <lei>2549002OSTKE9HB9IY03</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002395001"/>
                </identifiers>
                <balance>14298</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>178119.33</valUSD>
                <pctVal>0.880737279243</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DELTA ELECTRONICS INC</name>
                <lei>529900UVZWNWGDLJSM52</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002308004"/>
                </identifiers>
                <balance>31000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>361383.69</valUSD>
                <pctVal>1.786914917620</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHUNGHWA TELECOM CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002412004"/>
                </identifiers>
                <balance>18420</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>68014.42</valUSD>
                <pctVal>0.336307323973</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KUNLUN ENERGY CO LTD</name>
                <lei>5299007GRIKP15GM4927</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BMG5320C1082"/>
                </identifiers>
                <balance>128000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>104403.76</valUSD>
                <pctVal>0.516239778833</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BANK CENTRAL ASIA TBK PT</name>
                <lei>254900BR956G2OHVOM21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ID1000109507"/>
                </identifiers>
                <balance>355800</balance>
                <units>NS</units>
                <currencyConditional curCd="IDR" exchangeRt=".000066313"/>
                <valUSD>215279.53</valUSD>
                <pctVal>1.064481364987</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ID</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>ORDINARY SHARES</title>
                <cusip>Y5945U103</cusip>
                <identifiers>
                    <isin value="TW0002454006"/>
                </identifiers>
                <balance>11434</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>251044.82</valUSD>
                <pctVal>1.241328112647</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INTERNATIONAL CONTAINER TERMINAL SERVICES INC</name>
                <lei>254900FU1MWK0I0Q4J61</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PHY411571011"/>
                </identifiers>
                <balance>33500</balance>
                <units>NS</units>
                <currencyConditional curCd="PHP" exchangeRt=".018206645"/>
                <valUSD>132340.37</valUSD>
                <pctVal>0.654376464406</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PETRONAS DAGANGAN BHD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MYL5681OO001"/>
                </identifiers>
                <balance>9700</balance>
                <units>NS</units>
                <currencyConditional curCd="MYR" exchangeRt=".221778665"/>
                <valUSD>49414.06</valUSD>
                <pctVal>0.244335102545</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MY</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNI-PRESIDENT ENTERPRISES CORP</name>
                <lei>254900DAXBDMVEXU5959</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0001216000"/>
                </identifiers>
                <balance>57000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>136575.82</valUSD>
                <pctVal>0.675319271172</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TECO ELECTRIC AND MACHINERY CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0001504009"/>
                </identifiers>
                <balance>8000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>13723.09</valUSD>
                <pctVal>0.067855841078</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNIVERSAL ROBINA CORP</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PHY9297P1004"/>
                </identifiers>
                <balance>24620</balance>
                <units>NS</units>
                <currencyConditional curCd="PHP" exchangeRt=".018206645"/>
                <valUSD>55051.27</valUSD>
                <pctVal>0.272209118228</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SANTANDER BANK POLSKA SA</name>
                <lei>259400LGXW3K0GDAG361</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PLBZ00000044"/>
                </identifiers>
                <balance>1089</balance>
                <units>NS</units>
                <currencyConditional curCd="PLN" exchangeRt=".249647373"/>
                <valUSD>108039.54</valUSD>
                <pctVal>0.534217428902</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EMBOTELLADORAS ARCA SA DE CV</name>
                <lei>254900U2BSJCQHJCXN24</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MX01AC100006"/>
                </identifiers>
                <balance>11800</balance>
                <units>NS</units>
                <currencyConditional curCd="MXN" exchangeRt=".059719319"/>
                <valUSD>118394.63</valUSD>
                <pctVal>0.585419697588</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MX</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FUBON FINANACIAL HOLDING CO</name>
                <lei>549300G7Y2TS2XNIB476</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002881000"/>
                </identifiers>
                <balance>86000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>179509.45</valUSD>
                <pctVal>0.887610932466</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LG ELECTRONICS INC</name>
                <lei>988400RMQFTGZIOG0609</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7066570003"/>
                </identifiers>
                <balance>1750</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>149017.6</valUSD>
                <pctVal>0.736839486109</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CTBC FINANCIAL HOLDING CO LTD</name>
                <lei>549300IWDYIFW6JXM387</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y15093100</cusip>
                <identifiers>
                    <isin value="TW0002891009"/>
                </identifiers>
                <balance>210000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>175409.29</valUSD>
                <pctVal>0.867337087045</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NAVER CORP</name>
                <lei>988400ULUQYDB2HQYJ61</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y6347M103</cusip>
                <identifiers>
                    <isin value="KR7035420009"/>
                </identifiers>
                <balance>732</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>130479.51</valUSD>
                <pctVal>0.645175167874</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FIRST FINANCIAL HOLDING CO LTD</name>
                <lei>529900BC1U046Q2GUZ64</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002892007"/>
                </identifiers>
                <balance>146000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".031820279"/>
                <valUSD>135086.07</valUSD>
                <pctVal>0.667952982731</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PEOPLE'S INSURANCE CO GROUP OF CHINA LTD/THE</name>
                <lei>3003000P2JHYHQ524P66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100001MK7"/>
                </identifiers>
                <balance>198000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>76043.69</valUSD>
                <pctVal>0.376009232879</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA LIFE INSURANCE CO LTD</name>
                <lei>549300J6TFLDXGH6S048</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000002L3"/>
                </identifiers>
                <balance>146540</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>256190.76</valUSD>
                <pctVal>1.266772971410</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CCR SA</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRCCROACNOR2"/>
                </identifiers>
                <balance>33100</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".211472376"/>
                <valUSD>93026.49</valUSD>
                <pctVal>0.459983190483</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ZIJIN MINING GROUP CO LTD</name>
                <lei>836800JRNL2393Z2I561</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000502"/>
                </identifiers>
                <balance>17607</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>30299.27</valUSD>
                <pctVal>0.149819206163</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WEICHAI POWER CO LTD</name>
                <lei>529900OKTPKBG85F9502</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000004L9"/>
                </identifiers>
                <balance>63371</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>93627.65</valUSD>
                <pctVal>0.462955714705</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA MENGNIU DAIRY CO LTD</name>
                <lei>2549005Q343BSJ8RSS21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG210961051"/>
                </identifiers>
                <balance>41220</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>156478.37</valUSD>
                <pctVal>0.773730362978</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TENCENT HOLDINGS LTD</name>
                <lei>254900N4SLUMW4XUYY11</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G87572163</cusip>
                <identifiers>
                    <isin value="KYG875721634"/>
                </identifiers>
                <balance>17588</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>807251.65</valUSD>
                <pctVal>3.991574759941</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</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 CO OF CHINA LTD</name>
                <lei>529900M9MC28JLN35U89</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000003X6"/>
                </identifiers>
                <balance>57302</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>416903.16</valUSD>
                <pctVal>2.061439119754</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ZTE CORP</name>
                <lei>3003004FBGVVG1CW5U45</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000004Y2"/>
                </identifiers>
                <balance>31600</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>115054.8</valUSD>
                <pctVal>0.568905415913</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</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>ORDINARY SHARES</title>
                <cusip>Y29975102</cusip>
                <identifiers>
                    <isin value="KR7086790003"/>
                </identifiers>
                <balance>6629</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000784529"/>
                <valUSD>204515.48</valUSD>
                <pctVal>1.011256933306</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EMIRATES TELECOMMUNICATIONS GROUP CO PJSC</name>
                <lei>529900XDPQPWEQ9BGB80</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AEE000401019"/>
                </identifiers>
                <balance>42284</balance>
                <units>NS</units>
                <currencyConditional curCd="AED" exchangeRt=".272264423"/>
                <valUSD>257851.07</valUSD>
                <pctVal>1.274982618909</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA NATIONAL BUILDING MATERIAL CO LTD</name>
                <lei>52990085PGF8YEPLBZ26</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000002N9"/>
                </identifiers>
                <balance>122000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>76437.59</valUSD>
                <pctVal>0.377956929484</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BANK OF CHINA LTD</name>
                <lei>54930053HGCFWVHYZX42</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000001Z5"/>
                </identifiers>
                <balance>550000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128223211"/>
                <valUSD>204108.54</valUSD>
                <pctVal>1.009244758499</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CN</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM INVESTMENT FUNDS-PUTNAM GOVERNMENT MONEY MARKET FUND</name>
                <lei>549300SEUI2XMME8T893</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74680A869</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="1823199"/>
                </identifiers>
                <balance>56164</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>56164</valUSD>
                <pctVal>0.277711175712</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND</name>
                <lei>N/A</lei>
                <title>STOCK UNIT</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TH5097010018"/>
                </identifiers>
                <balance>33400</balance>
                <units>OU</units>
                <currencyConditional curCd="THB" exchangeRt=".029215207"/>
                <valUSD>9757.88</valUSD>
                <pctVal>0.048249275822</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <explntrNotes>
            <explntrNote note="Monthly total returns provided exclude any applicable sales loads or redemption fees. " noteItem="B.5.a"/>
            <explntrNote note="For certain swaptions, if any, the value provided may include any unpaid or received premium and as a result may be a negative value." noteItem="C.2.c"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either received or paid, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.1"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either paid or received, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.2"/>
        </explntrNotes>
        <signature>
            <ncom:dateSigned>2023-09-25</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
