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                <cusip>88557W101</cusip>
                <identifiers>
                    <isin value="US88557W1018"/>
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                <balance>5654</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>231983.62</valUSD>
                <pctVal>0.537386260523</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>KE HOLDINGS INC</name>
                <lei>254900RHVY072XPAZE03</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="US4824971042"/>
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                <balance>34225</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>694767.5</valUSD>
                <pctVal>1.609417547488</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>GOLD FIELDS LTD</name>
                <lei>5299003KXIBJQYCBBD72</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>38059T106</cusip>
                <identifiers>
                    <isin value="US38059T1060"/>
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                <balance>27385</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>617257.9</valUSD>
                <pctVal>1.429867827130</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>INFOSYS LTD</name>
                <lei>335800TYLGG93MM7PR89</lei>
                <title>COMMON STOCK - ADR</title>
                <cusip>456788108</cusip>
                <identifiers>
                    <isin value="US4567881085"/>
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                <balance>49570</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>872432</valUSD>
                <pctVal>2.020974455182</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>
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            </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"/>
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                <balance>528200</balance>
                <units>NS</units>
                <currencyConditional curCd="THB" exchangeRt=".029935638"/>
                <valUSD>379488.1</valUSD>
                <pctVal>0.879077975298</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>
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            </invstOrSec>
            <invstOrSec>
                <name>PTT PUBLIC COMPANY LIMITED</name>
                <lei>549300QOGMPTKB6W7G56</lei>
                <title>GLOBAL DEPOSITORY RECEIPT</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TH0646010R18"/>
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                <balance>357400</balance>
                <units>NS</units>
                <currencyConditional curCd="THB" exchangeRt=".029935638"/>
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                <pctVal>0.768305603976</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>
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            </invstOrSec>
            <invstOrSec>
                <name>HAITIAN INTERNATIONAL HOLDINGS LTD</name>
                <lei>30030093DDRS825TVP62</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG4232C1087"/>
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                <balance>53000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>122597.86</valUSD>
                <pctVal>0.283995937013</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>CMOC GROUP LTD</name>
                <lei>2549008KG3638J59U652</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000114"/>
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                <balance>372000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>292588.58</valUSD>
                <pctVal>0.677776658878</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>POWER GRID CORP OF INDIA LTD</name>
                <lei>3358009SHWZ3DZEQ4Z56</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE752E01010"/>
                </identifiers>
                <balance>207569</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>755377.09</valUSD>
                <pctVal>1.749818671162</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>SIME DARBY BHD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MYL4197OO009"/>
                </identifiers>
                <balance>109600</balance>
                <units>NS</units>
                <currencyConditional curCd="MYR" exchangeRt=".23174971"/>
                <valUSD>52831.52</valUSD>
                <pctVal>0.122383351767</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MY</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BAJAJ AUTO LTD</name>
                <lei>335800DLAO5NCNN8G863</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE917I01010"/>
                </identifiers>
                <balance>4663</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>443208.19</valUSD>
                <pctVal>1.026684521335</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>KB FINANCIAL GROUP INC</name>
                <lei>529900TKE4MXG3Q6GW86</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7105560007"/>
                </identifiers>
                <balance>9668</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>613474.22</valUSD>
                <pctVal>1.421102994311</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CELLTRION INC</name>
                <lei>988400JFZG785WJX3D68</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7068270008"/>
                </identifiers>
                <balance>5999</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>680716.64</valUSD>
                <pctVal>1.576868960168</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>POWSZECHNY ZAKLAD UBEZPIECZEN SA</name>
                <lei>QLPCKOOKVX32FUELX240</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PLPZU0000011"/>
                </identifiers>
                <balance>41483</balance>
                <units>NS</units>
                <currencyConditional curCd="PLN" exchangeRt=".264560763"/>
                <valUSD>645755.71</valUSD>
                <pctVal>1.495882537777</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>SHANGHAI PHARMACEUTICALS HOLDING CO LTD</name>
                <lei>30030029J1KKCBY19820</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000012B3"/>
                </identifiers>
                <balance>80800</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>110642.12</valUSD>
                <pctVal>0.256300660896</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>SAMSUNG SDS CO LTD</name>
                <lei>988400G19T2TB4CAWX91</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7018260000"/>
                </identifiers>
                <balance>2990</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>270078.09</valUSD>
                <pctVal>0.625631477060</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SAMSUNG C AND T CORP</name>
                <lei>988400GFRE4IDFPE9E64</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7028260008"/>
                </identifiers>
                <balance>5531</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>476253.53</valUSD>
                <pctVal>1.103233510830</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SHANDONG NANSHAN ALUMINUM CO LTD</name>
                <lei>836800YU5J3RT2VPUO65</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000001139"/>
                </identifiers>
                <balance>92900</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>46687.92</valUSD>
                <pctVal>0.108151802875</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>INNER MONGOLIA YILI INDUSTRIAL GROUP CO LTD</name>
                <lei>3003002Q2A863JPQFH06</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000000JP5"/>
                </identifiers>
                <balance>32201</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>131946.6</valUSD>
                <pctVal>0.305652140279</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>INDUSTRIAL BANK CO LTD</name>
                <lei>300300C1030935001303</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000001QZ7"/>
                </identifiers>
                <balance>90939</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>261317.53</valUSD>
                <pctVal>0.605337783141</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>UNIVERSAL SCIENTIFIC INDUSTRIAL SHANGHAI CO LTD</name>
                <lei>655600ZQ6P2GFIBK8C07</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100001BZ8"/>
                </identifiers>
                <balance>18400</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>35037.73</valUSD>
                <pctVal>0.081164328335</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>ZHEJIANG CHINA COMMODITIES CIT</name>
                <lei>300300UELW04DCUGGZ27</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000001BC8"/>
                </identifiers>
                <balance>41000</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>86541</valUSD>
                <pctVal>0.200470810706</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>SHANGHAI PUDONG DEVELOPMENT BANK CO LTD</name>
                <lei>300300C1031031001330</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000011B7"/>
                </identifiers>
                <balance>72500</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>109406.84</valUSD>
                <pctVal>0.253439154985</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>BAOSHAN IRON  AND  STEEL CO LTD</name>
                <lei>300300PYAP4PEHORZT21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000015R4"/>
                </identifiers>
                <balance>41900</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>39460.81</valUSD>
                <pctVal>0.091410320794</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>SANY HEAVY INDUSTRY CO LTD</name>
                <lei>3003001FS86S7NYOHV89</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000001F70"/>
                </identifiers>
                <balance>44822</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>116578.67</valUSD>
                <pctVal>0.270052581851</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>NINGBO SANXING MEDICAL ELECTRIC CO LTD</name>
                <lei>300300F7H3O0GJJG4V34</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100001567"/>
                </identifiers>
                <balance>6200</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>21853.83</valUSD>
                <pctVal>0.050624039671</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>HUATAI SECURITIES CO LTD</name>
                <lei>3003009ABT0UCWO79Q77</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000LQ8"/>
                </identifiers>
                <balance>26300</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>58120.15</valUSD>
                <pctVal>0.134634376641</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>MARICO LTD</name>
                <lei>3358003SFDQFGJPC5O84</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE196A01026"/>
                </identifiers>
                <balance>37622</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>316375.04</valUSD>
                <pctVal>0.732877604326</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>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=".128939089"/>
                <valUSD>65539.74</valUSD>
                <pctVal>0.151821735493</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>MONETA MONEY BANK AS</name>
                <lei>I6USJ58BDV2BO5KP3C31</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CZ0008040318"/>
                </identifiers>
                <balance>8087</balance>
                <units>NS</units>
                <currencyConditional curCd="CZK" exchangeRt=".045396562"/>
                <valUSD>49708.32</valUSD>
                <pctVal>0.115148510062</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CZ</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BID CORP LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ZAE000216537"/>
                </identifiers>
                <balance>17030</balance>
                <units>NS</units>
                <currencyConditional curCd="ZAR" exchangeRt=".053759828"/>
                <valUSD>428010.21</valUSD>
                <pctVal>0.991478649301</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>BOC AVIATION LTD</name>
                <lei>254900H06V5RMEB3KE72</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SG9999015267"/>
                </identifiers>
                <balance>10100</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>75858.09</valUSD>
                <pctVal>0.175724024461</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SG</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA RESOURCES PHARMACEUTICAL GROUP LTD</name>
                <lei>3003004H1KDKMJ8JD874</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="HK0000311099"/>
                </identifiers>
                <balance>59000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>37276.29</valUSD>
                <pctVal>0.086349915952</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>HD HYUNDAI CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7267250009"/>
                </identifiers>
                <balance>3349</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>185414.21</valUSD>
                <pctVal>0.429508984124</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WUXI BIOLOGICS CAYMAN INC</name>
                <lei>5493001TD2TH6VDTJU11</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG970081173"/>
                </identifiers>
                <balance>69500</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>204316.88</valUSD>
                <pctVal>0.473296709935</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>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=".137687944"/>
                <valUSD>13803.77</valUSD>
                <pctVal>0.031976207378</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>CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO LTD</name>
                <lei>300300T3ACALX7NIPW13</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100002FC6"/>
                </identifiers>
                <balance>61200</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>77102.49</valUSD>
                <pctVal>0.178606656703</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>GREE ELECTRIC APPLIANCES INC OF ZHUHAI</name>
                <lei>655600UY069MU9JRAN62</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000001D4"/>
                </identifiers>
                <balance>8000</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>50184.5</valUSD>
                <pctVal>0.116251573241</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>GUOSEN SECURITIES CO LTD</name>
                <lei>254900SSGIWSMEOHDN82</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100001WS9"/>
                </identifiers>
                <balance>19700</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>29484.36</valUSD>
                <pctVal>0.068300037582</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>VIBRA ENERGIA SA</name>
                <lei>549300U7VLJ3SYVNY689</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRVBBRACNOR1"/>
                </identifiers>
                <balance>71000</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".176206796"/>
                <valUSD>235200.83</valUSD>
                <pctVal>0.544838874855</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>5100</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>40215.48</valUSD>
                <pctVal>0.093158501503</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>XIAOMI CORP</name>
                <lei>2549001ACVFAZRNMKL32</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG9830T1067"/>
                </identifiers>
                <balance>103600</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>667236.58</valUSD>
                <pctVal>1.545642621709</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>HENGLI PETROCHEMICAL CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000018V0"/>
                </identifiers>
                <balance>45300</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>95367.76</valUSD>
                <pctVal>0.220917855842</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>MEITUAN</name>
                <lei>21380033K525E5JLIA77</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG596691041"/>
                </identifiers>
                <balance>26200</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>440180</valUSD>
                <pctVal>1.019669768741</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>FOXCONN INDUSTRIAL INTERNET CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000031P3"/>
                </identifiers>
                <balance>39810</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>98993.31</valUSD>
                <pctVal>0.229316383104</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>JIANGSU YUYUE MEDICAL EQUIPMENT  AND  SUPPLY CO LTD</name>
                <lei>8368009VDA1C3G87FP95</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000009X3"/>
                </identifiers>
                <balance>8800</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>41753.59</valUSD>
                <pctVal>0.096721508154</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>ZHEJIANG DINGLI MACHINERY CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000023M7"/>
                </identifiers>
                <balance>2600</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>15565.35</valUSD>
                <pctVal>0.036056878629</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>GRG BANKING EQUIPMENT CO LTD</name>
                <lei>836800SWXACTDG5DWE68</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100000650"/>
                </identifiers>
                <balance>12500</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>21238.37</valUSD>
                <pctVal>0.049198336649</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>IEIT SYSTEMS CO LTD</name>
                <lei>3003002K6ZLEBRGRI729</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE0000012M2"/>
                </identifiers>
                <balance>8600</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>60212.31</valUSD>
                <pctVal>0.139480831053</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>SINOTRANS LIMITED</name>
                <lei>5299005U1RZLKVFWR249</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE100003GS8"/>
                </identifiers>
                <balance>13100</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>8459.41</valUSD>
                <pctVal>0.019596084871</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>ENN NATURAL GAS CO LTD</name>
                <lei>300300KVDMGNQNP52Z98</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE000000DG7"/>
                </identifiers>
                <balance>10100</balance>
                <units>NS</units>
                <currencyConditional curCd="CNY" exchangeRt=".137687944"/>
                <valUSD>27479.21</valUSD>
                <pctVal>0.063655140410</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>TIM SA/BRAZIL</name>
                <lei>529900QI0CH1DN5ZCS77</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRTIMSACNOR5"/>
                </identifiers>
                <balance>64300</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".176206796"/>
                <valUSD>214705.34</valUSD>
                <pctVal>0.497361407572</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>POP MART INTERNATIONAL GROUP LTD</name>
                <lei>9845000A05E8F937E337</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG7170M1033"/>
                </identifiers>
                <balance>29800</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>744654.19</valUSD>
                <pctVal>1.724979248737</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>KUAISHOU TECHNOLOGY</name>
                <lei>300300FCDZBE6UP9ED24</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG532631028"/>
                </identifiers>
                <balance>28500</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>189617.82</valUSD>
                <pctVal>0.439246577919</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>CSN MINERACAO SA</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRCMINACNOR2"/>
                </identifiers>
                <balance>55000</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".176206796"/>
                <valUSD>59505.04</valUSD>
                <pctVal>0.137842451669</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>ARABIAN INTERNET  AND  COMMUNICATIONS SERVICES CO</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SA15CIBJGH12"/>
                </identifiers>
                <balance>2049</balance>
                <units>NS</units>
                <currencyConditional curCd="SAR" exchangeRt=".266599128"/>
                <valUSD>156449.33</valUSD>
                <pctVal>0.362412313464</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ANGLOGOLD ASHANTI PLC</name>
                <lei>2138005YDSA7A82RNU96</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G0378L100</cusip>
                <identifiers>
                    <isin value="GB00BRXH2664"/>
                </identifiers>
                <balance>13335</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>562203.6</valUSD>
                <pctVal>1.302335441858</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AMERICA MOVIL SAB DE CV</name>
                <lei>5493000FNR3UCEAONM59</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MX01AM050019"/>
                </identifiers>
                <balance>439100</balance>
                <units>NS</units>
                <currencyConditional curCd="MXN" exchangeRt=".05099309"/>
                <valUSD>378856.84</valUSD>
                <pctVal>0.877615671836</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>ASUSTEK COMPUTER INC</name>
                <lei>254900B3WB4OGRB7HM13</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002357001"/>
                </identifiers>
                <balance>35394</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>641857.24</valUSD>
                <pctVal>1.486851795800</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD</name>
                <lei>549300KB6NK5SBD14S87</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002330008"/>
                </identifiers>
                <balance>126760</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>3598726.82</valUSD>
                <pctVal>8.336391804057</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA RESOURCES LAND LTD</name>
                <lei>5299001HL0TU7X15HK51</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG2108Y1052"/>
                </identifiers>
                <balance>206000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>697238.12</valUSD>
                <pctVal>1.615140698300</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TELEKOM MALAYSIA BHD</name>
                <lei>254900SNFPTSDGGVEK77</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MYL4863OO006"/>
                </identifiers>
                <balance>101300</balance>
                <units>NS</units>
                <currencyConditional curCd="MYR" exchangeRt=".23174971"/>
                <valUSD>159638.47</valUSD>
                <pctVal>0.369799904101</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>MY</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LENOVO GROUP LTD</name>
                <lei>254900VUZRGD5U73RE46</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y5257Y107</cusip>
                <identifiers>
                    <isin value="HK0992009065"/>
                </identifiers>
                <balance>441065</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>511265.97</valUSD>
                <pctVal>1.184339255293</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>NASPERS LTD</name>
                <lei>21380044BQ8812EEKT59</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ZAE000325783"/>
                </identifiers>
                <balance>1294</balance>
                <units>NS</units>
                <currencyConditional curCd="ZAR" exchangeRt=".053759828"/>
                <valUSD>340333.22</valUSD>
                <pctVal>0.788376336345</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>20842</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>813739.71</valUSD>
                <pctVal>1.885014725591</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>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=".264560763"/>
                <valUSD>20923.37</valUSD>
                <pctVal>0.048468644303</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>KALBE FARMA TBK PT</name>
                <lei>529900PRQI8S32HOE387</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ID1000125107"/>
                </identifiers>
                <balance>1870000</balance>
                <units>NS</units>
                <currencyConditional curCd="IDR" exchangeRt=".000060241"/>
                <valUSD>153768.07</valUSD>
                <pctVal>0.356201218539</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ID</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>RELIANCE INDUSTRIES LTD</name>
                <lei>5493003UOETFYRONLG31</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE002A01018"/>
                </identifiers>
                <balance>1659</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>27589.86</valUSD>
                <pctVal>0.063911459325</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>PLDT INC</name>
                <lei>254900ADE8GQHM5P2648</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PHY7072Q1032"/>
                </identifiers>
                <balance>6065</balance>
                <units>NS</units>
                <currencyConditional curCd="PHP" exchangeRt=".0179035"/>
                <valUSD>141160.15</valUSD>
                <pctVal>0.326995178122</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GRUPO MEXICO SAB DE CV</name>
                <lei>529900JWLZAYET2ZGW20</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="MXP370841019"/>
                </identifiers>
                <balance>55900</balance>
                <units>NS</units>
                <currencyConditional curCd="MXN" exchangeRt=".05099309"/>
                <valUSD>290467.35</valUSD>
                <pctVal>0.672862864285</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>SANLAM LTD</name>
                <lei>37890014418406D9FC23</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ZAE000070660"/>
                </identifiers>
                <balance>93483</balance>
                <units>NS</units>
                <currencyConditional curCd="ZAR" exchangeRt=".053759828"/>
                <valUSD>424665.73</valUSD>
                <pctVal>0.983731216096</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>BANCO SANTANDER</name>
                <lei>3YJP8HORPAEXJ80D6368</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CLP1506A1070"/>
                </identifiers>
                <balance>2720417</balance>
                <units>NS</units>
                <currencyConditional curCd="CLP" exchangeRt=".001056089"/>
                <valUSD>164479.37</valUSD>
                <pctVal>0.381013769754</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>TELEFONICA BRASIL SA</name>
                <lei>529900MTGG2HSDBIWG79</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRVIVTACNOR0"/>
                </identifiers>
                <balance>44800</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".176206796"/>
                <valUSD>219376.05</valUSD>
                <pctVal>0.508181030875</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>GRUPO AEROPORTUARIO DEL SURESTE SAB DE CV</name>
                <lei>5299001W7JIDXCUOUC82</lei>
                <title>ORDINARY SHARES</title>
                <cusip>P4950Y118</cusip>
                <identifiers>
                    <isin value="MXP001661018"/>
                </identifiers>
                <balance>11955</balance>
                <units>NS</units>
                <currencyConditional curCd="MXN" exchangeRt=".05099309"/>
                <valUSD>378703.53</valUSD>
                <pctVal>0.877260531729</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>FALABELLA SA</name>
                <lei>5493004CKJQ7H391LM41</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CLP3880F1085"/>
                </identifiers>
                <balance>64410</balance>
                <units>NS</units>
                <currencyConditional curCd="CLP" exchangeRt=".001056089"/>
                <valUSD>292470.34</valUSD>
                <pctVal>0.677502757852</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>JIANGXI COPPER CO LTD</name>
                <lei>3003002E74YFQ6MEZY56</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000003K3"/>
                </identifiers>
                <balance>4000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>6735.78</valUSD>
                <pctVal>0.015603324174</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>REALTEK SEMICONDUCTOR CORP</name>
                <lei>5299002E7F36O00MYY75</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002379005"/>
                </identifiers>
                <balance>34000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>557045.93</valUSD>
                <pctVal>1.290387783682</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HDFC BANK LTD</name>
                <lei>335800ZQ6I4E2JXENC50</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y3119P174</cusip>
                <identifiers>
                    <isin value="INE040A01034"/>
                </identifiers>
                <balance>19859</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>452496.19</valUSD>
                <pctVal>1.048200021385</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>ICICI BANK LTD</name>
                <lei>R7RX8ER1V4666J8D1I38</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y38574110</cusip>
                <identifiers>
                    <isin value="INE090A01021"/>
                </identifiers>
                <balance>16050</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>271097.7</valUSD>
                <pctVal>0.627993386944</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>BHARAT ELECTRONICS LTD</name>
                <lei>335800HS8AOTM9W1F335</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE263A01024"/>
                </identifiers>
                <balance>225915</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>839923.67</valUSD>
                <pctVal>1.945669440567</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>PIDILITE INDUSTRIES LTD</name>
                <lei>335800APXGEBZ349GN74</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE318A01026"/>
                </identifiers>
                <balance>7848</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>281829.9</valUSD>
                <pctVal>0.652854352667</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>DELTA ELECTRONICS INC</name>
                <lei>529900UVZWNWGDLJSM52</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002308004"/>
                </identifiers>
                <balance>65733</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>685425.24</valUSD>
                <pctVal>1.587776355036</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HCL TECHNOLOGIES LTD</name>
                <lei>549300C1F8OLYSOQYB65</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y3121G147</cusip>
                <identifiers>
                    <isin value="INE860A01027"/>
                </identifiers>
                <balance>37688</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>699258.02</valUSD>
                <pctVal>1.619819763604</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>BANK CENTRAL ASIA TBK PT</name>
                <lei>254900BR956G2OHVOM21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y7123P104</cusip>
                <identifiers>
                    <isin value="ID1000109507"/>
                </identifiers>
                <balance>1454200</balance>
                <units>NS</units>
                <currencyConditional curCd="IDR" exchangeRt=".000060241"/>
                <valUSD>773091.27</valUSD>
                <pctVal>1.790853279332</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ID</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHINA RESOURCES GAS GROUP LTD</name>
                <lei>529900A0E1J5JSOKEK83</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G5556J108</cusip>
                <identifiers>
                    <isin value="BMG2113B1081"/>
                </identifiers>
                <balance>64200</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>179630.2</valUSD>
                <pctVal>0.416110419585</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNI-PRESIDENT ENTERPRISES CORP</name>
                <lei>254900DAXBDMVEXU5959</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0001216000"/>
                </identifiers>
                <balance>291000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>698771.22</valUSD>
                <pctVal>1.618692099368</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HERO MOTOCORP LTD</name>
                <lei>335800Q49FBMZJTRLK49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y3179Z146</cusip>
                <identifiers>
                    <isin value="INE158A01026"/>
                </identifiers>
                <balance>7268</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>329265.01</valUSD>
                <pctVal>0.762737008953</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>FUBON FINANACIAL HOLDING CO</name>
                <lei>549300G7Y2TS2XNIB476</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002881000"/>
                </identifiers>
                <balance>203350</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>535984.9</valUSD>
                <pctVal>1.241600252241</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FAR EASTONE TELECOMMUNICATIONS</name>
                <lei>529900L7W7BWDLVZL253</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0004904008"/>
                </identifiers>
                <balance>126000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>337623.11</valUSD>
                <pctVal>0.782098410866</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>E SUN FINANCIAL HOLDINGS CO LT</name>
                <lei>549300X6CNQE512OPC90</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="TW0002884004"/>
                </identifiers>
                <balance>793000</balance>
                <units>NS</units>
                <currencyConditional curCd="TWD" exchangeRt=".03126661"/>
                <valUSD>701682.14</valUSD>
                <pctVal>1.625435197926</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>TW</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COWAY CO LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KR7021240007"/>
                </identifiers>
                <balance>4083</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>251902.29</valUSD>
                <pctVal>0.583527533712</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BHARTI AIRTEL LTD</name>
                <lei>335800KQ1FPKOQ84OR26</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y0885K108</cusip>
                <identifiers>
                    <isin value="INE397D01024"/>
                </identifiers>
                <balance>11985</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>264500.95</valUSD>
                <pctVal>0.612712123491</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>BYD CO LTD</name>
                <lei>5299005557VL7ULJ7A69</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y1023R104</cusip>
                <identifiers>
                    <isin value="CNE100000296"/>
                </identifiers>
                <balance>5000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>238666.25</valUSD>
                <pctVal>0.552866463591</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>NAVER CORP</name>
                <lei>988400ULUQYDB2HQYJ61</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y6347M103</cusip>
                <identifiers>
                    <isin value="KR7035420009"/>
                </identifiers>
                <balance>2786</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>392960.25</valUSD>
                <pctVal>0.910285990372</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KOTAK MAHINDRA BANK LTD</name>
                <lei>335800E6GTTXKHXE2I75</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE237A01028"/>
                </identifiers>
                <balance>34295</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>896347.4</valUSD>
                <pctVal>2.076374088030</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>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>692000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>409546.65</valUSD>
                <pctVal>0.948708114621</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>CHINA MENGNIU DAIRY CO LTD</name>
                <lei>2549005Q343BSJ8RSS21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="KYG210961051"/>
                </identifiers>
                <balance>167000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>418167.52</valUSD>
                <pctVal>0.968678218940</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>TENCENT HOLDINGS LTD</name>
                <lei>254900N4SLUMW4XUYY11</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G87572163</cusip>
                <identifiers>
                    <isin value="KYG875721634"/>
                </identifiers>
                <balance>33788</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>2078966.63</valUSD>
                <pctVal>4.815892186904</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>PETRONET LNG LTD</name>
                <lei>335800KIIKNA7GRD9351</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="INE347G01014"/>
                </identifiers>
                <balance>34130</balance>
                <units>NS</units>
                <currencyConditional curCd="INR" exchangeRt=".011836596"/>
                <valUSD>126749.67</valUSD>
                <pctVal>0.293613536955</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>CHINA CONSTRUCTION BANK CORP</name>
                <lei>5493001KQW6DM7KEDR62</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CNE1000002H1"/>
                </identifiers>
                <balance>607000</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128939089"/>
                <valUSD>499337.25</valUSD>
                <pctVal>1.156706570564</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>HANA FINANCIAL GROUP INC</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y29975102</cusip>
                <identifiers>
                    <isin value="KR7086790003"/>
                </identifiers>
                <balance>16425</balance>
                <units>NS</units>
                <currencyConditional curCd="KRW" exchangeRt=".000703482"/>
                <valUSD>745277.88</valUSD>
                <pctVal>1.726424016418</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>KR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SAUDI TELECOM CO</name>
                <lei>21380028ATJ79OTA9W17</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SA0007879543"/>
                </identifiers>
                <balance>77131</balance>
                <units>NS</units>
                <currencyConditional curCd="SAR" exchangeRt=".266599128"/>
                <valUSD>978801.53</valUSD>
                <pctVal>2.267377731242</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CO FOR COOPERATIVE INSURANCE/THE</name>
                <lei>549300J2GTNKWJRJ8581</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SA000A0DPSH3"/>
                </identifiers>
                <balance>3939</balance>
                <units>NS</units>
                <currencyConditional curCd="SAR" exchangeRt=".266599128"/>
                <valUSD>145758.59</valUSD>
                <pctVal>0.337647389153</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ABU DHABI COMMERCIAL BANK PJSC</name>
                <lei>213800RWVKKIRX1AUH58</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AEA000201011"/>
                </identifiers>
                <balance>217186</balance>
                <units>NS</units>
                <currencyConditional curCd="AED" exchangeRt=".272253304"/>
                <valUSD>688268.62</valUSD>
                <pctVal>1.594362998289</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALDAR PROPERTIES PJSC</name>
                <lei>98450048CD8AEF13B480</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AEA002001013"/>
                </identifiers>
                <balance>344609</balance>
                <units>NS</units>
                <currencyConditional curCd="AED" exchangeRt=".272253304"/>
                <valUSD>774960.96</valUSD>
                <pctVal>1.795184385629</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CIA PARANAENSE DE ENERGIA - COPEL</name>
                <lei>2549001AS1I9A71VG663</lei>
                <title>PREFERRED</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BRCPLEACNPB9"/>
                </identifiers>
                <balance>41300</balance>
                <units>NS</units>
                <currencyConditional curCd="BRL" exchangeRt=".176206796"/>
                <valUSD>83907.74</valUSD>
                <pctVal>0.194370906996</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EP</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>PUTNAM INVESTMENT FUNDS-PUTNAM GOVERNMENT MONEY MARKET FUND</name>
                <lei>549300SEUI2XMME8T893</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74680A869</cusip>
                <identifiers>
                    <isin value="US74680A8696"/>
                </identifiers>
                <balance>74420</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>74420</valUSD>
                <pctVal>0.172392712503</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>
        </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>2025-06-18</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
            <ncom:signature>Kevin R Blatchford</ncom:signature>
            <ncom:signerName>Kevin R Blatchford</ncom:signerName>
            <ncom:title>Assistant Treasurer</ncom:title>
        </signature>
    </formData>
</edgarSubmission>
