<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001969674</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000095128</seriesId>
        <classId>C000263751</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>2023 ETF Series Trust</regName>
      <regFileNumber>811-23883</regFileNumber>
      <regCik>0001969674</regCik>
      <regLei>5493000L2E3DBUPMOK03</regLei>
      <regStreet1>234 West Florida Street</regStreet1>
      <regStreet2>Suite 203</regStreet2>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53204</regZipOrPostalCode>
      <regPhone>262-267-4589</regPhone>
      <seriesName>Pictet Emerging Markets Rising Economies ETF</seriesName>
      <seriesId>S000095128</seriesId>
      <seriesLei>213800SHLA7ZCN55VL53</seriesLei>
      <repPdEnd>2026-09-30</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>21289509.13</totAssets>
      <totLiabs>232367.25</totLiabs>
      <netAssets>21057141.88</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>535028.97000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000263751" rtn1="-3.39000000" rtn2="-1.98000000" rtn3="-3.31000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-7788.87000000" netUnrealizedAppr="-358774.31000000"/>
        <othMon2 netRealizedGain="-10975.65000000" netUnrealizedAppr="-524139.10000000"/>
        <othMon3 netRealizedGain="-107302.01000000" netUnrealizedAppr="-653483.61000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="22663310.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>PAN AFRICAN RESOURCES PL /GBP/</name>
        <lei>213800EAXURCXMX6RL85</lei>
        <title>PAN AFRICAN RESOURCES PLC /GBP/ 0.00000000</title>
        <cusip>G6882W102</cusip>
        <identifiers>
          <isin value="GB0004300496"/>
        </identifiers>
        <balance>31602.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75343759"/>
        <valUSD>40056.28000000</valUSD>
        <pctVal>0.190226575991</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>COMPANHIA PARANAENSE DE  /BRL/</name>
        <lei>2549001AS1I9A71VG663</lei>
        <title>COMPANHIA PARANAENSE DE ENER /BRL/ 0.00000000</title>
        <cusip>P30557105</cusip>
        <identifiers>
          <isin value="BRCPLEACNOR8"/>
        </identifiers>
        <balance>39316.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>114090.42000000</valUSD>
        <pctVal>0.541813417272</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 FINANCIERO BANORTE /MXN/</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO BANORTE-O /MXN/ 0.00000000</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
        </identifiers>
        <balance>65214.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.47375000"/>
        <valUSD>691187.23000000</valUSD>
        <pctVal>3.282436115684</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>INDUSTRIAS PENOLES SAB DE CV /MXN/</name>
        <lei>549300WA2HB7776CB324</lei>
        <title>INDUSTRIAS PENOLES SAB DE CV /MXN/ 0.00000000</title>
        <cusip>P55409141</cusip>
        <identifiers>
          <isin value="MXP554091415"/>
        </identifiers>
        <balance>4730.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.47375000"/>
        <valUSD>206616.31000000</valUSD>
        <pctVal>0.981217257201</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>MARCOPOLO SA-PREF /BRL/</name>
        <lei>254900XL58LF2D2QUX37</lei>
        <title>MARCOPOLO SA-PREF /BRL/ 0.00000000</title>
        <cusip>P64331112</cusip>
        <identifiers>
          <isin value="BRPOMOACNPR7"/>
        </identifiers>
        <balance>265000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>306678.00000000</valUSD>
        <pctVal>1.456408480066</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>PETROBRAS - PETROLEO BRA /BRL/</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>PETROBRAS - PETROLEO BRAS-PR /BRL/ 0.00000000</title>
        <cusip>P78331140</cusip>
        <identifiers>
          <isin value="BRPETRACNPR6"/>
        </identifiers>
        <balance>54987.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>401570.46000000</valUSD>
        <pctVal>1.907051119703</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>FIRST TRUST INDIA NIFTY 50 E</name>
        <lei>N/A</lei>
        <title>FIRST TRUST INDIA NIFTY 50 EQUAL WEIGHT ETF CL USD INC 0.00000000</title>
        <cusip>33737J802</cusip>
        <identifiers>
          <isin value="US33737J8027"/>
        </identifiers>
        <balance>19511.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1049594.25000000</valUSD>
        <pctVal>4.984504810678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRANKLIN FTSE INDIA ETF</name>
        <lei>N/A</lei>
        <title>FRANKLIN FTSE INDIA ETF CL USD INC 0.00000000</title>
        <cusip>35473P769</cusip>
        <identifiers>
          <isin value="US35473P7693"/>
        </identifiers>
        <balance>29685.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1055895.45000000</valUSD>
        <pctVal>5.014429099719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HDFC BANK LTD-ADR</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LTD-ADR 0.00000000</title>
        <cusip>40415F101</cusip>
        <identifiers>
          <isin value="US40415F1012"/>
        </identifiers>
        <balance>22623.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>584352.09000000</valUSD>
        <pctVal>2.775077896753</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>INFOSYS LIMITED</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>INFOSYS LIMITED 0.00000000</title>
        <cusip>456788108</cusip>
        <identifiers>
          <isin value="US4567881085"/>
        </identifiers>
        <balance>46734.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>490239.66000000</valUSD>
        <pctVal>2.328139606000</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>ISHARES INDIA 50 ETF</name>
        <lei>N/A</lei>
        <title>ISHARES INDIA 50 ETF CL USD INC 0.00000000</title>
        <cusip>464289529</cusip>
        <identifiers>
          <isin value="US4642895290"/>
        </identifiers>
        <balance>23903.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1038585.35000000</valUSD>
        <pctVal>4.932223736339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIMB GROUP HOLDINGS BERHAD /MYR/</name>
        <lei>549300FYDN5UD7USZW18</lei>
        <title>CIMB GROUP HOLDINGS BERHAD /MYR/ 0.00000000</title>
        <cusip>Y1636J101</cusip>
        <identifiers>
          <isin value="MYL1023OO000"/>
        </identifiers>
        <balance>271704.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.07750000"/>
        <valUSD>493764.96000000</valUSD>
        <pctVal>2.344881194294</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>BIDVEST GROUP LTD /ZAR/</name>
        <lei>5299002ARE4TRMIRGM72</lei>
        <title>BIDVEST GROUP LTD /ZAR/ 0.00000000</title>
        <cusip>S1201R162</cusip>
        <identifiers>
          <isin value="ZAE000117321"/>
        </identifiers>
        <balance>6902.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>100843.32000000</valUSD>
        <pctVal>0.478903170120</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>CLICKS HOLDINGS LTD /ZAR/</name>
        <lei>378900E967958A677472</lei>
        <title>CLICKS HOLDINGS LTD /ZAR/ 0.00000000</title>
        <cusip>S17249111</cusip>
        <identifiers>
          <isin value="ZAE000134854"/>
        </identifiers>
        <balance>4404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>61121.29000000</valUSD>
        <pctVal>0.290263941556</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>OOREDOO QPSC /QAR/</name>
        <lei>N/A</lei>
        <title>OOREDOO QPSC /QAR/ 0.00000000</title>
        <cusip>M8180V102</cusip>
        <identifiers>
          <isin value="QA0007227737"/>
        </identifiers>
        <balance>25935.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.64100000"/>
        <valUSD>94380.32000000</valUSD>
        <pctVal>0.448210495697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLD FIELDS LTD /ZAR/</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>GOLD FIELDS LTD /ZAR/ 0.00000000</title>
        <cusip>S31755101</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
        </identifiers>
        <balance>16809.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>565034.69000000</valUSD>
        <pctVal>2.683339900638</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>HARMONY GOLD MINING CO L /ZAR/</name>
        <lei>378900986D05F0C29811</lei>
        <title>HARMONY GOLD MINING CO LTD /ZAR/ 0.00000000</title>
        <cusip>S34320101</cusip>
        <identifiers>
          <isin value="ZAE000015228"/>
        </identifiers>
        <balance>14595.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>222620.50000000</valUSD>
        <pctVal>1.057220876739</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>INTL CONTAINER TERM SVCS /PHP/</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>INTL CONTAINER TERM SVCS INC /PHP/ 0.00000000</title>
        <cusip>Y41157101</cusip>
        <identifiers>
          <isin value="PHY411571011"/>
        </identifiers>
        <balance>25417.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37000000"/>
        <valUSD>368602.41000000</valUSD>
        <pctVal>1.750486424513</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>MOBILE TELECOMMUNICATION /KWD/</name>
        <lei>N/A</lei>
        <title>MOBILE TELECOMMUNICATIONS CO /KWD/ 0.00000000</title>
        <cusip>M7034R101</cusip>
        <identifiers>
          <isin value="KW0EQ0601058"/>
        </identifiers>
        <balance>61248.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30980000"/>
        <valUSD>120598.06000000</valUSD>
        <pctVal>0.572718086278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALTERRA PLATINUM LIMITE /ZAR/</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>VALTERRA PLATINUM LIMITED_____  /ZAR/____ 0.00000000</title>
        <cusip>S9122P108</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
        </identifiers>
        <balance>5051.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>340965.61000000</valUSD>
        <pctVal>1.619239742710</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>SASOL LTD /ZAR/</name>
        <lei>378900F4544561A97588</lei>
        <title>SASOL LTD /ZAR/ 0.00000000</title>
        <cusip>803866102</cusip>
        <identifiers>
          <isin value="ZAE000006896"/>
        </identifiers>
        <balance>15347.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>151372.55000000</valUSD>
        <pctVal>0.718865603236</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>SHOPRITE HOLDINGS LTD /ZAR/</name>
        <lei>529900Q4O1EYP6NH5150</lei>
        <title>SHOPRITE HOLDINGS LTD /ZAR/ 0.00000000</title>
        <cusip>S76263102</cusip>
        <identifiers>
          <isin value="ZAE000012084"/>
        </identifiers>
        <balance>8208.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>147733.98000000</valUSD>
        <pctVal>0.701586097685</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>PAMPA ENERGIA SA</name>
        <lei>254900QNIK0CVURGML24</lei>
        <title>PAMPA ENERGIA SA-SPON ADR 0.00000000</title>
        <cusip>697660207</cusip>
        <identifiers>
          <isin value="US6976602077"/>
        </identifiers>
        <balance>1005.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82540.65000000</valUSD>
        <pctVal>0.391984109098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUIMICA Y MINERA CHIL-SP ADR</name>
        <lei>TJ88LXZZW5PWIN93ZC81</lei>
        <title>QUIMICA Y MINERA CHIL-SP ADR 0.00000000</title>
        <cusip>833635105</cusip>
        <identifiers>
          <isin value="US8336351056"/>
        </identifiers>
        <balance>6381.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>472449.24000000</valUSD>
        <pctVal>2.243653211306</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>WIPRO LTD-ADR</name>
        <lei>335800IFS1IJHESG8362</lei>
        <title>WIPRO LTD-ADR 0.00000000</title>
        <cusip>97651M109</cusip>
        <identifiers>
          <isin value="US97651M1099"/>
        </identifiers>
        <balance>93446.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210253.50000000</valUSD>
        <pctVal>0.998490209156</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>YPF S.A.-SPONSORED ADR</name>
        <lei>N/A</lei>
        <title>YPF S.A.-SPONSORED ADR 0.00000000</title>
        <cusip>984245100</cusip>
        <identifiers>
          <isin value="US9842451000"/>
        </identifiers>
        <balance>4695.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>213481.65000000</valUSD>
        <pctVal>1.013820637276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO BRADESCO SA-PREF /BRL/</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>BANCO BRADESCO SA-PREF /BRL/ 0.00000000</title>
        <cusip>P1808G117</cusip>
        <identifiers>
          <isin value="BRBBDCACNPR8"/>
        </identifiers>
        <balance>78755.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>275401.71000000</valUSD>
        <pctVal>1.307877923649</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>EMAAR PROPERTIES PJSC /AED/</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>EMAAR PROPERTIES PJSC /AED/ 0.00000000</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
        </identifiers>
        <balance>151062.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67275000"/>
        <valUSD>490275.42000000</valUSD>
        <pctVal>2.328309429617</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>STANDARD BANK GROUP LTD /ZAR/</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>STANDARD BANK GROUP LTD /ZAR/ 0.00000000</title>
        <cusip>S80605140</cusip>
        <identifiers>
          <isin value="ZAE000109815"/>
        </identifiers>
        <balance>25305.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>498797.21000000</valUSD>
        <pctVal>2.368779261889</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>ITAU UNIBANCO HOLDING S- /BRL/</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>ITAU UNIBANCO HOLDING S-PREF /BRL/ 0.00000000</title>
        <cusip>P5968U113</cusip>
        <identifiers>
          <isin value="BRITUBACNPR1"/>
        </identifiers>
        <balance>62364.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>508218.50000000</valUSD>
        <pctVal>2.413520803992</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>AKBANK T.A.S. /TRY/</name>
        <lei>789000TUMN63Z28TJ497</lei>
        <title>AKBANK T.A.S. /TRY/ 0.00000000</title>
        <cusip>M0300L106</cusip>
        <identifiers>
          <isin value="TRAAKBNK91N6"/>
        </identifiers>
        <balance>81937.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.65550000"/>
        <valUSD>135228.41000000</valUSD>
        <pctVal>0.642197363586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TUPRAS-TURKIYE PETROL RA /TRY/</name>
        <lei>N/A</lei>
        <title>TUPRAS-TURKIYE PETROL RAFINE /TRY/ 0.00000000</title>
        <cusip>M8966X108</cusip>
        <identifiers>
          <isin value="TRATUPRS91E8"/>
        </identifiers>
        <balance>20704.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.65550000"/>
        <valUSD>100956.16000000</valUSD>
        <pctVal>0.479439045314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAPI VE KREDI BANKASI /TRY/</name>
        <lei>B85ZYWEZ5IZCZ2WNIO12</lei>
        <title>YAPI VE KREDI BANKASI /TRY/ 0.00000000</title>
        <cusip>M9869G101</cusip>
        <identifiers>
          <isin value="TRAYKBNK91N6"/>
        </identifiers>
        <balance>75543.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.65550000"/>
        <valUSD>64993.32000000</valUSD>
        <pctVal>0.308652144580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOCALIZA RENT A CAR /BRL/</name>
        <lei>984500C442A7E0CD4D11</lei>
        <title>LOCALIZA RENT A CAR /BRL/ 0.00000000</title>
        <cusip>P6330Z111</cusip>
        <identifiers>
          <isin value="BRRENTACNOR4"/>
        </identifiers>
        <balance>14147.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>113537.88000000</valUSD>
        <pctVal>0.539189414437</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>BIM BIRLESIK MAGAZALAR A /TRY/</name>
        <lei>7890001GCDJQD8DJKE29</lei>
        <title>BIM BIRLESIK MAGAZALAR AS /TRY/ 0.00000000</title>
        <cusip>M2014F102</cusip>
        <identifiers>
          <isin value="TREBIMM00018"/>
        </identifiers>
        <balance>20795.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.65550000"/>
        <valUSD>162796.96000000</valUSD>
        <pctVal>0.773119927327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALDAR PROPERTIES PJSC /AED/</name>
        <lei>98450048CD8AEF13B480</lei>
        <title>ALDAR PROPERTIES PJSC /AED/ 0.00000000</title>
        <cusip>M0517N101</cusip>
        <identifiers>
          <isin value="AEA002001013"/>
        </identifiers>
        <balance>95588.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67275000"/>
        <valUSD>215497.55000000</valUSD>
        <pctVal>1.023394111261</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>GRUPO AEROPORT DEL PACIF /MXN/</name>
        <lei>4469000001BZ368XFI90</lei>
        <title>GRUPO AEROPORT DEL PACIFIC-B /MXN/ 0.00000000</title>
        <cusip>P4959P100</cusip>
        <identifiers>
          <isin value="MX01GA000004"/>
        </identifiers>
        <balance>7420.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.47375000"/>
        <valUSD>187647.07000000</valUSD>
        <pctVal>0.891132666861</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>TOTVS SA /BRL/</name>
        <lei>N/A</lei>
        <title>TOTVS SA /BRL/ 0.00000000</title>
        <cusip>P92184103</cusip>
        <identifiers>
          <isin value="BRTOTSACNOR8"/>
        </identifiers>
        <balance>11580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>64209.66000000</valUSD>
        <pctVal>0.304930556890</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>JARIR MARKETING CO /SAR/</name>
        <lei>N/A</lei>
        <title>JARIR MARKETING CO /SAR/ 0.00000000</title>
        <cusip>M6185P112</cusip>
        <identifiers>
          <isin value="SA000A0BLA62"/>
        </identifiers>
        <balance>17783.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75720000"/>
        <valUSD>79325.85000000</valUSD>
        <pctVal>0.376717079896</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>EMIRATES INTEGRATED TELE /AED/</name>
        <lei>254900USBXS6XN200K29</lei>
        <title>EMIRATES INTEGRATED TELECOMM /AED/ 0.00000000</title>
        <cusip>M4028J104</cusip>
        <identifiers>
          <isin value="AEE000701012"/>
        </identifiers>
        <balance>29768.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67275000"/>
        <valUSD>92398.12000000</valUSD>
        <pctVal>0.438797062424</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>IMPALA PLATINUM HOLDINGS /ZAR/</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>IMPALA PLATINUM HOLDINGS LTD /ZAR/ 0.00000000</title>
        <cusip>S37840113</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
        </identifiers>
        <balance>17327.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>181833.07000000</valUSD>
        <pctVal>0.863522082133</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>HALYK SAVINGS BANK GDR</name>
        <lei>N/A</lei>
        <title>HALYK SAVINGS BANK GDR EACH PEPR REGS SPON 0.00000000</title>
        <cusip>46627J302</cusip>
        <identifiers>
          <isin value="US46627J3023"/>
        </identifiers>
        <balance>8272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>247746.40000000</valUSD>
        <pctVal>1.176543338178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SABESP ON /BRL/</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>SABESP ON /CIA SANEAMENTO BASICO ESTADO DE SAO PAULO ORDINARY REGISTERED /BRL/ 0.00000000</title>
        <cusip>P2R268136</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
        </identifiers>
        <balance>18505.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>105968.60000000</valUSD>
        <pctVal>0.503243035564</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>HOA PHAT GROUP JSC /VND/</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>HOA PHAT GROUP JSC /VND/ 0.00000000</title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
        </identifiers>
        <balance>122800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26311.50000000"/>
        <valUSD>108744.85000000</valUSD>
        <pctVal>0.516427398455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRESNILLO PLC /GBP/</name>
        <lei>N/A</lei>
        <title>FRESNILLO PLC /GBP/ 0.00000000</title>
        <cusip>G371E2108</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
        </identifiers>
        <balance>4887.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75343759"/>
        <valUSD>177788.67000000</valUSD>
        <pctVal>0.844315296981</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>BANCO SANTANDER  BRASIL- /BRL/</name>
        <lei>N/A</lei>
        <title>BANCO SANTANDER  BRASIL-UNIT /BRL/ 0.00000000</title>
        <cusip>P1505Z160</cusip>
        <identifiers>
          <isin value="BRSANBCDAM13"/>
        </identifiers>
        <balance>54432.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>281837.65000000</valUSD>
        <pctVal>1.338442090603</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>MASAN GROUP CORP /VND/</name>
        <lei>254900M1892CMJ87XD24</lei>
        <title>MASAN GROUP CORP /VND/ 0.00000000</title>
        <cusip>Y5825M106</cusip>
        <identifiers>
          <isin value="VN000000MSN4"/>
        </identifiers>
        <balance>19800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26311.50000000"/>
        <valUSD>54256.88000000</valUSD>
        <pctVal>0.257664978035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRUST FIBRA UNO /MXN/</name>
        <lei>N/A</lei>
        <title>TRUST FIBRA UNO /MXN/ 0.00000000</title>
        <cusip>P3515D163</cusip>
        <identifiers>
          <isin value="MXCFFU000001"/>
        </identifiers>
        <balance>68700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.47375000"/>
        <valUSD>118144.93000000</valUSD>
        <pctVal>0.561068214638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</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>MILITARY COMMERCIAL JOIN /VND/</name>
        <lei>5493007XE88E8JRNTJ93</lei>
        <title>MILITARY COMMERCIAL JOINT /VND/ 0.00000000</title>
        <cusip>Y6050Q101</cusip>
        <identifiers>
          <isin value="VN000000MBB5"/>
        </identifiers>
        <balance>198100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26311.50000000"/>
        <valUSD>189731.49000000</valUSD>
        <pctVal>0.901031541133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BB SEGURIDADE PARTICIPAC /BRL/</name>
        <lei>N/A</lei>
        <title>BB SEGURIDADE PARTICIPACOES /BRL/ 0.00000000</title>
        <cusip>P1R1WJ103</cusip>
        <identifiers>
          <isin value="BRBBSEACNOR5"/>
        </identifiers>
        <balance>16656.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>126047.49000000</valUSD>
        <pctVal>0.598597334426</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>EMAAR DEVELOPMENT PJSC /AED/</name>
        <lei>N/A</lei>
        <title>EMAAR DEVELOPMENT PJSC /AED/ 0.00000000</title>
        <cusip>M4100K102</cusip>
        <identifiers>
          <isin value="AEE001901017"/>
        </identifiers>
        <balance>14407.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67275000"/>
        <valUSD>54211.35000000</valUSD>
        <pctVal>0.257448756858</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>VIETNAM PROSPERITY JSC B /VND/</name>
        <lei>254900A0PM1YPJVDW880</lei>
        <title>VIETNAM PROSPERITY JSC BANK /VND/ 0.00000000</title>
        <cusip>Y9369Z101</cusip>
        <identifiers>
          <isin value="VN000000VPB6"/>
        </identifiers>
        <balance>186577.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26311.50000000"/>
        <valUSD>191459.21000000</valUSD>
        <pctVal>0.909236453318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENEVA SA /BRL/</name>
        <lei>549300T1AP7HKCABII19</lei>
        <title>ENEVA ACO /BRL/ 0.00000000</title>
        <cusip>P3719N116</cusip>
        <identifiers>
          <isin value="BRENEVACNOR8"/>
        </identifiers>
        <balance>21100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>108925.32000000</valUSD>
        <pctVal>0.517284447342</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>ABSA GROUP LTD /ZAR/</name>
        <lei>2138006IPPRD4N6XLT30</lei>
        <title>ABSA GROUP LTD /ZAR/ 0.00000000</title>
        <cusip>S0270C106</cusip>
        <identifiers>
          <isin value="ZAE000255915"/>
        </identifiers>
        <balance>28537.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>396836.67000000</valUSD>
        <pctVal>1.884570433449</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>B3 SA-BRASIL BOLSA BALCA /BRL/</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 SA-BRASIL BOLSA BALCAO /BRL/ 0.00000000</title>
        <cusip>P1909G107</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
        </identifiers>
        <balance>73874.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>207380.14000000</valUSD>
        <pctVal>0.984844672566</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>NAC KAZATOMPROM JSC-GDR REGS</name>
        <lei>N/A</lei>
        <title>NAC KAZATOMPROM JSC-GDR REGS 0.00000000</title>
        <cusip>63253R201</cusip>
        <identifiers>
          <isin value="US63253R2013"/>
        </identifiers>
        <balance>6994.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>480487.80000000</valUSD>
        <pctVal>2.281828192725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENTERA SAB DE CV /MXN/</name>
        <lei>4469000001ECOWXFNE33</lei>
        <title>GENTERA SAB DE CV /MXN/ 0.00000000</title>
        <cusip>P4831V101</cusip>
        <identifiers>
          <isin value="MX01GE0E0004"/>
        </identifiers>
        <balance>26779.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.47375000"/>
        <valUSD>58082.79000000</valUSD>
        <pctVal>0.275834157983</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>XP INC - CLASS A</name>
        <lei>N/A</lei>
        <title>XP INC - CLASS A 0.00000000</title>
        <cusip>G98239109</cusip>
        <identifiers>
          <isin value="KYG982391099"/>
        </identifiers>
        <balance>6494.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>105592.44000000</valUSD>
        <pctVal>0.501456658276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIBANYE STILLWATER LTD /ZAR/</name>
        <lei>378900F238434B74D281</lei>
        <title>SIBANYE STILLWATER LTD /ZAR/ 0.00000000</title>
        <cusip>S7627K103</cusip>
        <identifiers>
          <isin value="ZAE000259701"/>
        </identifiers>
        <balance>54842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>116509.97000000</valUSD>
        <pctVal>0.553303818077</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>CAIXA SEGURIDADE PARTICI /BRL/</name>
        <lei>N/A</lei>
        <title>CAIXA SEGURIDADE PARTICIPACO /BRL/ 0.00000000</title>
        <cusip>P1S73N102</cusip>
        <identifiers>
          <isin value="BRCXSEACNOR7"/>
        </identifiers>
        <balance>44280.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>168618.09000000</valUSD>
        <pctVal>0.800764372301</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>ALLOS SA /BRL/</name>
        <lei>N/A</lei>
        <title>ALLOS SA /BRL/ 0.00000000</title>
        <cusip>P0R6A1107</cusip>
        <identifiers>
          <isin value="BRALOSACNOR5"/>
        </identifiers>
        <balance>56725.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>307519.10000000</valUSD>
        <pctVal>1.460402849315</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>AMERICA MOVIL SAB DE C-S /MXN/</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>AMERICA MOVIL SAB DE C-SER B /MXN/ 0.00000000</title>
        <cusip>P0280A192</cusip>
        <identifiers>
          <isin value="MX01AM050019"/>
        </identifiers>
        <balance>406508.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.47375000"/>
        <valUSD>528789.00000000</valUSD>
        <pctVal>2.511209750180</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>NORTHAM PLATINUM HOLDING /ZAR/</name>
        <lei>3789009D0712C7101695</lei>
        <title>NORTHAM PLATINUM HOLDINGS LT /ZAR/ 0.00000000</title>
        <cusip>S56431109</cusip>
        <identifiers>
          <isin value="ZAE000298253"/>
        </identifiers>
        <balance>6044.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>86994.51000000</valUSD>
        <pctVal>0.413135412658</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>TIM SA /BRL/</name>
        <lei>N/A</lei>
        <title>TIM SA /BRL/ 0.00000000</title>
        <cusip>P9153B104</cusip>
        <identifiers>
          <isin value="BRTIMSACNOR5"/>
        </identifiers>
        <balance>12831.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>54214.97000000</valUSD>
        <pctVal>0.257465948175</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>REDE D'OR SAO LUIZ SA /BRL/</name>
        <lei>9269004BEA774D836A73</lei>
        <title>REDE D'OR SAO LUIZ SA /BRL/ 144A 0.00000000</title>
        <cusip>P79942101</cusip>
        <identifiers>
          <isin value="BRRDORACNOR8"/>
        </identifiers>
        <balance>16644.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>111614.92000000</valUSD>
        <pctVal>0.530057310892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOBILE WORLD INVESTMENT  /VND/</name>
        <lei>254900ZRFNB8CRAHHO95</lei>
        <title>MOBILE WORLD INVESTMENT CORP /VND/ 0.00000000</title>
        <cusip>Y604K2105</cusip>
        <identifiers>
          <isin value="VN000000MWG0"/>
        </identifiers>
        <balance>86520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26311.50000000"/>
        <valUSD>256815.92000000</valUSD>
        <pctVal>1.219614330679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIBRA ENERGIA SA /BRL/</name>
        <lei>549300U7VLJ3SYVNY689</lei>
        <title>VIBRA ENERGIA SA /BRL/ 0.00000000</title>
        <cusip>P9785J111</cusip>
        <identifiers>
          <isin value="BRVBBRACNOR1"/>
        </identifiers>
        <balance>17200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>99326.31000000</valUSD>
        <pctVal>0.471698916054</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>ANGLOGOLD ASHANTI PLC /ZAR/</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>ANGLOGOLD ASHANTI PLC /ZAR/ 0.00000000</title>
        <cusip>G0378L100</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
        </identifiers>
        <balance>4460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>361325.31000000</valUSD>
        <pctVal>1.715927603371</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>THE SAUDI NATIONAL BANK /SAR/</name>
        <lei>5586006ZEFQ542K7CY16</lei>
        <title>THE SAUDI NATIONAL BANK /SAR/ 0.00000000</title>
        <cusip>M7S2CL107</cusip>
        <identifiers>
          <isin value="SA13L050IE10"/>
        </identifiers>
        <balance>45744.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75720000"/>
        <valUSD>470686.43000000</valUSD>
        <pctVal>2.235281657322</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>GRUPO CIBEST SA /COP/</name>
        <lei>529900OSSJBGZREZ2C28</lei>
        <title>GRUPO CIBEST SA /COP/ 0.00000000</title>
        <cusip>P49500112</cusip>
        <identifiers>
          <isin value="COTK7PA00028"/>
        </identifiers>
        <balance>8626.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="COP" exchangeRt="3448.01000000"/>
        <valUSD>169117.14000000</valUSD>
        <pctVal>0.803134352058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NASPERS LTD-N SHS /ZAR/</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>NASPERS LTD-N SHS /ZAR/ 0.00000000</title>
        <cusip>S53435129</cusip>
        <identifiers>
          <isin value="ZAE000351946"/>
        </identifiers>
        <balance>11305.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.39000000"/>
        <valUSD>566022.52000000</valUSD>
        <pctVal>2.688031088101</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>ABU DHABI NATIONAL OIL C /AED/</name>
        <lei>N/A</lei>
        <title>ABU DHABI NATIONAL OIL CO FO /AED/ 0.00000000</title>
        <cusip>M0153H103</cusip>
        <identifiers>
          <isin value="AEA006101017"/>
        </identifiers>
        <balance>61446.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67275000"/>
        <valUSD>65582.55000000</valUSD>
        <pctVal>0.311450387586</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>HDBANK /VND/</name>
        <lei>549300JA2AF0TMGHY210</lei>
        <title>HDBANK /VND/ 0.00000000</title>
        <cusip>Y3R31X108</cusip>
        <identifiers>
          <isin value="VN000000HDB1"/>
        </identifiers>
        <balance>72162.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26311.50000000"/>
        <valUSD>70896.29000000</valUSD>
        <pctVal>0.336685246288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIO SA /BRL/</name>
        <lei>N/A</lei>
        <title>PRIO SA /BRL/ 0.00000000</title>
        <cusip>P7S19Q109</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
        </identifiers>
        <balance>25037.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>252258.92000000</valUSD>
        <pctVal>1.197973217056</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>BANCO BTG PACTUAL SA-UNI /BRL/</name>
        <lei>N/A</lei>
        <title>BANCO BTG PACTUAL SA-UNIT /BRL/ 0.00000000</title>
        <cusip>P1R8ZJ253</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
        </identifiers>
        <balance>44680.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.17595000"/>
        <valUSD>466917.42000000</valUSD>
        <pctVal>2.217382694483</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>CREDICORP LTD</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>CREDICORP LTD 0.00000000</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
        </identifiers>
        <balance>1955.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>761628.90000000</valUSD>
        <pctVal>3.616962379511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Aaron Perkovich</ncom:nameOfApplicant>
      <ncom:signature>Aaron Perkovich</ncom:signature>
      <ncom:signerName>Aaron Perkovich</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
