<?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>0000837274</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000007321</seriesId>
        <classId>C000020110</classId>
        <classId>C000020111</classId>
        <classId>C000061783</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Franklin Templeton Variable Insurance Products Trust</regName>
      <regFileNumber>811-05583</regFileNumber>
      <regCik>0000837274</regCik>
      <regLei>549300PIBKZH7YTTWU55</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Templeton Developing Markets VIP Fund</seriesName>
      <seriesId>S000007321</seriesId>
      <seriesLei>549300EAXT75AUVWZ721</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>339151010.47</totAssets>
      <totLiabs>1243349.52</totLiabs>
      <netAssets>337907660.95</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000061783" rtn1="4.01686860" rtn2="1.52437400" rtn3="7.80780800"/>
          <monthlyTotReturn classId="C000020110" rtn1="4.00840700" rtn2="1.52131990" rtn3="7.89210800"/>
          <monthlyTotReturn classId="C000020111" rtn1="4.03823230" rtn2="1.42998500" rtn3="7.85494800"/>
        </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>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <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>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <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>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </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>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <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>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <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>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <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="-1246130.68000000" netUnrealizedAppr="10481084.60000000"/>
        <othMon2 netRealizedGain="-2265479.67000000" netUnrealizedAppr="2710430.74000000"/>
        <othMon3 netRealizedGain="-314745.56000000" netUnrealizedAppr="23096581.78000000"/>
      </returnInfo>
      <mon1Flow redemption="4613139.85000000" reinvestment="0.00000000" sales="3625470.79000000"/>
      <mon2Flow redemption="3883921.26000000" reinvestment="0.00000000" sales="1465357.90000000"/>
      <mon3Flow redemption="5581612.81000000" reinvestment="0.00000000" sales="7179371.03000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>KASIKORNBANK PCL ORD THB10 (FGN)</name>
        <lei>5493004COSQ54937AW41</lei>
        <title>KASIKORNBANK PCL ORD THB10 (FGN)</title>
        <cusip>Y4591R118</cusip>
        <identifiers>
          <ticker value="KBANK/F"/>
          <other otherDesc="Internal Identifier" value="1193"/>
        </identifiers>
        <balance>705000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="29.95000000"/>
        <valUSD>3564074.57000000</valUSD>
        <pctVal>1.054748081171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAIDU INC ADR CLASS A</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>BAIDU INC ADR CLASS A</title>
        <cusip>056752108</cusip>
        <identifiers>
          <ticker value="BIDU"/>
          <other otherDesc="Internal Identifier" value="344219"/>
        </identifiers>
        <balance>9411.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1189550.40000000</valUSD>
        <pctVal>0.352034161242</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>TOTVS SA ORD BRL NPV</name>
        <lei>N/A</lei>
        <title>TOTVS SA ORD BRL NPV</title>
        <cusip>P92184103</cusip>
        <identifiers>
          <ticker value="TOTS3"/>
          <other otherDesc="Internal Identifier" value="356849"/>
        </identifiers>
        <balance>48900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>785295.43000000</valUSD>
        <pctVal>0.232399415802</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>BDO UNIBANK INC ORD PHP10</name>
        <lei>3FGIIBS1PEI1FYQBGN97</lei>
        <title>BDO UNIBANK INC ORD PHP10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PHY077751022"/>
          <other otherDesc="Internal Identifier" value="336265"/>
        </identifiers>
        <balance>327469.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.79000000"/>
        <valUSD>1020917.56000000</valUSD>
        <pctVal>0.302129154790</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>LUKOIL PJSC SPONSORED ADR</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC SPONSORED ADR</title>
        <cusip>69343P105</cusip>
        <identifiers>
          <ticker value="LKOD"/>
          <other otherDesc="Internal Identifier" value="264270"/>
        </identifiers>
        <balance>95250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9446895.00000000</valUSD>
        <pctVal>2.795703114111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEIFU HIGH-TECHNOLOGY GROUP CO LTD ORD B CNY1</name>
        <lei>N/A</lei>
        <title>WEIFU HIGH-TECHNOLOGY GROUP CO LTD ORD B CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE000000J36"/>
          <other otherDesc="Internal Identifier" value="34262"/>
        </identifiers>
        <balance>334339.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>574515.77000000</valUSD>
        <pctVal>0.170021528480</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>MGM CHINA HOLDINGS LTD ORD HKD NPV</name>
        <lei>529900VZFN87OS7WJM66</lei>
        <title>MGM CHINA HOLDINGS LTD ORD HKD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG607441022"/>
          <other otherDesc="Internal Identifier" value="495010"/>
        </identifiers>
        <balance>1292400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>2109688.80000000</valUSD>
        <pctVal>0.624338848686</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>NAGACORP LTD ORD HKD.0125</name>
        <lei>549300MMNKN0RBJELS20</lei>
        <title>NAGACORP LTD ORD HKD.0125</title>
        <cusip>G6382M109</cusip>
        <identifiers>
          <ticker value="3918"/>
          <other otherDesc="Internal Identifier" value="377328"/>
        </identifiers>
        <balance>1787400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>3119571.89000000</valUSD>
        <pctVal>0.923202475264</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>Equity Group Holdings PLC/Kenya ORD KES0.5</name>
        <lei>N/A</lei>
        <title>Equity Group Holdings PLC/Kenya ORD KES0.5</title>
        <cusip>V3254M104</cusip>
        <identifiers>
          <ticker value="EQBNK"/>
          <other otherDesc="Internal Identifier" value="430515"/>
        </identifiers>
        <balance>2127994.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="101.40000000"/>
        <valUSD>1123312.08000000</valUSD>
        <pctVal>0.332431669895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CTBC FINANCIAL HOLDING CO LTD ORD TWD10</name>
        <lei>549300IWDYIFW6JXM387</lei>
        <title>CTBC FINANCIAL HOLDING CO LTD ORD TWD10</title>
        <cusip>Y15093100</cusip>
        <identifiers>
          <ticker value="2891"/>
          <other otherDesc="Internal Identifier" value="249698"/>
        </identifiers>
        <balance>2244000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.08700000"/>
        <valUSD>1680505.50000000</valUSD>
        <pctVal>0.497326842272</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>BAIC MOTOR CORP LTD ORD HKD NPV CL H</name>
        <lei>5299003EYHISIDNLZQ19</lei>
        <title>BAIC MOTOR CORP LTD ORD HKD NPV CL H</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100001TJ4"/>
          <other otherDesc="Internal Identifier" value="593789"/>
        </identifiers>
        <balance>1686100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>956400.81000000</valUSD>
        <pctVal>0.283036142865</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>LOJAS AMERICANAS SA RTS EXP 01/06/2020</name>
        <lei>N/A</lei>
        <title>LOJAS AMERICANAS SA RTS EXP 01/06/2020</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRLAMED02OR2"/>
          <other otherDesc="Internal Identifier" value="1026644"/>
        </identifiers>
        <balance>1632.00000000</balance>
        <units>OU</units>
        <descOthUnits>Rights</descOthUnits>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>3049.22000000</valUSD>
        <pctVal>0.000902382618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HON HAI PRECISION INDUSTRY CO LTD ORD TWD10</name>
        <lei>30030004CM3GSZXX7O56</lei>
        <title>HON HAI PRECISION INDUSTRY CO LTD ORD TWD10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002317005"/>
          <other otherDesc="Internal Identifier" value="182709"/>
        </identifiers>
        <balance>1332000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.08700000"/>
        <valUSD>4043515.76000000</valUSD>
        <pctVal>1.196633349072</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>LARGAN PRECISION CO LTD ORD TWD10</name>
        <lei>N/A</lei>
        <title>LARGAN PRECISION CO LTD ORD TWD10</title>
        <cusip>Y52144105</cusip>
        <identifiers>
          <ticker value="3008"/>
          <other otherDesc="Internal Identifier" value="302048"/>
        </identifiers>
        <balance>5300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.08700000"/>
        <valUSD>885961.69000000</valUSD>
        <pctVal>0.262190471654</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>PETROLEO BRASILEIRO SA SPONSORED DPP</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>PETROLEO BRASILEIRO SA SPONSORED DPP</title>
        <cusip>71654V101</cusip>
        <identifiers>
          <ticker value="PBR/A"/>
          <other otherDesc="Internal Identifier" value="47210"/>
        </identifiers>
        <balance>118600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1769512.00000000</valUSD>
        <pctVal>0.523667322316</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>YANDEX NV ORD EUR.01 CL A *NASDAQ STOCK EXCHANGE*</name>
        <lei>549300GGZHJ5Q1B18P93</lei>
        <title>YANDEX NV ORD EUR.01 CL A *NASDAQ STOCK EXCHANGE*</title>
        <cusip>N97284108</cusip>
        <identifiers>
          <ticker value="YNDX"/>
          <other otherDesc="Internal Identifier" value="495071"/>
        </identifiers>
        <balance>126319.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5493613.31000000</valUSD>
        <pctVal>1.625773530719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK HYNIX INC ORD KRW5000</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK HYNIX INC ORD KRW5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <other otherDesc="Internal Identifier" value="181268"/>
        </identifiers>
        <balance>31530.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>2566607.84000000</valUSD>
        <pctVal>0.759558937724</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>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ORD TWD10</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ORD TWD10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <other otherDesc="Internal Identifier" value="47226"/>
        </identifiers>
        <balance>2505000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.08700000"/>
        <valUSD>27720738.19000000</valUSD>
        <pctVal>8.203643004738</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>ICICI BANK LTD ORD INR2 (DEMAT)</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI BANK LTD ORD INR2 (DEMAT)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
          <other otherDesc="Internal Identifier" value="208822"/>
        </identifiers>
        <balance>1806409.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
        <valUSD>13642685.31000000</valUSD>
        <pctVal>4.037400416328</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>HANON SYSTEMS ORD KRW100</name>
        <lei>5493004WIDNO4WOEYG91</lei>
        <title>HANON SYSTEMS ORD KRW100</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7018880005"/>
          <other otherDesc="Internal Identifier" value="49621"/>
        </identifiers>
        <balance>94741.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>913815.99000000</valUSD>
        <pctVal>0.270433640785</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>DBS GROUP HOLDINGS LTD ORD SGD NPV</name>
        <lei>5493007FKT78NKPM5V55</lei>
        <title>DBS GROUP HOLDINGS LTD ORD SGD NPV</title>
        <cusip>Y20246107</cusip>
        <identifiers>
          <ticker value="DBS"/>
          <other otherDesc="Internal Identifier" value="7184"/>
        </identifiers>
        <balance>25706.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34860000"/>
        <valUSD>494551.95000000</valUSD>
        <pctVal>0.146357128633</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>HABIB BANK LTD ORD PKR10</name>
        <lei>549300N63RJKPUYAY631</lei>
        <title>HABIB BANK LTD ORD PKR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PK0085101019"/>
          <other otherDesc="Internal Identifier" value="457522"/>
        </identifiers>
        <balance>1343400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PKR" exchangeRt="154.95000000"/>
        <valUSD>1376334.97000000</valUSD>
        <pctVal>0.407310969550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITAU UNIBANCO HOLDING SA SPONSORED DPP</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>ITAU UNIBANCO HOLDING SA SPONSORED DPP</title>
        <cusip>465562106</cusip>
        <identifiers>
          <ticker value="ITUB"/>
          <other otherDesc="Internal Identifier" value="273480"/>
        </identifiers>
        <balance>808743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7399998.45000000</valUSD>
        <pctVal>2.189946930825</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>LG CORP ORD KRW5000</name>
        <lei>N/A</lei>
        <title>LG CORP ORD KRW5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7003550001"/>
          <other otherDesc="Internal Identifier" value="58588"/>
        </identifiers>
        <balance>96342.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>6150606.49000000</valUSD>
        <pctVal>1.820203327947</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>INFOSYS LTD ORD INR5 (DEMAT)</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>INFOSYS LTD ORD INR5 (DEMAT)</title>
        <cusip>Y4082C133</cusip>
        <identifiers>
          <ticker value="INFO"/>
          <other otherDesc="Internal Identifier" value="60763"/>
        </identifiers>
        <balance>306365.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
        <valUSD>3139216.17000000</valUSD>
        <pctVal>0.929015980630</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>RICHTER GEDEON NYRT ORD HUF100</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>RICHTER GEDEON NYRT ORD HUF100</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
          <other otherDesc="Internal Identifier" value="36163"/>
        </identifiers>
        <balance>155260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="295.52000000"/>
        <valUSD>3375903.81000000</valUSD>
        <pctVal>0.999061045407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TATA CHEMICALS LTD ORD INR10 (DEMAT)</name>
        <lei>335800H6MURUA6FBOW17</lei>
        <title>TATA CHEMICALS LTD ORD INR10 (DEMAT)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE092A01019"/>
          <other otherDesc="Internal Identifier" value="54001"/>
        </identifiers>
        <balance>194400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
        <valUSD>1817451.33000000</valUSD>
        <pctVal>0.537854431855</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>B3 SA - Brasil Bolsa Balcao ORD BRL NPV</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 SA - Brasil Bolsa Balcao ORD BRL NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
          <other otherDesc="Internal Identifier" value="428208"/>
        </identifiers>
        <balance>105900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>1132111.71000000</valUSD>
        <pctVal>0.335035822158</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>CHINA RESOURCES CEMENT HOLDINGS LTD ORD HKD.1</name>
        <lei>529900E0EOYXYJ0GHY66</lei>
        <title>CHINA RESOURCES CEMENT HOLDINGS LTD ORD HKD.1</title>
        <cusip>G2113L106</cusip>
        <identifiers>
          <ticker value="1313"/>
          <other otherDesc="Internal Identifier" value="453910"/>
        </identifiers>
        <balance>2675000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>3405413.04000000</valUSD>
        <pctVal>1.007793972597</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>TENCENT HOLDINGS LTD ORD HKD 0.000020</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD ORD HKD 0.000020</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <ticker value="700"/>
          <other otherDesc="Internal Identifier" value="318608"/>
        </identifiers>
        <balance>381100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>18369564.83000000</valUSD>
        <pctVal>5.436267641389</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>CNOOC LTD ORD HKD NPV</name>
        <lei>549300XIVJCBIGMRUD48</lei>
        <title>CNOOC LTD ORD HKD NPV</title>
        <cusip>Y1662W117</cusip>
        <identifiers>
          <ticker value="883"/>
          <other otherDesc="Internal Identifier" value="202855"/>
        </identifiers>
        <balance>2411500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>4010759.34000000</valUSD>
        <pctVal>1.186939452252</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>MASSMART HOLDINGS LTD ORD ZAR1</name>
        <lei>N/A</lei>
        <title>MASSMART HOLDINGS LTD ORD ZAR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000152617"/>
          <other otherDesc="Internal Identifier" value="496300"/>
        </identifiers>
        <balance>595221.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.11775000"/>
        <valUSD>2181177.87000000</valUSD>
        <pctVal>0.645495240879</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 MEXICO SA INSTITUCION DE BANCA M SPONSORED ADR</name>
        <lei>SCRYQ25DTVRHYYMM6P89</lei>
        <title>BANCO SANTANDER MEXICO SA INSTITUCION DE BANCA M SPONSORED ADR</title>
        <cusip>05969B103</cusip>
        <identifiers>
          <ticker value="BSMX"/>
          <other otherDesc="Internal Identifier" value="683580"/>
        </identifiers>
        <balance>949761.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6439379.58000000</valUSD>
        <pctVal>1.905662500191</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>FIT Hon Teng Ltd ORD HKD 0.01953125</name>
        <lei>3003001IDFNIKMGLFJ67</lei>
        <title>FIT Hon Teng Ltd ORD HKD 0.01953125</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG3R83K1037"/>
          <other otherDesc="Internal Identifier" value="810460"/>
        </identifiers>
        <balance>1759800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>591696.42000000</valUSD>
        <pctVal>0.175105950050</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>UNILEVER PLC ORD GBP.0311</name>
        <lei>549300MKFYEKVRWML317</lei>
        <title>UNILEVER PLC ORD GBP.0311</title>
        <cusip>G92087165</cusip>
        <identifiers>
          <ticker value="ULVR"/>
          <other otherDesc="Internal Identifier" value="3019"/>
        </identifiers>
        <balance>155816.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76315490"/>
        <valUSD>8978148.54000000</valUSD>
        <pctVal>2.656982832161</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>Ping An Bank Co Ltd ORD CNY 1 CL A</name>
        <lei>549300W9MKNIVWXFM679</lei>
        <title>Ping An Bank Co Ltd ORD CNY 1 CL A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE000000040"/>
          <other otherDesc="Internal Identifier" value="813064"/>
        </identifiers>
        <balance>928200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.98675000"/>
        <valUSD>2192797.85000000</valUSD>
        <pctVal>0.648934044240</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>PING AN INSURANCE GROUP CO OF CHINA LTD ORD CNY1 CL A</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>PING AN INSURANCE GROUP CO OF CHINA LTD ORD CNY1 CL A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE000001R84"/>
          <other otherDesc="Internal Identifier" value="586333"/>
        </identifiers>
        <balance>225745.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.98675000"/>
        <valUSD>2770589.34000000</valUSD>
        <pctVal>0.819924985485</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>B2W CIA DIGITAL ORD BRL NPV</name>
        <lei>N/A</lei>
        <title>B2W CIA DIGITAL ORD BRL NPV</title>
        <cusip>P19055113</cusip>
        <identifiers>
          <ticker value="BTOW3"/>
          <other otherDesc="Internal Identifier" value="346148"/>
        </identifiers>
        <balance>87800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>1373083.22000000</valUSD>
        <pctVal>0.406348650438</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>Prosus NV ORD EUR 0.05</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Prosus NV ORD EUR 0.05</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0013654783"/>
          <other otherDesc="Internal Identifier" value="1007420"/>
        </identifiers>
        <balance>26357.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>1966497.59000000</valUSD>
        <pctVal>0.581963008613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</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 ORD CZK 20</name>
        <lei>I6USJ58BDV2BO5KP3C31</lei>
        <title>MONETA MONEY BANK AS ORD CZK 20</title>
        <cusip>X3R0GS100</cusip>
        <identifiers>
          <ticker value="MONET"/>
          <other otherDesc="Internal Identifier" value="633308"/>
        </identifiers>
        <balance>390403.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="22.68200000"/>
        <valUSD>1463376.40000000</valUSD>
        <pctVal>0.433069909065</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>IMAX CORP ORD USD1</name>
        <lei>5493002KS2T1Q0X7VZ21</lei>
        <title>IMAX CORP ORD USD1</title>
        <cusip>45245E109</cusip>
        <identifiers>
          <ticker value="IMAX"/>
          <other otherDesc="Internal Identifier" value="38229"/>
        </identifiers>
        <balance>123155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2516056.65000000</valUSD>
        <pctVal>0.744598877375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAVER CORP ORD KRW100</name>
        <lei>N/A</lei>
        <title>NAVER CORP ORD KRW100</title>
        <cusip>Y62579100</cusip>
        <identifiers>
          <ticker value="035420"/>
          <other otherDesc="Internal Identifier" value="278820"/>
        </identifiers>
        <balance>61961.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>9996389.67000000</valUSD>
        <pctVal>2.958319927371</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>ALIBABA GROUP HOLDING LTD SPONSORED ADR</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING LTD SPONSORED ADR</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <ticker value="BABA"/>
          <other otherDesc="Internal Identifier" value="585759"/>
        </identifiers>
        <balance>93210.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19769841.00000000</valUSD>
        <pctVal>5.850663741810</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>SAMSUNG LIFE INSURANCE CO LTD ORD KRW500</name>
        <lei>988400VYE6E0WYSM4S92</lei>
        <title>SAMSUNG LIFE INSURANCE CO LTD ORD KRW500</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7032830002"/>
          <other otherDesc="Internal Identifier" value="467569"/>
        </identifiers>
        <balance>41400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>2668102.67000000</valUSD>
        <pctVal>0.789595199617</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>GAZPROM PJSC SPONSORED ADR</name>
        <lei>213800FD9J2IHTA7YX78</lei>
        <title>GAZPROM PJSC SPONSORED ADR</title>
        <cusip>368287207</cusip>
        <identifiers>
          <ticker value="OGZPY"/>
          <other otherDesc="Internal Identifier" value="176848"/>
        </identifiers>
        <balance>566200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4658693.60000000</valUSD>
        <pctVal>1.378688363235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALE SA ORD BRL NPV</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA ORD BRL NPV</title>
        <cusip>P9661Q155</cusip>
        <identifiers>
          <ticker value="VALE3"/>
          <other otherDesc="Internal Identifier" value="32835"/>
        </identifiers>
        <balance>304900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>4043082.47000000</valUSD>
        <pctVal>1.196505121734</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>CHINA PETROLEUM &amp; CHEMICAL CORP ORD H CNY1</name>
        <lei>529900A2OB24EZ5B3J19</lei>
        <title>CHINA PETROLEUM &amp; CHEMICAL CORP ORD H CNY1</title>
        <cusip>Y15010104</cusip>
        <identifiers>
          <ticker value="386"/>
          <other otherDesc="Internal Identifier" value="195797"/>
        </identifiers>
        <balance>2500900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>1505232.22000000</valUSD>
        <pctVal>0.445456671733</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>BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD ORD USD.01</name>
        <lei>5299005WPCSQN14NBM26</lei>
        <title>BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD ORD USD.01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG1368B1028"/>
          <other otherDesc="Internal Identifier" value="217519"/>
        </identifiers>
        <balance>8566600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>8882887.98000000</valUSD>
        <pctVal>2.628791532878</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>
      <invstOrSec>
        <name>CHINA CONSTRUCTION BANK CORP ORD HKD1 CL H</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CHINA CONSTRUCTION BANK CORP ORD HKD1 CL H</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
          <other otherDesc="Internal Identifier" value="346546"/>
        </identifiers>
        <balance>7168000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>6190808.88000000</valUSD>
        <pctVal>1.832100776465</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>SANDS CHINA LTD ORD HKD.01</name>
        <lei>549300EVO6UZDGY05787</lei>
        <title>SANDS CHINA LTD ORD HKD.01</title>
        <cusip>G7800X107</cusip>
        <identifiers>
          <ticker value="1928"/>
          <other otherDesc="Internal Identifier" value="458550"/>
        </identifiers>
        <balance>272000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>1453845.46000000</valUSD>
        <pctVal>0.430249333771</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>FILA KOREA LTD ORD KRW 1000</name>
        <lei>N/A</lei>
        <title>FILA KOREA LTD ORD KRW 1000</title>
        <cusip>Y2484W103</cusip>
        <identifiers>
          <ticker value="081660"/>
          <other otherDesc="Internal Identifier" value="476841"/>
        </identifiers>
        <balance>59210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>2714668.81000000</valUSD>
        <pctVal>0.803375928905</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>HDC Hyundai Development Co-Engineering &amp; Construction ORD KRW 5000</name>
        <lei>N/A</lei>
        <title>HDC Hyundai Development Co-Engineering &amp; Construction ORD KRW 5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7294870001"/>
          <other otherDesc="Internal Identifier" value="877313"/>
        </identifiers>
        <balance>21031.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>466652.09000000</valUSD>
        <pctVal>0.138100476529</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>COAL INDIA LTD ORD INR10</name>
        <lei>335800NLJQZNHM9LBB31</lei>
        <title>COAL INDIA LTD ORD INR10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE522F01014"/>
          <other otherDesc="Internal Identifier" value="478804"/>
        </identifiers>
        <balance>232535.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
        <valUSD>688757.23000000</valUSD>
        <pctVal>0.203830013224</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>CATCHER TECHNOLOGY CO LTD ORD TWD10</name>
        <lei>5299006PRSCU66N5JF55</lei>
        <title>CATCHER TECHNOLOGY CO LTD ORD TWD10</title>
        <cusip>Y1148A101</cusip>
        <identifiers>
          <ticker value="2474"/>
          <other otherDesc="Internal Identifier" value="317574"/>
        </identifiers>
        <balance>114000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.08700000"/>
        <valUSD>865166.66000000</valUSD>
        <pctVal>0.256036414672</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>GLENMARK PHARMACEUTICALS LTD ORD INR2</name>
        <lei>335800WKECZXIIT9GK20</lei>
        <title>GLENMARK PHARMACEUTICALS LTD ORD INR2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE935A01035"/>
          <other otherDesc="Internal Identifier" value="336270"/>
        </identifiers>
        <balance>292323.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
        <valUSD>1423412.88000000</valUSD>
        <pctVal>0.421243151456</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>MAHLE-METAL LEVE SA ORD BRL NPV</name>
        <lei>5299007RXRC7NGOR6145</lei>
        <title>MAHLE-METAL LEVE SA ORD BRL NPV</title>
        <cusip>P6528U106</cusip>
        <identifiers>
          <ticker value="LEVE3"/>
          <other otherDesc="Internal Identifier" value="320775"/>
        </identifiers>
        <balance>2500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>17912.68000000</valUSD>
        <pctVal>0.005301057676</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>POSCO ORD KRW5000</name>
        <lei>988400E5HRVX81AYLM04</lei>
        <title>POSCO ORD KRW5000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7005490008"/>
          <other otherDesc="Internal Identifier" value="21306"/>
        </identifiers>
        <balance>15429.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>3156565.80000000</valUSD>
        <pctVal>0.934150409945</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>HANKOOK TIRE &amp; TECHNOLOGY CO LTD ORD KRW500</name>
        <lei>9884001BIEVM09M7AH02</lei>
        <title>HANKOOK TIRE &amp; TECHNOLOGY CO LTD ORD KRW500</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7161390000"/>
          <other otherDesc="Internal Identifier" value="529703"/>
        </identifiers>
        <balance>21600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>626891.24000000</valUSD>
        <pctVal>0.185521464129</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>COGNIZANT TECHNOLOGY SOLUTIONS CORP COM USD.01 CL A</name>
        <lei>5493006IEVQEFQO40L83</lei>
        <title>COGNIZANT TECHNOLOGY SOLUTIONS CORP COM USD.01 CL A</title>
        <cusip>192446102</cusip>
        <identifiers>
          <ticker value="CTSH"/>
          <other otherDesc="Internal Identifier" value="203677"/>
        </identifiers>
        <balance>112421.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6972350.42000000</valUSD>
        <pctVal>2.063389270429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNI-PRESIDENT CHINA HOLDINGS LTD ORD HKD.01</name>
        <lei>529900JUA05094TOKA73</lei>
        <title>UNI-PRESIDENT CHINA HOLDINGS LTD ORD HKD.01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG9222R1065"/>
          <other otherDesc="Internal Identifier" value="407144"/>
        </identifiers>
        <balance>1103300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>1158193.86000000</valUSD>
        <pctVal>0.342754543280</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>SAMSUNG ELECTRONICS CO LTD ORD KRW 100</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD ORD KRW 100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <ticker value="005930"/>
          <other otherDesc="Internal Identifier" value="19148"/>
        </identifiers>
        <balance>538229.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>25980482.70000000</valUSD>
        <pctVal>7.688633819948</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>DAIRY FARM INTERNATIONAL HOLDINGS LTD ORD USD.0555 (SINGAPORE)</name>
        <lei>213800NOTG41PZVNNX48</lei>
        <title>DAIRY FARM INTERNATIONAL HOLDINGS LTD ORD USD.0555 (SINGAPORE)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG2624N1535"/>
          <other otherDesc="Internal Identifier" value="31353"/>
        </identifiers>
        <balance>64033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>365628.43000000</valUSD>
        <pctVal>0.108203652137</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>
      <invstOrSec>
        <name>SBERBANK OF RUSSIA PJSC SPONSORED ADR</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>SBERBANK OF RUSSIA PJSC SPONSORED ADR</title>
        <cusip>80585Y308</cusip>
        <identifiers>
          <ticker value="SBER"/>
          <other otherDesc="Internal Identifier" value="517320"/>
        </identifiers>
        <balance>498847.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8201044.68000000</valUSD>
        <pctVal>2.427007620053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEMAK SAB DE CV ORD MXN NPV</name>
        <lei>5493000MY3DAIB0BP706</lei>
        <title>NEMAK SAB DE CV ORD MXN NPV</title>
        <cusip>P71340106</cusip>
        <identifiers>
          <ticker value="NEMAKA"/>
          <other otherDesc="Internal Identifier" value="608446"/>
        </identifiers>
        <balance>2014800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.93950000"/>
        <valUSD>844407.07000000</valUSD>
        <pctVal>0.249892845763</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>BANCO BRADESCO SA SPONSORED DPP PFD</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>BANCO BRADESCO SA SPONSORED DPP PFD</title>
        <cusip>059460303</cusip>
        <identifiers>
          <ticker value="BBD"/>
          <other otherDesc="Internal Identifier" value="46986"/>
        </identifiers>
        <balance>933515.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8354959.25000000</valUSD>
        <pctVal>2.472556918807</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>BIOCON LTD ORD INR5</name>
        <lei>335800NK3L7QCHLOC198</lei>
        <title>BIOCON LTD ORD INR5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE376G01013"/>
          <other otherDesc="Internal Identifier" value="299975"/>
        </identifiers>
        <balance>574280.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
        <valUSD>2363759.18000000</valUSD>
        <pctVal>0.699528141313</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>KT SKYLIFE CO LTD ORD KRW2500</name>
        <lei>N/A</lei>
        <title>KT SKYLIFE CO LTD ORD KRW2500</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7053210001"/>
          <other otherDesc="Internal Identifier" value="504686"/>
        </identifiers>
        <balance>166071.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>1252726.34000000</valUSD>
        <pctVal>0.370730375416</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>THAI BEVERAGE PCL ORD SGD NPV</name>
        <lei>529900VZFHQZ684D8L07</lei>
        <title>THAI BEVERAGE PCL ORD SGD NPV</title>
        <cusip>Y8588A103</cusip>
        <identifiers>
          <ticker value="THBEV"/>
          <other otherDesc="Internal Identifier" value="361847"/>
        </identifiers>
        <balance>2335600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.34860000"/>
        <valUSD>1545260.18000000</valUSD>
        <pctVal>0.457302499640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</title>
        <cusip>457756500</cusip>
        <identifiers>
          <ticker value="INFXX"/>
          <other otherDesc="Internal Identifier" value="170875"/>
        </identifiers>
        <balance>3694454.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3694454.50000000</valUSD>
        <pctVal>1.093332565948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA MERCHANTS BANK CO LTD ORD CNY1 CL A</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CHINA MERCHANTS BANK CO LTD ORD CNY1 CL A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE000001B33"/>
          <other otherDesc="Internal Identifier" value="588378"/>
        </identifiers>
        <balance>337500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.98675000"/>
        <valUSD>1821468.58000000</valUSD>
        <pctVal>0.539043292146</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>KIATNAKIN BANK PCL ORD THB10 (FGN)</name>
        <lei>254900UPQE3MNOEDXK30</lei>
        <title>KIATNAKIN BANK PCL ORD THB10 (FGN)</title>
        <cusip>Y47675114</cusip>
        <identifiers>
          <ticker value="KKP/F"/>
          <other otherDesc="Internal Identifier" value="62728"/>
        </identifiers>
        <balance>1009800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="29.95000000"/>
        <valUSD>2238723.55000000</valUSD>
        <pctVal>0.662525242460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERCORP FINANCIAL SERVICES INC ORD USD10</name>
        <lei>5299004181WFTEWB1398</lei>
        <title>INTERCORP FINANCIAL SERVICES INC ORD USD10</title>
        <cusip>P5626F102</cusip>
        <identifiers>
          <ticker value="IFS"/>
          <other otherDesc="Internal Identifier" value="391482"/>
        </identifiers>
        <balance>31950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1306755.00000000</valUSD>
        <pctVal>0.386719554190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASTRA INTERNATIONAL TBK PT ORD IDR50</name>
        <lei>529900L49TRJOMG4DK47</lei>
        <title>ASTRA INTERNATIONAL TBK PT ORD IDR50</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ID1000122807"/>
          <other otherDesc="Internal Identifier" value="23674"/>
        </identifiers>
        <balance>7340300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="13924.50000000"/>
        <valUSD>3661557.90000000</valUSD>
        <pctVal>1.083597184421</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>LOJAS AMERICANAS SA ORD BRL NPV</name>
        <lei>N/A</lei>
        <title>LOJAS AMERICANAS SA ORD BRL NPV</title>
        <cusip>P6329M113</cusip>
        <identifiers>
          <ticker value="LAME3"/>
          <other otherDesc="Internal Identifier" value="320070"/>
        </identifiers>
        <balance>169200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>829267.32000000</valUSD>
        <pctVal>0.245412405764</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>NASPERS LTD ORD N SHRS ZAR.02</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>NASPERS LTD ORD N SHRS ZAR.02</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000015889"/>
          <other otherDesc="Internal Identifier" value="54993"/>
        </identifiers>
        <balance>64938.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.11775000"/>
        <valUSD>10622099.80000000</valUSD>
        <pctVal>3.143491855182</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>SUNNY OPTICAL TECHNOLOGY GROUP CO LTD ORD HKD.1</name>
        <lei>3003004QIVP0DFVVWM94</lei>
        <title>SUNNY OPTICAL TECHNOLOGY GROUP CO LTD ORD HKD.1</title>
        <cusip>G8586D109</cusip>
        <identifiers>
          <ticker value="2382"/>
          <other otherDesc="Internal Identifier" value="499635"/>
        </identifiers>
        <balance>159000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>2752601.93000000</valUSD>
        <pctVal>0.814601812300</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>Health &amp; Happiness H&amp;H International Holdings Ltd ORD HKD 0.01</name>
        <lei>N/A</lei>
        <title>Health &amp; Happiness H&amp;H International Holdings Ltd ORD HKD 0.01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG4387E1070"/>
          <other otherDesc="Internal Identifier" value="483253"/>
        </identifiers>
        <balance>418400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>1731632.51000000</valUSD>
        <pctVal>0.512457310121</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>NETEASE INC SPONSORED ADR</name>
        <lei>N/A</lei>
        <title>NETEASE INC SPONSORED ADR</title>
        <cusip>64110W102</cusip>
        <identifiers>
          <ticker value="NTES"/>
          <other otherDesc="Internal Identifier" value="189942"/>
        </identifiers>
        <balance>4253.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1304139.92000000</valUSD>
        <pctVal>0.385945650457</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>COSCO SHIPPING Ports Ltd ORD HKD.1</name>
        <lei>5299008QX6KA3JHWK507</lei>
        <title>COSCO SHIPPING Ports Ltd ORD HKD.1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG2442N1048"/>
          <other otherDesc="Internal Identifier" value="62705"/>
        </identifiers>
        <balance>865196.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>708385.26000000</valUSD>
        <pctVal>0.209638709583</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>
      <invstOrSec>
        <name>BAJAJ HOLDINGS &amp; INVESTMENT LTD ORD INR10 (DEMAT)</name>
        <lei>335800NL7NWD9IPOHL48</lei>
        <title>BAJAJ HOLDINGS &amp; INVESTMENT LTD ORD INR10 (DEMAT)</title>
        <cusip>Y0546X143</cusip>
        <identifiers>
          <ticker value="BJHI"/>
          <other otherDesc="Internal Identifier" value="55542"/>
        </identifiers>
        <balance>35390.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
        <valUSD>1689574.30000000</valUSD>
        <pctVal>0.500010652392</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>MAIL.RU GROUP LTD GDR</name>
        <lei>2138009IXUP41SPL5B50</lei>
        <title>MAIL.RU GROUP LTD GDR</title>
        <cusip>560317208</cusip>
        <identifiers>
          <ticker value="MAIL"/>
          <other otherDesc="Internal Identifier" value="481214"/>
        </identifiers>
        <balance>112799.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2515417.70000000</valUSD>
        <pctVal>0.744409787256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M DIAS BRANCO SA ORD BRL NPV</name>
        <lei>N/A</lei>
        <title>M DIAS BRANCO SA ORD BRL NPV</title>
        <cusip>P64876108</cusip>
        <identifiers>
          <ticker value="MDIA3"/>
          <other otherDesc="Internal Identifier" value="382372"/>
        </identifiers>
        <balance>136200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>1292705.56000000</valUSD>
        <pctVal>0.382561779264</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>CHINA MERCHANTS BANK CO LTD ORD CNY1 CLASS H</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CHINA MERCHANTS BANK CO LTD ORD CNY1 CLASS H</title>
        <cusip>Y14896115</cusip>
        <identifiers>
          <ticker value="3968"/>
          <other otherDesc="Internal Identifier" value="370320"/>
        </identifiers>
        <balance>507700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>2609420.20000000</valUSD>
        <pctVal>0.772228777726</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 MOBILE LTD ORD HKD NPV</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>CHINA MOBILE LTD ORD HKD NPV</title>
        <cusip>Y14965100</cusip>
        <identifiers>
          <ticker value="941"/>
          <other otherDesc="Internal Identifier" value="49551"/>
        </identifiers>
        <balance>447000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78740000"/>
        <valUSD>3757363.04000000</valUSD>
        <pctVal>1.111949646076</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>HANKOOK TECHNOLOGY GROUP CO LTD ORD KRW500</name>
        <lei>N/A</lei>
        <title>HANKOOK TECHNOLOGY GROUP CO LTD ORD KRW500</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7000240002"/>
          <other otherDesc="Internal Identifier" value="205510"/>
        </identifiers>
        <balance>37500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1157.94000000"/>
        <valUSD>467132.07000000</valUSD>
        <pctVal>0.138242521251</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.2.b"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
