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        <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>Capitec Bank Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Capitec Bank Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6440859"/>
          <other otherDesc="Primary Identifier" value="6440859"/>
        </identifiers>
        <balance>424164.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.00600000"/>
        <valUSD>43796765.21000000</valUSD>
        <pctVal>2.365166497214</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>Vale S.A.</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="2196286"/>
          <other otherDesc="Primary Identifier" value="2196286"/>
        </identifiers>
        <balance>1510945.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>19982169.69000000</valUSD>
        <pctVal>1.079101574416</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>Naspers Ltd. Class N</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>Naspers Ltd. Class N</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6622691"/>
          <other otherDesc="Primary Identifier" value="6622691"/>
        </identifiers>
        <balance>183926.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.00600000"/>
        <valUSD>30082524.74000000</valUSD>
        <pctVal>1.624553304919</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>Alibaba Group Holding Ltd. ADR</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd. ADR</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="01609W102"/>
          <other otherDesc="Primary Identifier" value="01609W102"/>
        </identifiers>
        <balance>544373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115461513.30000100</valUSD>
        <pctVal>6.235293900484</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>MercadoLibre Inc.</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre Inc.</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="58733R102"/>
          <other otherDesc="Primary Identifier" value="58733R102"/>
        </identifiers>
        <balance>63003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36033935.82000000</valUSD>
        <pctVal>1.945948687205</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>B3 S.A. - Brasil Bolsa Balcao</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 S.A. - Brasil Bolsa Balcao</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BG36ZK1"/>
          <other otherDesc="Primary Identifier" value="BG36ZK1"/>
        </identifiers>
        <balance>2260300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>24172348.42000000</valUSD>
        <pctVal>1.305384732590</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>Zee Entertainment Enterprises Ltd.</name>
        <lei>N/A</lei>
        <title>Zee Entertainment Enterprises Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6188535"/>
          <other otherDesc="Primary Identifier" value="6188535"/>
        </identifiers>
        <balance>4683050.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>19170953.72000000</valUSD>
        <pctVal>1.035293297137</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>Banco Bradesco S.A.</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>Banco Bradesco S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B00FM53"/>
          <other otherDesc="Primary Identifier" value="B00FM53"/>
        </identifiers>
        <balance>3048799.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>27322247.23000000</valUSD>
        <pctVal>1.475489421813</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>Yunnan Baiyao Group Co. Ltd. A Shares</name>
        <lei>N/A</lei>
        <title>Yunnan Baiyao Group Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CP95"/>
          <other otherDesc="Primary Identifier" value="BD5CP95"/>
        </identifiers>
        <balance>1790711.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96145000"/>
        <valUSD>23004300.07000000</valUSD>
        <pctVal>1.242306356566</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>Fuyao Glass Industry Group Co. Ltd. A Shares</name>
        <lei>549300AS5CSLWETN0P64</lei>
        <title>Fuyao Glass Industry Group Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BP3R6K4"/>
          <other otherDesc="Primary Identifier" value="BP3R6K4"/>
        </identifiers>
        <balance>4173210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96145000"/>
        <valUSD>14381387.20000000</valUSD>
        <pctVal>0.776641266217</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>Galaxy Entertainment Group</name>
        <lei>549300ZSEBV3HR826S10</lei>
        <title>Galaxy Entertainment Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6465874"/>
          <other otherDesc="Primary Identifier" value="6465874"/>
        </identifiers>
        <balance>1445210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>10645772.62000000</valUSD>
        <pctVal>0.574906037399</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>ICICI Bank Ltd.</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BSZ2BY7"/>
          <other otherDesc="Primary Identifier" value="BSZ2BY7"/>
        </identifiers>
        <balance>5267270.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>39767517.13000000</valUSD>
        <pctVal>2.147574112889</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>Logan Property Holdings Co. Ltd.</name>
        <lei>549300NJ0E6Q0S1VOG90</lei>
        <title>Logan Property Holdings Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BH6X937"/>
          <other otherDesc="Primary Identifier" value="BH6X937"/>
        </identifiers>
        <balance>13491584.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>22646704.92000000</valUSD>
        <pctVal>1.222995065783</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>XP Inc. Class A</name>
        <lei>5493008KDA8NBZRJST80</lei>
        <title>XP Inc. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G98239109"/>
          <other otherDesc="Primary Identifier" value="G98239109"/>
        </identifiers>
        <balance>61693.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2376414.36000000</valUSD>
        <pctVal>0.128334035649</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>Hefei Meiya Optoelectronic Technology Inc. A Shares</name>
        <lei>N/A</lei>
        <title>Hefei Meiya Optoelectronic Technology Inc. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CHY4"/>
          <other otherDesc="Primary Identifier" value="BD5CHY4"/>
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        <balance>4780460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96145000"/>
        <valUSD>26850151.33000000</valUSD>
        <pctVal>1.449994721444</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>Orbia Advance Corp. S.A.B. de C.V.</name>
        <lei>549300MVHZ20SBIOEQ79</lei>
        <title>Orbia Advance Corp. S.A.B. de C.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BH3T8K8"/>
          <other otherDesc="Primary Identifier" value="BH3T8K8"/>
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        <balance>12568527.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.90750000"/>
        <valUSD>26802221.80000000</valUSD>
        <pctVal>1.447406372327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="565.81" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="431.67"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MediaTek Inc.</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MediaTek Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6372480"/>
          <other otherDesc="Primary Identifier" value="6372480"/>
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        <balance>1461000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.97700000"/>
        <valUSD>21615021.52000000</valUSD>
        <pctVal>1.167280836622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HDFC Bank Ltd.</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BK1N461"/>
          <other otherDesc="Primary Identifier" value="BK1N461"/>
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        <balance>1643840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>29296484.48000000</valUSD>
        <pctVal>1.582104597132</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>Sberbank of Russia PJSC ADR</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>Sberbank of Russia PJSC ADR</title>
        <cusip>80585Y308</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B5SC091"/>
          <other otherDesc="Primary Identifier" value="B5SC091"/>
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        <balance>2611462.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42932435.28000000</valUSD>
        <pctVal>2.318489894886</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>Sands China Ltd.</name>
        <lei>549300EVO6UZDGY05787</lei>
        <title>Sands China Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B5B23W2"/>
          <other otherDesc="Primary Identifier" value="B5B23W2"/>
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        <balance>2820490.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>15075575.70000000</valUSD>
        <pctVal>0.814129682886</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.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BMMV2K8"/>
          <other otherDesc="Primary Identifier" value="BMMV2K8"/>
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        <balance>2456120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>118388495.31000100</valUSD>
        <pctVal>6.393360363951</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>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6889106"/>
          <other otherDesc="Primary Identifier" value="6889106"/>
        </identifiers>
        <balance>10902404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.97700000"/>
        <valUSD>120382150.45000100</valUSD>
        <pctVal>6.501024167921</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>Reliance Industries Ltd.</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6099626"/>
          <other otherDesc="Primary Identifier" value="6099626"/>
        </identifiers>
        <balance>2995640.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>63542537.06000000</valUSD>
        <pctVal>3.431501826258</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>Etalon Group Ltd. GDR</name>
        <lei>213800U2O9SKHOYSDY32</lei>
        <title>Etalon Group Ltd. GDR</title>
        <cusip>29760G103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29760G103"/>
          <other otherDesc="Primary Identifier" value="29760G103"/>
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        <balance>3914779.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6819545.02000000</valUSD>
        <pctVal>0.368277413416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PJSC LUKOIL</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>PJSC LUKOIL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B59SNS8"/>
          <other otherDesc="Primary Identifier" value="B59SNS8"/>
        </identifiers>
        <balance>418200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="62.06625000"/>
        <valUSD>41481468.27000000</valUSD>
        <pctVal>2.240132999253</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>Banco do Brasil S.A.</name>
        <lei>QE0Q0253K88YAGNPE356</lei>
        <title>Banco do Brasil S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="2328595"/>
          <other otherDesc="Primary Identifier" value="2328595"/>
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        <balance>3133970.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>41181707.36000000</valUSD>
        <pctVal>2.223944943854</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>Hyundai Motor Co.</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>Hyundai Motor Co.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6451055"/>
          <other otherDesc="Primary Identifier" value="6451055"/>
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        <balance>296491.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1156.45000000"/>
        <valUSD>30778876.62000000</valUSD>
        <pctVal>1.662158551081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Korea Shipbuilding &amp; Offshore Engineering Co. Ltd.</name>
        <lei>988400DPTJ9KH5R6W540</lei>
        <title>Korea Shipbuilding &amp; Offshore Engineering Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6446620"/>
          <other otherDesc="Primary Identifier" value="6446620"/>
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        <balance>293290.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1156.45000000"/>
        <valUSD>31875546.70000000</valUSD>
        <pctVal>1.721382270442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kweichow Moutai Co. Ltd. A Shares</name>
        <lei>N/A</lei>
        <title>Kweichow Moutai Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BP3R2F1"/>
          <other otherDesc="Primary Identifier" value="BP3R2F1"/>
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        <balance>190858.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96145000"/>
        <valUSD>32433618.57000000</valUSD>
        <pctVal>1.751519950329</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>Delta Electronics Inc.</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>Delta Electronics Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6260734"/>
          <other otherDesc="Primary Identifier" value="6260734"/>
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        <balance>2662000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.97700000"/>
        <valUSD>13453414.28000000</valUSD>
        <pctVal>0.726527737280</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>PT Bank Rakyat Indonesia</name>
        <lei>254900HB6S4B12GBNP64</lei>
        <title>PT Bank Rakyat Indonesia</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6709099"/>
          <other otherDesc="Primary Identifier" value="6709099"/>
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        <balance>46992300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="13882.50000000"/>
        <valUSD>14838052.10000000</valUSD>
        <pctVal>0.801302642845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PJSC LUKOIL ADR</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>PJSC LUKOIL ADR</title>
        <cusip>69343P105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="69343P105"/>
          <other otherDesc="Primary Identifier" value="69343P105"/>
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        <balance>119168.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11763073.28000000</valUSD>
        <pctVal>0.635243874581</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>New Oriental Education &amp; Technology Group Inc. ADR</name>
        <lei>529900NHZVBZQZ8EKN29</lei>
        <title>New Oriental Education &amp; Technology Group Inc. ADR</title>
        <cusip>647581107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="647581107"/>
          <other otherDesc="Primary Identifier" value="647581107"/>
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        <balance>176680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21422450.00000000</valUSD>
        <pctVal>1.156881353801</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>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</name>
        <lei>N/A</lei>
        <title>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="26200X100"/>
          <other otherDesc="Primary Identifier" value="26200X100"/>
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        <balance>565.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>565.81000000</valUSD>
        <pctVal>0.000030555563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK hynix Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6450267"/>
          <other otherDesc="Primary Identifier" value="6450267"/>
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        <balance>158450.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1156.45000000"/>
        <valUSD>12774627.25000000</valUSD>
        <pctVal>0.689871049636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meituan Dianping Class B</name>
        <lei>21380033K525E5JLIA77</lei>
        <title>Meituan Dianping Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGJW376"/>
          <other otherDesc="Primary Identifier" value="BGJW376"/>
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        <balance>2581000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>33751767.77000000</valUSD>
        <pctVal>1.822704256093</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Hong Kong Exchanges and Clearing Ltd.</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>Hong Kong Exchanges and Clearing Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6267359"/>
          <other otherDesc="Primary Identifier" value="6267359"/>
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        <balance>631457.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>20502113.75000000</valUSD>
        <pctVal>1.107180229660</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Yandex N.V. Class A</name>
        <lei>549300GGZHJ5Q1B18P93</lei>
        <title>Yandex N.V. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="N97284108"/>
          <other otherDesc="Primary Identifier" value="N97284108"/>
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        <balance>1313146.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57108719.54000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Petroleo Brasileiro S.A.</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="2684532"/>
          <other otherDesc="Primary Identifier" value="2684532"/>
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        <balance>8373000.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>62817794.02000000</valUSD>
        <pctVal>3.392363365939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Mandiri (Persero) Tbk</name>
        <lei>549300RSKQN4Z5ZSGH94</lei>
        <title>PT Bank Mandiri (Persero) Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6651048"/>
          <other otherDesc="Primary Identifier" value="6651048"/>
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        <balance>30256760.00000000</balance>
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        <valUSD>16708741.66000000</valUSD>
        <pctVal>0.902325909125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JD.com Inc. ADR</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com Inc. ADR</title>
        <cusip>47215P106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="47215P106"/>
          <other otherDesc="Primary Identifier" value="47215P106"/>
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        <balance>1283160.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45205726.80000000</valUSD>
        <pctVal>2.441254964766</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Maruti Suzuki India Ltd.</name>
        <lei>335800D27PBEESKKD357</lei>
        <title>Maruti Suzuki India Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6633712"/>
          <other otherDesc="Primary Identifier" value="6633712"/>
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        <balance>211440.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>21827643.11000000</valUSD>
        <pctVal>1.178763087853</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>BeiGene Ltd. ADR</name>
        <lei>549300JFUK6FRD5MH739</lei>
        <title>BeiGene Ltd. ADR</title>
        <cusip>07725L102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="07725L102"/>
          <other otherDesc="Primary Identifier" value="07725L102"/>
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        <balance>140185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23237065.60000000</valUSD>
        <pctVal>1.254876445490</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>China Resources Beer (Holdings) Co. Ltd.</name>
        <lei>N/A</lei>
        <title>China Resources Beer (Holdings) Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6972459"/>
          <other otherDesc="Primary Identifier" value="6972459"/>
        </identifiers>
        <balance>3790000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>20962873.61000000</valUSD>
        <pctVal>1.132062747328</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>Larsen &amp; Toubro Ltd.</name>
        <lei>3358003FR3JIC5FRXA90</lei>
        <title>Larsen &amp; Toubro Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0166K8"/>
          <other otherDesc="Primary Identifier" value="B0166K8"/>
        </identifiers>
        <balance>772975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>14058589.99000000</valUSD>
        <pctVal>0.759209176362</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China International Capital Corp. Ltd. H Shares</name>
        <lei>529900OS3SVVTT56QN67</lei>
        <title>China International Capital Corp. Ltd. H Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BZ169C6"/>
          <other otherDesc="Primary Identifier" value="BZ169C6"/>
        </identifiers>
        <balance>9760600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>18813984.57000000</valUSD>
        <pctVal>1.016015812371</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1380357.12"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co. Ltd. Class A</name>
        <lei>N/A</lei>
        <title>Midea Group Co. Ltd. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CPP1"/>
          <other otherDesc="Primary Identifier" value="BD5CPP1"/>
        </identifiers>
        <balance>3181386.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96145000"/>
        <valUSD>26620278.03000000</valUSD>
        <pctVal>1.437580822264</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>Rumo S.A.</name>
        <lei>N/A</lei>
        <title>Rumo S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYXZ2W5"/>
          <other otherDesc="Primary Identifier" value="BYXZ2W5"/>
        </identifiers>
        <balance>3533451.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>23206745.57000000</valUSD>
        <pctVal>1.253239066135</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>Vinhomes JSC</name>
        <lei>N/A</lei>
        <title>Vinhomes JSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFZBXH0"/>
          <other otherDesc="Primary Identifier" value="BFZBXH0"/>
        </identifiers>
        <balance>9428435.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="23172.50000000"/>
        <valUSD>34503454.01000000</valUSD>
        <pctVal>1.863297736062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bharti Airtel Ltd.</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>Bharti Airtel Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6442327"/>
          <other otherDesc="Primary Identifier" value="6442327"/>
        </identifiers>
        <balance>3590330.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="71.37815000"/>
        <valUSD>22926797.82000000</valUSD>
        <pctVal>1.238120985243</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>Lojas Renner S.A.</name>
        <lei>N/A</lei>
        <title>Lojas Renner S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0CGYD6"/>
          <other otherDesc="Primary Identifier" value="B0CGYD6"/>
        </identifiers>
        <balance>1641200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>22851222.31000000</valUSD>
        <pctVal>1.234039664090</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>LG Household &amp; Health Care Ltd.</name>
        <lei>N/A</lei>
        <title>LG Household &amp; Health Care Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6344456"/>
          <other otherDesc="Primary Identifier" value="6344456"/>
        </identifiers>
        <balance>19755.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1156.45000000"/>
        <valUSD>21466496.61000000</valUSD>
        <pctVal>1.159260012722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joseph W. Kauten</ncom:signature>
      <ncom:signerName>Joseph W. Kauten</ncom:signerName>
      <ncom:title>Treasurer, Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
