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        <currencyConditional curCd="TWD" exchangeRt="27.66700000"/>
        <valUSD>31962406.41000000</valUSD>
        <pctVal>1.674813099957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freeport-McMoRan Copper &amp; Gold Inc. Class B</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Copper &amp; Gold Inc. Class B</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="35671D857"/>
          <other otherDesc="Primary Identifier" value="35671D857"/>
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        <balance>644751.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26905459.23000000</valUSD>
        <pctVal>1.409831756743</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>Copa Holdings S.A. Class A</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings S.A. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="P31076105"/>
          <other otherDesc="Primary Identifier" value="P31076105"/>
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        <balance>342466.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28308239.56000000</valUSD>
        <pctVal>1.483336700110</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>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>2791564.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3042804.76000000</valUSD>
        <pctVal>0.159441351420</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>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>3684794.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.66700000"/>
        <valUSD>36561208.77000000</valUSD>
        <pctVal>1.915787898219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yang Ming Marine Transport Corp.</name>
        <lei>254900WG2ACWNVSP6E13</lei>
        <title>Yang Ming Marine Transport Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6987583"/>
          <other otherDesc="Primary Identifier" value="6987583"/>
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        <balance>1040000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.66700000"/>
        <valUSD>4523509.75000000</valUSD>
        <pctVal>0.237029505535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Chem Ltd.</name>
        <lei>988400IES4EIG7O06940</lei>
        <title>LG Chem Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6346913"/>
          <other otherDesc="Primary Identifier" value="6346913"/>
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        <balance>62383.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1188.75000000"/>
        <valUSD>32249646.27000000</valUSD>
        <pctVal>1.689864315882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Baidu.com Inc. ADR</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>Baidu.com Inc. ADR</title>
        <cusip>056752108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="056752108"/>
          <other otherDesc="Primary Identifier" value="056752108"/>
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        <balance>133999.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19937711.21000000</valUSD>
        <pctVal>1.044725465577</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>443770.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>25917481.52000000</valUSD>
        <pctVal>1.358062250094</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>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"/>
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        <balance>1933080.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.33565000"/>
        <valUSD>61583148.89000000</valUSD>
        <pctVal>3.226924255155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>724276.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43818698.00000000</valUSD>
        <pctVal>2.296076474720</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>
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      <invstOrSec>
        <name>Logan Group Co. Ltd.</name>
        <lei>549300NJ0E6Q0S1VOG90</lei>
        <title>Logan Group Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BH6X937"/>
          <other otherDesc="Primary Identifier" value="BH6X937"/>
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        <balance>9409584.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>7192146.33000000</valUSD>
        <pctVal>0.376864643286</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>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"/>
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        <balance>6121164.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.33565000"/>
        <valUSD>60947600.98000000</valUSD>
        <pctVal>3.193621882622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Yunnan Aluminum Co. Ltd. A Shares</name>
        <lei>3003008AXWSVMLG3MX37</lei>
        <title>Yunnan Aluminum Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CB75"/>
          <other otherDesc="Primary Identifier" value="BD5CB75"/>
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        <balance>2442200.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.35750000"/>
        <valUSD>4290896.42000000</valUSD>
        <pctVal>0.224840690734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>26194.00000000</balance>
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        <valUSD>24176169.35000000</valUSD>
        <pctVal>1.266818418324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>5128700.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.57000000"/>
        <valUSD>26507135.33000000</valUSD>
        <pctVal>1.388959796191</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>
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      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6771720"/>
          <other otherDesc="Primary Identifier" value="6771720"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kweichow Moutai Co. Ltd. A Shares</name>
        <lei>N/A</lei>
        <title>Kweichow Moutai Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BP3R2F1"/>
          <other otherDesc="Primary Identifier" value="BP3R2F1"/>
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        <valUSD>4998356.27000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hanon Systems</name>
        <lei>5493004WIDNO4WOEYG91</lei>
        <title>Hanon Systems</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B00LR01"/>
          <other otherDesc="Primary Identifier" value="B00LR01"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>
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          <other otherDesc="Primary Identifier" value="BD5CHY4"/>
          <other otherDesc="Primary Identifier" value="BD5CHY4"/>
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        <valUSD>35516899.86000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capitec Bank Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Capitec Bank Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="6440859"/>
          <other otherDesc="Primary Identifier" value="6440859"/>
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        <valUSD>49798897.63000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Patria Investments Ltd. Class A</name>
        <lei>N/A</lei>
        <title>Patria Investments Ltd. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G69451105"/>
          <other otherDesc="Primary Identifier" value="G69451105"/>
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        <balance>1239193.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20074926.60000000</valUSD>
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        <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>Petroleo Brasileiro S.A.</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro S.A.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="2684532"/>
          <other otherDesc="Primary Identifier" value="2684532"/>
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        <balance>6772309.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.57000000"/>
        <valUSD>34404331.58000000</valUSD>
        <pctVal>1.802768680377</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>Novatek Microelectronics Corp.</name>
        <lei>N/A</lei>
        <title>Novatek Microelectronics Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6346333"/>
          <other otherDesc="Primary Identifier" value="6346333"/>
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        <balance>246000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.66700000"/>
        <valUSD>4776904.56000000</valUSD>
        <pctVal>0.250307258837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>12249399.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="22790.00000000"/>
        <valUSD>44074186.84000000</valUSD>
        <pctVal>2.309463954081</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>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"/>
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        <balance>9546404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.66700000"/>
        <valUSD>211175992.88000100</valUSD>
        <pctVal>11.06550973462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>China Mengniu Dairy Co. Ltd.</name>
        <lei>2549005Q343BSJ8RSS21</lei>
        <title>China Mengniu Dairy Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B01B1L9"/>
          <other otherDesc="Primary Identifier" value="B01B1L9"/>
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        <balance>6459000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>36612500.08000000</valUSD>
        <pctVal>1.918475535589</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>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"/>
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        <balance>6619250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.57000000"/>
        <valUSD>28645736.06000000</valUSD>
        <pctVal>1.501021337247</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>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>2786048.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.33565000"/>
        <valUSD>55446873.89000000</valUSD>
        <pctVal>2.905386708104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>276569.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="75.08875000"/>
        <valUSD>24626571.49000000</valUSD>
        <pctVal>1.290419250960</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>EOFlow Co. Ltd.</name>
        <lei>N/A</lei>
        <title>EOFlow Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BMGYML4"/>
          <other otherDesc="Primary Identifier" value="BMGYML4"/>
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        <balance>476210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1188.75000000"/>
        <valUSD>19596302.61000000</valUSD>
        <pctVal>1.026835836480</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>Zhuzhou Kibing Group Co. Ltd. A Shares</name>
        <lei>300300RWM4DKUZFOIT68</lei>
        <title>Zhuzhou Kibing Group Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BP3RFL8"/>
          <other otherDesc="Primary Identifier" value="BP3RFL8"/>
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        <balance>1986475.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.35750000"/>
        <valUSD>5343094.38000000</valUSD>
        <pctVal>0.279975304335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>8116.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10943614.40000000</valUSD>
        <pctVal>0.573439575321</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>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"/>
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        <balance>183812.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.93500000"/>
        <valUSD>28514795.36000000</valUSD>
        <pctVal>1.494160114195</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>
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      </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"/>
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        <balance>7023654.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.33565000"/>
        <valUSD>64609303.95000000</valUSD>
        <pctVal>3.385493171149</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>Fix Price Group Ltd. GDR</name>
        <lei>549300EXJV1RPGZNH608</lei>
        <title>Fix Price Group Ltd. GDR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BN30353"/>
          <other otherDesc="Primary Identifier" value="BN30353"/>
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        <balance>1489220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11243611.00000000</valUSD>
        <pctVal>0.589159237638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sea Ltd. ADR</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>Sea Ltd. ADR</title>
        <cusip>81141R100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="81141R100"/>
          <other otherDesc="Primary Identifier" value="81141R100"/>
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        <balance>90070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20149559.70000000</valUSD>
        <pctVal>1.055826213803</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Jahwa United Co. Ltd. Class A</name>
        <lei>300300RPIKEEFIKC9318</lei>
        <title>Shanghai Jahwa United Co. Ltd. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BP3R5H4"/>
          <other otherDesc="Primary Identifier" value="BP3R5H4"/>
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        <balance>3726689.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.35750000"/>
        <valUSD>23687849.39000000</valUSD>
        <pctVal>1.241230712083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ambev S.A.</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BG7ZWY7"/>
          <other otherDesc="Primary Identifier" value="BG7ZWY7"/>
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        <balance>12206200.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.57000000"/>
        <valUSD>34155724.13000000</valUSD>
        <pctVal>1.789741782194</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Huazhu Group Ltd. ADR</name>
        <lei>549300Y5ML31FVN83730</lei>
        <title>Huazhu Group Ltd. ADR</title>
        <cusip>44332N106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="44332N106"/>
          <other otherDesc="Primary Identifier" value="44332N106"/>
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        <balance>795570.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29706583.80000000</valUSD>
        <pctVal>1.556609194720</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>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
        <lei>N/A</lei>
        <title>State Street Institutional U.S. Government Money Market Fund - Premier Class</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="857492706"/>
          <other otherDesc="Primary Identifier" value="857492706"/>
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        <balance>8234121.88000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8234121.88000000</valUSD>
        <pctVal>0.431463608038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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>2041169.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32760762.45000000</valUSD>
        <pctVal>1.716646531929</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Evergreen Marine Corp.</name>
        <lei>254900EIJA0A39C5SO15</lei>
        <title>Evergreen Marine Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6324500"/>
          <other otherDesc="Primary Identifier" value="6324500"/>
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        <balance>1705000.00000000</balance>
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        <valUSD>8734587.50000000</valUSD>
        <pctVal>0.457687740405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nan Ya Printed Circuit Board Corp.</name>
        <lei>N/A</lei>
        <title>Nan Ya Printed Circuit Board Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B118753"/>
          <other otherDesc="Primary Identifier" value="B118753"/>
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        <balance>205000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="27.66700000"/>
        <valUSD>4222671.74000000</valUSD>
        <pctVal>0.221265753781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1752500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>50658668.43000000</valUSD>
        <pctVal>2.654487288116</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"/>
        </identifiers>
        <balance>2289320.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79755000"/>
        <valUSD>134114096.86000100</valUSD>
        <pctVal>7.027507360640</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>Axis Bank Ltd.</name>
        <lei>549300HVNWMJPOFVNI41</lei>
        <title>Axis Bank Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BPFJHC7"/>
          <other otherDesc="Primary Identifier" value="BPFJHC7"/>
        </identifiers>
        <balance>2460420.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.33565000"/>
        <valUSD>22459183.33000000</valUSD>
        <pctVal>1.176849263879</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>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"/>
        </identifiers>
        <balance>300974.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1188.75000000"/>
        <valUSD>52829803.98000000</valUSD>
        <pctVal>2.768253636440</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>Venustech Group Inc. Class A</name>
        <lei>N/A</lei>
        <title>Venustech Group Inc. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CJQ0"/>
          <other otherDesc="Primary Identifier" value="BD5CJQ0"/>
        </identifiers>
        <balance>4759958.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.35750000"/>
        <valUSD>21360849.66000000</valUSD>
        <pctVal>1.119297163607</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>Wuliangye Yibin Co. Ltd. A Shares</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>Wuliangye Yibin Co. Ltd. A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD5CPG2"/>
          <other otherDesc="Primary Identifier" value="BD5CPG2"/>
        </identifiers>
        <balance>122161.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.35750000"/>
        <valUSD>4278469.25000000</valUSD>
        <pctVal>0.224189513635</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>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"/>
        </identifiers>
        <balance>657682.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46083777.74000000</valUSD>
        <pctVal>2.414765448646</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>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>1351169.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.33565000"/>
        <valUSD>34461006.36000000</valUSD>
        <pctVal>1.805738408713</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
