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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOTTE CHEMICAL CORPORATION</name>
        <lei>988400TPNFJZDPI94Y56</lei>
        <title>LOTTE CHEMICAL CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="KR7011170008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEWMONT CORPORATION</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT CORP-CDI DEPOSITARY RECEIPT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000297962"/>
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        <balance>525000.40000000</balance>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>WHEATON PRECIOUS METALS CORP COMMON STOCK</title>
        <cusip>962879102</cusip>
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          <isin value="CA9628791027"/>
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        <curCd>USD</curCd>
        <valUSD>14859383.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALIBABA GROUP HOLDING LIMITED</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
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        <balance>34325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>POLYUS PJSC-REG S-GDR DEPOSITARY RECEIPT</title>
        <cusip>73181M117</cusip>
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          <isin value="US73181M1172"/>
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        <balance>249258.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5713142.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KOREA ELECTRIC POWER CORPORATION</name>
        <lei>988400QG33WS7JEIV602</lei>
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        <cusip>500631106</cusip>
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          <isin value="US5006311063"/>
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        <balance>272687.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>K. WAH INTERNATIONAL HOLDINGS LIMITED</name>
        <lei>529900ZOP51K5LHLPK04</lei>
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          <isin value="BMG5321P1169"/>
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        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MHP SE</name>
        <lei>213800D7DXFXGA292757</lei>
        <title>MHP SE DEPOSITARY RECEIPT</title>
        <cusip>55302T204</cusip>
        <identifiers>
          <isin value="US55302T2042"/>
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        <balance>792536.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BROWN BROTHERS HARRIMAN SWEEP INTEREST</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="BBHMM"/>
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        <balance>51165292.43000000</balance>
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        <valUSD>51165292.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FSK-ROSSETI PAO</name>
        <lei>253400FZQ7Z49QZNSG30</lei>
        <title>FEDERAL GRID CO-ROSSETI PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JPNN9"/>
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        <balance>3021385233.00000000</balance>
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        <currencyConditional curCd="RUB" exchangeRt="85.00125000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS Holdings</name>
        <lei>N/A</lei>
        <title>GS HOLDINGS COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7078930005"/>
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        <balance>116395.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HARMONY GOLD MINING COMPANY LIMITED</name>
        <lei>378900986D05F0C29811</lei>
        <title>HARMONY GOLD MNG-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>413216300</cusip>
        <identifiers>
          <isin value="US4132163001"/>
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        <balance>291522.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CK HUTCHISON HOLDINGS LIMITED</name>
        <lei>254900Z8HM1VEPOQ2G79</lei>
        <title>CK HUTCHISON HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG217651051"/>
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        <balance>2714500.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROYAL GOLD, INC.</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>ROYAL GOLD INC COMMON STOCK</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WTAX FEE 10%</name>
        <lei>N/A</lei>
        <title>WTAX FEE 10%</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="WTAXFEE"/>
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        <balance>1.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MK LENTA PAO</name>
        <lei>213800OMCE8QATH73N15</lei>
        <title>LENTA PLC DEPOSITARY RECEIPT</title>
        <cusip>52634T200</cusip>
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          <isin value="US52634T2006"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPXW US 10/31/24 P5440 LONG</title>
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          <ticker value="SRV24P Y 5440 US Index"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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                <indexName>Put Option 5440 Oct 2024 on S&amp;P 500 Index</indexName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>DREYFUS TREASURY SEC CASH-PT DPRXX US EQUITY</title>
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          <isin value="US2619414053"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>KASIKORNBANK PUBLIC COMPANY LIMITED</name>
        <lei>5493004COSQ54937AW41</lei>
        <title>KASIKORNBANK PCL-FOREIGN COMMON STOCK</title>
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          <isin value="TH0016010017"/>
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        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TREASURY BILL 0.000000% 10/10/2024</title>
        <cusip>912797KT3</cusip>
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          <isin value="US912797KT32"/>
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        <balance>49374200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48877507.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-10</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GRUPPA LSR PAO</name>
        <lei>25340067LEEMJ79K8X43</lei>
        <title>LSR GROUP PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JPFP0"/>
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        <balance>510671.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Electric Group Company Limited</name>
        <lei>529900WHVV4GODE91T37</lei>
        <title>SHANGHAI ELECTRIC GRP CO L-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000437"/>
        </identifiers>
        <balance>13730000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>2670667.19000000</valUSD>
        <pctVal>0.461522971874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Corp.</name>
        <lei>N/A</lei>
        <title>LG CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7003550001"/>
        </identifiers>
        <balance>135825.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1376.75000000"/>
        <valUSD>8661860.77000000</valUSD>
        <pctVal>1.496872294496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>EQUINOX GOLD CORP COMMON STOCK</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
        </identifiers>
        <balance>1005662.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38065000"/>
        <valUSD>5645080.58000000</valUSD>
        <pctVal>0.975536890371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAX GLOBAL TECHNOLOGY LIMITED</name>
        <lei>5299008CRGPD1WZXCD36</lei>
        <title>PAX GLOBAL TECHNOLOGY LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG6955J1036"/>
        </identifiers>
        <balance>3664000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>2055843.61000000</valUSD>
        <pctVal>0.355274163755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Electric Power Development Co., Ltd.</name>
        <lei>549300KMHPUAQI8VEH90</lei>
        <title>ELECTRIC POWER DEVELOPMENT C COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3551200003"/>
        </identifiers>
        <balance>81700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.80500000"/>
        <valUSD>1350568.29000000</valUSD>
        <pctVal>0.233394221958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petroleo Brasileiro S.A. (Petrobras)</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>PETROLEO BRASILEIRO SA PREFERRED STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRPETRACNPR6"/>
        </identifiers>
        <balance>754300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.65615000"/>
        <valUSD>4968966.17000000</valUSD>
        <pctVal>0.858696299751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yellow Cake PLC</name>
        <lei>213800CVMYUGOA9EZY95</lei>
        <title>YELLOW CAKE PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BF50RG45"/>
        </identifiers>
        <balance>1228900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77788000"/>
        <valUSD>8794649.35000000</valUSD>
        <pctVal>1.519819736357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sociedad Quimica y Minera de Chile S.A.</name>
        <lei>TJ88LXZZW5PWIN93ZC81</lei>
        <title>QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>833635105</cusip>
        <identifiers>
          <isin value="US8336351056"/>
        </identifiers>
        <balance>93959.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3576079.54000000</valUSD>
        <pctVal>0.617988966629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE AURIFERE BARRICK</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK GOLD CORP COMMON STOCK</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
        </identifiers>
        <balance>973666.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18022557.66000000</valUSD>
        <pctVal>3.114511760642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT United Tractors Tbk</name>
        <lei>529900N9ELYOWQV4FW14</lei>
        <title>UNITED TRACTORS TBK PT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000058407"/>
        </identifiers>
        <balance>214200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16260.00000000"/>
        <valUSD>340042.44000000</valUSD>
        <pctVal>0.058763367468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBERBANK ROSSII PAO</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>SBERBANK OF RUSSIA PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU0009029540"/>
        </identifiers>
        <balance>8292394.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="85.00125000"/>
        <valUSD>8466312.21000000</valUSD>
        <pctVal>1.463079183585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CGN Power Co., Ltd.</name>
        <lei>529900D2UINCGWQYBK45</lei>
        <title>CGN POWER CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001T80"/>
        </identifiers>
        <balance>6253000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>2553532.36000000</valUSD>
        <pctVal>0.441280683709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Uplus Corp</name>
        <lei>N/A</lei>
        <title>LG UPLUS CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7032640005"/>
        </identifiers>
        <balance>2775421.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1376.75000000"/>
        <valUSD>20299626.93000000</valUSD>
        <pctVal>3.508016342788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sprott Physical Uranium Trust</name>
        <lei>N/A</lei>
        <title>SPROTT PHYSICAL URANIUM TR MUTUAL FUND</title>
        <cusip>85210A104</cusip>
        <identifiers>
          <isin value="CA85210A1049"/>
        </identifiers>
        <balance>354470.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38065000"/>
        <valUSD>6662439.07000000</valUSD>
        <pctVal>1.151348506107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAIDU, INC.</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>BAIDU INC-CLASS A COMMON STOCK</title>
        <cusip>G07034104</cusip>
        <identifiers>
          <isin value="KYG070341048"/>
        </identifiers>
        <balance>520750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>5773872.26000000</valUSD>
        <pctVal>0.997793620498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guangshen Railway Company Limited</name>
        <lei>529900YIR2NSEPF1UU41</lei>
        <title>GUANGSHEN RAILWAY CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000379"/>
        </identifiers>
        <balance>10554000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>3214203.86000000</valUSD>
        <pctVal>0.555452556286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN AGRI-RESOURCES LTD</name>
        <lei>529900GAK9LTNC3IFY40</lei>
        <title>GOLDEN AGRI-RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MU0117U00026"/>
        </identifiers>
        <balance>76439700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.33670000"/>
        <valUSD>15725980.03000000</valUSD>
        <pctVal>2.717635902464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARCADIUM LITHIUM PLC</name>
        <lei>5299008YH4W6QL5DPN51</lei>
        <title>ARCADIUM LITHIUM PLC COMMON STOCK</title>
        <cusip>G0508H110</cusip>
        <identifiers>
          <isin value="JE00BM9HZ112"/>
        </identifiers>
        <balance>894105.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2843253.90000000</valUSD>
        <pctVal>0.491348002714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP COMMON STOCK</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>51304.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38065000"/>
        <valUSD>1179436.47000000</valUSD>
        <pctVal>0.203820613369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SJM Holdings Limited</name>
        <lei>529900XEAB40COT5ZL30</lei>
        <title>SJM HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0880043028"/>
        </identifiers>
        <balance>8150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>2626983.30000000</valUSD>
        <pctVal>0.453973877471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Halyk Bank of Kazakhstan Joint Stock Company</name>
        <lei>213800NYDTVQM4SDUD67</lei>
        <title>HALYK SAVINGS BANK-GDR REG S DEPOSITARY RECEIPT</title>
        <cusip>46627J302</cusip>
        <identifiers>
          <isin value="US46627J3023"/>
        </identifiers>
        <balance>316548.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5591389.91000000</valUSD>
        <pctVal>0.966258505677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK VTB PAO</name>
        <lei>253400V1H6ART1UQ0N98</lei>
        <title>VTB BANK PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JP5V6"/>
        </identifiers>
        <balance>2329481.29940000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="85.00125000"/>
        <valUSD>809414.33000000</valUSD>
        <pctVal>0.139876398099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPXW US 08/30/24 P5130 LONG</title>
        <cusip>3MW996PQ9</cusip>
        <identifiers>
          <ticker value="SRQ24P Y 5130 US Index"/>
        </identifiers>
        <balance>206.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>236900.00000000</valUSD>
        <pctVal>0.040939130284</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>INPEX CORPORATION</name>
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        <name>N/A</name>
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        <name>KOREA ELECTRIC POWER CORPORATION</name>
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        <name>SUZUKEN CO.,LTD.</name>
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        <name>Kamigumi Co.,Ltd.</name>
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        <name>Anglo American Platinum Limited</name>
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        <name>IMPALA PLATINUM HOLDINGS LIMITED</name>
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        <name>PT Indofood Sukses Makmur Tbk</name>
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        <name>HYUNDAI MOTOR COMPANY</name>
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        <name>VODAFONE GROUP PUBLIC LIMITED COMPANY</name>
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        <name>Joint stock company National atomic company Kazatomprom</name>
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        <name>NEWMONT CORPORATION</name>
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        <name>Joint stock company National atomic company Kazatomprom</name>
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        <name>West Japan Railway Company</name>
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        <name>MOSKOVSKAYA BIRZHA MMVB-RTS PAO</name>
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        <name>K+S Aktiengesellschaft</name>
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        <pctVal>2.755869690687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAZPROM PAO</name>
        <lei>213800FD9J2IHTA7YX78</lei>
        <title>GAZPROM PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU0007661625"/>
        </identifiers>
        <balance>8122810.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="85.00125000"/>
        <valUSD>3823493.78000000</valUSD>
        <pctVal>0.660745082313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FGK RUSGIDRO PAO</name>
        <lei>2534005TJN9DX4YWVT97</lei>
        <title>RUSHYDRO PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JPKH7"/>
        </identifiers>
        <balance>991278397.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="85.00125000"/>
        <valUSD>2122470.77000000</valUSD>
        <pctVal>0.366788127384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINOPHARM GROUP CO. LTD.</name>
        <lei>529900N54X78YH9JYK92</lei>
        <title>SINOPHARM GROUP CO-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000FN7"/>
        </identifiers>
        <balance>541200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1269407.83000000</valUSD>
        <pctVal>0.219368731684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Communications Services Corporation Limited</name>
        <lei>529900JCDRVQE6YZKT86</lei>
        <title>CHINA COMMUNICATIONS SERVI-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000002G3"/>
        </identifiers>
        <balance>10908000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>5604014.76000000</valUSD>
        <pctVal>0.968440229522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVAGOLD RESOURCES INC.</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>NOVAGOLD RESOURCES INC COMMON STOCK</title>
        <cusip>66987E206</cusip>
        <identifiers>
          <isin value="CA66987E2069"/>
        </identifiers>
        <balance>2053355.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9815036.90000000</valUSD>
        <pctVal>1.696154809593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDIPAL HOLDINGS CORPORATION</name>
        <lei>353800PJDODZEA4NP730</lei>
        <title>MEDIPAL HOLDINGS CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3268950007"/>
        </identifiers>
        <balance>67500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.80500000"/>
        <valUSD>1218393.70000000</valUSD>
        <pctVal>0.210552884852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DL E&amp;C CO., LTD.</name>
        <lei>988400UU0MCCBS1YP242</lei>
        <title>DL E&amp;C CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7375500006"/>
        </identifiers>
        <balance>170722.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1376.75000000"/>
        <valUSD>4391191.61000000</valUSD>
        <pctVal>0.758850001791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE FUND II</ncom:nameOfApplicant>
      <ncom:signature>Andy Metzger</ncom:signature>
      <ncom:signerName>Andy Metzger</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
