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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS EACH REP 5 ORD TWD10</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
          <ticker value="TSM"/>
        </identifiers>
        <balance>157000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8912890</valUSD>
        <pctVal>2.7016868366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Netease Inc</name>
        <lei>5299004AF4DSJDB0PA32</lei>
        <title>Netease Inc SPON ADR EACH REP 25 ORD SHS</title>
        <cusip>64110W102</cusip>
        <identifiers>
          <isin value="US64110W1027"/>
          <ticker value="NTES"/>
        </identifiers>
        <balance>5657</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2429002.66</valUSD>
        <pctVal>0.7362824530</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>The Estee Lauder Companies Inc.</name>
        <lei>549300VFZ8XJ9NUPU221</lei>
        <title>The Estee Lauder Companies Inc. CL A</title>
        <cusip>518439104</cusip>
        <identifiers>
          <isin value="US5184391044"/>
          <ticker value="EL"/>
        </identifiers>
        <balance>1100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>207548</valUSD>
        <pctVal>0.0629122203</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>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA SPON ADS EACH REP 2 ORD SHS</title>
        <cusip>71654V408</cusip>
        <identifiers>
          <isin value="US71654V4086"/>
          <ticker value="PBR"/>
        </identifiers>
        <balance>38400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>317568</valUSD>
        <pctVal>0.0962616262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gruma S.A.B.de C.V.</name>
        <lei>5493000XJLJ6C4T0PG82</lei>
        <title>Gruma S.A.B.de C.V. SER'B' NPV</title>
        <cusip>P4948K121</cusip>
        <identifiers>
          <isin value="MXP4948K1056"/>
          <ticker value="GPAGF"/>
        </identifiers>
        <balance>28760</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.9845"/>
        <valUSD>311743.41</valUSD>
        <pctVal>0.0944960689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dr. Reddys Laboratories Limited</name>
        <lei>335800OVDPY3DVZR2798</lei>
        <title>Dr. Reddys Laboratories Limited ADS EACH REPR 1 ORD INR5</title>
        <cusip>256135203</cusip>
        <identifiers>
          <isin value="US2561352038"/>
          <ticker value="RDY"/>
        </identifiers>
        <balance>10930</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>579399.3</valUSD>
        <pctVal>0.1756282712</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>Microsoft Corporation</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corporation COM</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
          <ticker value="MSFT"/>
        </identifiers>
        <balance>12346</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2512534.46</valUSD>
        <pctVal>0.7616027211</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>Nike, Inc.</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>Nike, Inc. CL B</title>
        <cusip>654106103</cusip>
        <identifiers>
          <isin value="US6541061031"/>
          <ticker value="NKE"/>
        </identifiers>
        <balance>3550</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>348077.5</valUSD>
        <pctVal>0.1055097056</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>Banco do Brasil S.A.</name>
        <lei>QE0Q0253K88YAGNPE356</lei>
        <title>Banco do Brasil S.A. COM NPV</title>
        <cusip>P11427112</cusip>
        <identifiers>
          <isin value="BRBBASACNOR3"/>
          <ticker value="BBAS3"/>
        </identifiers>
        <balance>88700</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>526024.71</valUSD>
        <pctVal>0.1594492959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Siam Global House Public Company Limited</name>
        <lei>N/A</lei>
        <title>Siam Global House Public Company Limited NON VTG DEP RCPT REP 1 ORD THB1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TH0991010R18"/>
          <ticker value="GLOBAL-R"/>
        </identifiers>
        <balance>270300</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="30.9075"/>
        <valUSD>147064.21</valUSD>
        <pctVal>0.0445782951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Magazine Luiza Sa</name>
        <lei>N/A</lei>
        <title>Magazine Luiza Sa COM NPV</title>
        <cusip>P6425Q109</cusip>
        <identifiers>
          <isin value="BRMGLUACNOR2"/>
          <ticker value="MGLU3"/>
        </identifiers>
        <balance>167600</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>2212846.4</valUSD>
        <pctVal>0.6707608857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NHN KCP Corp</name>
        <lei>N/A</lei>
        <title>NHN KCP Corp KRW500</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7060250008"/>
          <ticker value="A060250"/>
        </identifiers>
        <balance>16368</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>676235.84</valUSD>
        <pctVal>0.2049814894</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>LVMH Moet Hennessy Vuitton SE</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Vuitton SE EUR0.30</title>
        <cusip>F58485115</cusip>
        <identifiers>
          <isin value="FR0000121014"/>
          <ticker value="LVMHF"/>
        </identifiers>
        <balance>297</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>130085.68</valUSD>
        <pctVal>0.0394317409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baidu, Inc.</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>Baidu, Inc. SPON ADS EACH REP 0.1 ORD SHS</title>
        <cusip>056752108</cusip>
        <identifiers>
          <isin value="US0567521085"/>
          <ticker value="BIDU"/>
        </identifiers>
        <balance>4227</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506775.03</valUSD>
        <pctVal>0.1536143078</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>Sberbank of Russia</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>Sberbank of Russia SPON ADR EACH REPR 4 ORD SHS</title>
        <cusip>80585Y308</cusip>
        <identifiers>
          <isin value="US80585Y3080"/>
          <ticker value="SBRCY"/>
        </identifiers>
        <balance>84423</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>959120.67</valUSD>
        <pctVal>0.2907299079</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>Asian Paints Ltd</name>
        <lei>335800HEHXGYRUNERD75</lei>
        <title>Asian Paints Ltd INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE021A01026"/>
          <ticker value="ASIANPAINT"/>
        </identifiers>
        <balance>28128</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>632537.71</valUSD>
        <pctVal>0.1917356553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teleperformance</name>
        <lei>9695004GI61FHFFNRG61</lei>
        <title>Teleperformance EUR2.50</title>
        <cusip>F9120F106</cusip>
        <identifiers>
          <isin value="FR0000051807"/>
          <ticker value="TLPFF"/>
        </identifiers>
        <balance>518</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>131325.33</valUSD>
        <pctVal>0.0398075052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOTVS S.A.</name>
        <lei>N/A</lei>
        <title>TOTVS S.A. COM NPV</title>
        <cusip>P92184103</cusip>
        <identifiers>
          <isin value="BRTOTSACNOR8"/>
          <ticker value="TTVSF"/>
        </identifiers>
        <balance>29700</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>127798.31</valUSD>
        <pctVal>0.0387383903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEG Sa</name>
        <lei>N/A</lei>
        <title>WEG Sa COM STK NPV</title>
        <cusip>P9832B129</cusip>
        <identifiers>
          <isin value="BRWEGEACNOR0"/>
          <ticker value="WEGE3"/>
        </identifiers>
        <balance>27700</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>261561.02</valUSD>
        <pctVal>0.0792847174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MasterCard Incorporated</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MasterCard Incorporated CL A</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <isin value="US57636Q1040"/>
          <ticker value="MA"/>
        </identifiers>
        <balance>4320</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1277424</valUSD>
        <pctVal>0.3872144283</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>Logitech International SA</name>
        <lei>549300SN6PRK6IJJC215</lei>
        <title>Logitech International SA CHF0.25 (REGD)</title>
        <cusip>H50430232</cusip>
        <identifiers>
          <isin value="CH0025751329"/>
          <ticker value="LOGI"/>
        </identifiers>
        <balance>3757</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".94745"/>
        <valUSD>244972.21</valUSD>
        <pctVal>0.0742562957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc. COM NEW</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
          <ticker value="C"/>
        </identifiers>
        <balance>9060</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>462966</valUSD>
        <pctVal>0.1403348575</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>WIN Semiconductors</name>
        <lei>529900G3R9LZ0M2UBM97</lei>
        <title>WIN Semiconductors TWD10</title>
        <cusip>Y9588T100</cusip>
        <identifiers>
          <isin value="TW0003105003"/>
          <ticker value="3105"/>
        </identifiers>
        <balance>57000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>576003.09</valUSD>
        <pctVal>0.1745988076</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>ASML Holding N.V.</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding N.V. EUR0.09</title>
        <cusip>N07059202</cusip>
        <identifiers>
          <isin value="NL0010273215"/>
          <ticker value="ASMLF"/>
        </identifiers>
        <balance>2709</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>993060.87</valUSD>
        <pctVal>0.3010179056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Accton Technology</name>
        <lei>529900M1YRZ0GWMDF920</lei>
        <title>Accton Technology TWD10</title>
        <cusip>Y0002S109</cusip>
        <identifiers>
          <isin value="TW0002345006"/>
          <ticker value="2345"/>
        </identifiers>
        <balance>32000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>246738.8</valUSD>
        <pctVal>0.0747917867</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>Giant Mfg Co</name>
        <lei>549300M7TYVF50B2GY12</lei>
        <title>Giant Mfg Co TWD10</title>
        <cusip>Y2708Z106</cusip>
        <identifiers>
          <isin value="TW0009921007"/>
          <ticker value="GTMUF"/>
        </identifiers>
        <balance>97000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>865480.88</valUSD>
        <pctVal>0.2623456927</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 KRW5000</title>
        <cusip>Y52758102</cusip>
        <identifiers>
          <isin value="KR7051910008"/>
          <ticker value="LGCLF"/>
        </identifiers>
        <balance>2460</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>1016370.98</valUSD>
        <pctVal>0.3080836965</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>Shinhan Financial Group Co Ltd</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>Shinhan Financial Group Co Ltd KRW5000</title>
        <cusip>Y7749X101</cusip>
        <identifiers>
          <isin value="KR7055550008"/>
          <ticker value="A055550"/>
        </identifiers>
        <balance>47431</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>1133178.68</valUSD>
        <pctVal>0.3434905988</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>CTBC Financial Holding Company Limited</name>
        <lei>549300IWDYIFW6JXM387</lei>
        <title>CTBC Financial Holding Company Limited TWD10</title>
        <cusip>Y15093100</cusip>
        <identifiers>
          <isin value="TW0002891009"/>
          <ticker value="CTFHF"/>
        </identifiers>
        <balance>591000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>406705.19</valUSD>
        <pctVal>0.1232810074</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>Ping An Insurance (Group) Company of China Ltd.</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>Ping An Insurance (Group) Company of China Ltd. 'H' CNY1</title>
        <cusip>Y69790106</cusip>
        <identifiers>
          <isin value="CNE1000003X6"/>
          <ticker value="PIAIF"/>
        </identifiers>
        <balance>183000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1827631.19</valUSD>
        <pctVal>0.5539939490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</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 Overseas Land &amp; Investment Ltd</name>
        <lei>529900I6W35GYKRIZ151</lei>
        <title>China Overseas Land &amp; Investment Ltd NPV</title>
        <cusip>Y15004107</cusip>
        <identifiers>
          <isin value="HK0688002218"/>
          <ticker value="CAOVF"/>
        </identifiers>
        <balance>288500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>871227.74</valUSD>
        <pctVal>0.2640876884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lasertec Corp</name>
        <lei>N/A</lei>
        <title>Lasertec Corp NPV</title>
        <cusip>J38702106</cusip>
        <identifiers>
          <isin value="JP3979200007"/>
          <ticker value="LSRCF"/>
        </identifiers>
        <balance>2100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>198019.23</valUSD>
        <pctVal>0.0600238472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itau Unibanco Holdings S.A.</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>Itau Unibanco Holdings S.A. ADR EACH REPR 1 PRF NPV</title>
        <cusip>465562106</cusip>
        <identifiers>
          <isin value="US4655621062"/>
          <ticker value="ITUB"/>
        </identifiers>
        <balance>572754</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2686216.26</valUSD>
        <pctVal>0.8142493748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ambev Sa</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev Sa SPON ADR EACH REP 1 ORD SHS</title>
        <cusip>02319V103</cusip>
        <identifiers>
          <isin value="US02319V1035"/>
          <ticker value="ABEV"/>
        </identifiers>
        <balance>934271</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2466475.44</valUSD>
        <pctVal>0.7476412509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 07/16/20</title>
        <cusip>912796SZ3</cusip>
        <identifiers>
          <isin value="US912796SZ37"/>
          <ticker value="B"/>
        </identifiers>
        <balance>1990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1989894.27</valUSD>
        <pctVal>0.6031793454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>N/A</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil S.A.B. de C.V. ADR EACH REP 20 SHS NPV SER'L'</title>
        <cusip>02364W105</cusip>
        <identifiers>
          <isin value="US02364W1053"/>
          <ticker value="AMX"/>
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        <balance>222238</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2820200.22</valUSD>
        <pctVal>0.8548627674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tenaris SA</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>Tenaris SA SPONS ADS EACH REP 2 ORD SHS</title>
        <cusip>88031M109</cusip>
        <identifiers>
          <isin value="US88031M1099"/>
          <ticker value="TS"/>
        </identifiers>
        <balance>95968</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1240866.24</valUSD>
        <pctVal>0.3761329924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lojas Americanas SA</name>
        <lei>N/A</lei>
        <title>Lojas Americanas SA PREF NPV</title>
        <cusip>P6329M105</cusip>
        <identifiers>
          <isin value="BRLAMEACNPR6"/>
          <ticker value="LAME4"/>
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        <balance>339549</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>2016776.58</valUSD>
        <pctVal>0.6113279462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alfa SAB de CV</name>
        <lei>549300ZCGJ6T8YDJ4M34</lei>
        <title>Alfa SAB de CV SER'A'NPV</title>
        <cusip>P0156P117</cusip>
        <identifiers>
          <isin value="MXP000511016"/>
          <ticker value="ALFFF"/>
        </identifiers>
        <balance>2559388</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.9845"/>
        <valUSD>1437564.41</valUSD>
        <pctVal>0.4357563981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Turkcell Iletisim Hizmetleri AS</name>
        <lei>7890003EX1LTLS2FFL84</lei>
        <title>Turkcell Iletisim Hizmetleri AS TRY1</title>
        <cusip>M8903B102</cusip>
        <identifiers>
          <isin value="TRATCELL91M1"/>
          <ticker value="TKCZF"/>
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        <balance>1041721</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="6.8535"/>
        <valUSD>2498078.97</valUSD>
        <pctVal>0.7572209542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds GOVT PTFL</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <balance>2171478.72</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2171478.72</valUSD>
        <pctVal>0.6582214606</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds GOVT PTFL</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>6390797.93</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6390797.93</valUSD>
        <pctVal>1.9371870003</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oil Company Lukoil Pjsc</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>Oil Company Lukoil Pjsc SPON ADR EACH REP 1 ORD SHS</title>
        <cusip>69343P105</cusip>
        <identifiers>
          <isin value="US69343P1057"/>
          <ticker value="LUKOY"/>
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        <balance>20519</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1520990.59</valUSD>
        <pctVal>0.4610446506</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>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>Wal-Mart De Mexico COM NPV</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WMMVF"/>
        </identifiers>
        <balance>1535100</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.9845"/>
        <valUSD>3671363.18</valUSD>
        <pctVal>1.1128683935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hero Motocorp Limited</name>
        <lei>335800Q49FBMZJTRLK49</lei>
        <title>Hero Motocorp Limited INR2</title>
        <cusip>Y3194B108</cusip>
        <identifiers>
          <isin value="INE158A01026"/>
          <ticker value="HEROMOTOCO"/>
        </identifiers>
        <balance>93374</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>3165099.08</valUSD>
        <pctVal>0.9594089595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Mobile Limited</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>China Mobile Limited NPV</title>
        <cusip>Y14965100</cusip>
        <identifiers>
          <isin value="HK0941009539"/>
          <ticker value="CHLKF"/>
        </identifiers>
        <balance>510002</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>3446118.31</valUSD>
        <pctVal>1.0445918749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tata Consultancy S</name>
        <lei>335800ZJKU9GPQRE2U66</lei>
        <title>Tata Consultancy S INR1</title>
        <cusip>Y85279100</cusip>
        <identifiers>
          <isin value="INE467B01029"/>
          <ticker value="TCS"/>
        </identifiers>
        <balance>238901</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>6612910.45</valUSD>
        <pctVal>2.0045140369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truworths International</name>
        <lei>N/A</lei>
        <title>Truworths International ZAR0.00015</title>
        <cusip>S8793H130</cusip>
        <identifiers>
          <isin value="ZAE000028296"/>
          <ticker value="TRWKF"/>
        </identifiers>
        <balance>563973</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>1104763.15</valUSD>
        <pctVal>0.3348772463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dongfeng Motor Group Co Ltd</name>
        <lei>529900608W58250G7S08</lei>
        <title>Dongfeng Motor Group Co Ltd 'H'CNY1</title>
        <cusip>Y21042109</cusip>
        <identifiers>
          <isin value="CNE100000312"/>
          <ticker value="DNFGF"/>
        </identifiers>
        <balance>3084000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1844214.5</valUSD>
        <pctVal>0.5590207036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amorepacific Corporation</name>
        <lei>N/A</lei>
        <title>Amorepacific Corporation KRW500</title>
        <cusip>Y01258105</cusip>
        <identifiers>
          <isin value="KR7090430000"/>
          <ticker value="AMRPF"/>
        </identifiers>
        <balance>18555</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>2609171.79</valUSD>
        <pctVal>0.7908955546</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>Suzano S A</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>Suzano S A COM NPV</title>
        <cusip>P8T20U187</cusip>
        <identifiers>
          <isin value="BRSUZBACNOR0"/>
          <ticker value="SUZB3"/>
        </identifiers>
        <balance>466053</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>3169239.25</valUSD>
        <pctVal>0.9606639332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commercial Intl Bk</name>
        <lei>213800FIIXJAMEVRIH48</lei>
        <title>Commercial Intl Bk EGP10</title>
        <cusip>M25561107</cusip>
        <identifiers>
          <isin value="EGS60121C018"/>
          <ticker value="COMI"/>
        </identifiers>
        <balance>824998</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.14"/>
        <valUSD>3299358.98</valUSD>
        <pctVal>1.0001059954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hon Hai Precision Industry Co., Ltd.</name>
        <lei>30030004CM3GSZXX7O56</lei>
        <title>Hon Hai Precision Industry Co., Ltd. TWD10</title>
        <cusip>Y36861105</cusip>
        <identifiers>
          <isin value="TW0002317005"/>
          <ticker value="HNHAF"/>
        </identifiers>
        <balance>1107796</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>3233412.28</valUSD>
        <pctVal>0.9801161457</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>Samsung Biologics Co Ltd</name>
        <lei>N/A</lei>
        <title>Samsung Biologics Co Ltd KRW2500</title>
        <cusip>Y7T7DY103</cusip>
        <identifiers>
          <isin value="KR7207940008"/>
          <ticker value="A207940"/>
        </identifiers>
        <balance>819</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>531621.83</valUSD>
        <pctVal>0.1611459022</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>Notre Dame Intermedica Participacoes SA</name>
        <lei>N/A</lei>
        <title>Notre Dame Intermedica Participacoes SA COM NPV 144A/REG S</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRGNDIACNOR2"/>
          <ticker value="GNDI3"/>
        </identifiers>
        <balance>45500</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>572713.82</valUSD>
        <pctVal>0.1736017598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hyundai Mobis</name>
        <lei>988400HJA9E0ZVDHRS65</lei>
        <title>Hyundai Mobis KRW5000</title>
        <cusip>Y3849A109</cusip>
        <identifiers>
          <isin value="KR7012330007"/>
          <ticker value="HYPLF"/>
        </identifiers>
        <balance>9489</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>1513979.31</valUSD>
        <pctVal>0.4589193822</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>Hyundai Motor Company</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>Hyundai Motor Company KRW5000</title>
        <cusip>Y38472109</cusip>
        <identifiers>
          <isin value="KR7005380001"/>
          <ticker value="HYMLF"/>
        </identifiers>
        <balance>41078</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>3376324.19</valUSD>
        <pctVal>1.0234357902</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>Grupo Bimbo S.A.B de C.V.</name>
        <lei>5493000RIXURZEBFEV60</lei>
        <title>Grupo Bimbo S.A.B de C.V. SER'A'NPV</title>
        <cusip>P4949B104</cusip>
        <identifiers>
          <isin value="MXP495211262"/>
          <ticker value="GRBMF"/>
        </identifiers>
        <balance>581160</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.9845"/>
        <valUSD>974984.43</valUSD>
        <pctVal>0.2955385515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POSCO</name>
        <lei>988400E5HRVX81AYLM04</lei>
        <title>POSCO KRW5000</title>
        <cusip>Y70750115</cusip>
        <identifiers>
          <isin value="KR7005490008"/>
          <ticker value="PKXFF"/>
        </identifiers>
        <balance>15152</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>2191113.28</valUSD>
        <pctVal>0.6641731140</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>Samsung Electronics Limited</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Limited KRW100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
        </identifiers>
        <balance>177588</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>7872321.59</valUSD>
        <pctVal>2.3862683836</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>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd. TWD10</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="2330"/>
        </identifiers>
        <balance>735952</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>7787873.85</valUSD>
        <pctVal>2.3606704745</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>Hapvida Participacoes e Investimentos SA</name>
        <lei>N/A</lei>
        <title>Hapvida Participacoes e Investimentos SA COM NPV 144A/REG S</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRHAPVACNOR4"/>
          <ticker value="HAPV3"/>
        </identifiers>
        <balance>35400</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>409455.51</valUSD>
        <pctVal>0.1241146880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlas Copco AB</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>Atlas Copco AB SER'A'NPV</title>
        <cusip>W1R924161</cusip>
        <identifiers>
          <isin value="SE0011166610"/>
          <ticker value="ATLKF"/>
        </identifiers>
        <balance>6121</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.3182"/>
        <valUSD>258833.13</valUSD>
        <pctVal>0.0784578358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Country Garden Svcs Hldgs Co</name>
        <lei>N/A</lei>
        <title>Country Garden Svcs Hldgs Co USD0.0001</title>
        <cusip>G2453A108</cusip>
        <identifiers>
          <isin value="KYG2453A1085"/>
          <ticker value="CTRGF"/>
        </identifiers>
        <balance>69000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>320858.57</valUSD>
        <pctVal>0.0972590680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROSUS N V</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>PROSUS N V EUR0.05</title>
        <cusip>N7163R103</cusip>
        <identifiers>
          <isin value="NL0013654783"/>
          <ticker value="PROSF"/>
        </identifiers>
        <balance>7283</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>675937.52</valUSD>
        <pctVal>0.2048910623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bidvest Group</name>
        <lei>5299002ARE4TRMIRGM72</lei>
        <title>Bidvest Group ZAR0.05</title>
        <cusip>S1201R162</cusip>
        <identifiers>
          <isin value="ZAE000117321"/>
          <ticker value="BDVSF"/>
        </identifiers>
        <balance>217140</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>1776432.24</valUSD>
        <pctVal>0.5384744565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Housing Development Finance Corporation Ltd</name>
        <lei>335800OX2H9AP7NHLT64</lei>
        <title>Housing Development Finance Corporation Ltd INR2</title>
        <cusip>Y37246207</cusip>
        <identifiers>
          <isin value="INE001A01036"/>
          <ticker value="HDFC"/>
        </identifiers>
        <balance>85730</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>2010886.48</valUSD>
        <pctVal>0.6095425314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bid Corporation Limited</name>
        <lei>N/A</lei>
        <title>Bid Corporation Limited NPV</title>
        <cusip>S11881109</cusip>
        <identifiers>
          <isin value="ZAE000216537"/>
          <ticker value="BPPPF"/>
        </identifiers>
        <balance>11518</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>188111.62</valUSD>
        <pctVal>0.0570206395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telesites SAB de CV</name>
        <lei>N/A</lei>
        <title>Telesites SAB de CV COM NPV SER 'B-1'</title>
        <cusip>P90355135</cusip>
        <identifiers>
          <isin value="MX01SI080038"/>
          <ticker value="TSSLF"/>
        </identifiers>
        <balance>173368</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.9845"/>
        <valUSD>109748.07</valUSD>
        <pctVal>0.0332669781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orion</name>
        <lei>N/A</lei>
        <title>Orion KRW500</title>
        <cusip>Y6S90M128</cusip>
        <identifiers>
          <isin value="KR7271560005"/>
          <ticker value="A271560"/>
        </identifiers>
        <balance>26771</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>3004909.69</valUSD>
        <pctVal>0.9108521428</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>Natura &amp; Co Holding SA</name>
        <lei>N/A</lei>
        <title>Natura &amp; Co Holding SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRNTCOACNOR5"/>
          <ticker value="NTCO3"/>
        </identifiers>
        <balance>351278</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>2563804.24</valUSD>
        <pctVal>0.7771436837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tencent Holdings Limited</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Limited HKD0.00002</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="TCTZF"/>
        </identifiers>
        <balance>108800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>6988638.22</valUSD>
        <pctVal>2.1184051284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.com Inc</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com Inc SPON ADS EACH REPR 2 ORD SHS CLASS A</title>
        <cusip>47215P106</cusip>
        <identifiers>
          <isin value="US47215P1066"/>
          <ticker value="JD"/>
        </identifiers>
        <balance>88860</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5347594.8</valUSD>
        <pctVal>1.6209699075</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>Barloworld Ltd</name>
        <lei>N/A</lei>
        <title>Barloworld Ltd ZAR0.05</title>
        <cusip>S08470189</cusip>
        <identifiers>
          <isin value="ZAE000026639"/>
          <ticker value="BRRAF"/>
        </identifiers>
        <balance>287616</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>1139780.96</valUSD>
        <pctVal>0.3454918905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CP All Public Company Limited</name>
        <lei>894500LSBZLM09TY1A91</lei>
        <title>CP All Public Company Limited THB1(ALIEN MARKET)</title>
        <cusip>Y1772K169</cusip>
        <identifiers>
          <isin value="TH0737010Y16"/>
          <ticker value="CVPBF"/>
        </identifiers>
        <balance>964300</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="30.9075"/>
        <valUSD>2113769.31</valUSD>
        <pctVal>0.6407285090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Globant S.A</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>Globant S.A USD1.20</title>
        <cusip>L44385109</cusip>
        <identifiers>
          <isin value="LU0974299876"/>
          <ticker value="GLOB"/>
        </identifiers>
        <balance>4006</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600299.1</valUSD>
        <pctVal>0.1819634458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wuxi Biologics (Cayman) Inc</name>
        <lei>5493001TD2TH6VDTJU11</lei>
        <title>Wuxi Biologics (Cayman) Inc USD0.000025</title>
        <cusip>G97008109</cusip>
        <identifiers>
          <isin value="KYG970081090"/>
          <ticker value="WXIBF"/>
        </identifiers>
        <balance>80500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1474997.13</valUSD>
        <pctVal>0.4471030530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Standard Bank Group Limited</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>Standard Bank Group Limited ZAR0.1</title>
        <cusip>S80605140</cusip>
        <identifiers>
          <isin value="ZAE000109815"/>
          <ticker value="SBGOF"/>
        </identifiers>
        <balance>211093</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>1270551.24</valUSD>
        <pctVal>0.3851311483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Want Want China Holdings Ltd</name>
        <lei>5299005HZCEKX4O1J230</lei>
        <title>Want Want China Holdings Ltd USD0.02</title>
        <cusip>G9431R103</cusip>
        <identifiers>
          <isin value="KYG9431R1039"/>
          <ticker value="WWNTF"/>
        </identifiers>
        <balance>2822000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>2138043.32</valUSD>
        <pctVal>0.6480864785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>A-Living Services Company Ltd</name>
        <lei>N/A</lei>
        <title>A-Living Services Company Ltd CNY1 H</title>
        <cusip>Y0038M100</cusip>
        <identifiers>
          <isin value="CNE100002RY5"/>
          <ticker value="3319"/>
        </identifiers>
        <balance>125500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>633280.92</valUSD>
        <pctVal>0.1919609381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspeed Technology Inc</name>
        <lei>N/A</lei>
        <title>Aspeed Technology Inc TWD10</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
          <ticker value="5274"/>
        </identifiers>
        <balance>4000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>167822.82</valUSD>
        <pctVal>0.0508706720</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>Emaar Properties</name>
        <lei>N/A</lei>
        <title>Emaar Properties AED1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <ticker value="EMAAR"/>
        </identifiers>
        <balance>2408321</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67315"/>
        <valUSD>1809820.37</valUSD>
        <pctVal>0.5485951100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YONYOU NETWORK TECHNOLOGY CO LTD</name>
        <lei>N/A</lei>
        <title>YONYOU NETWORK TECHNOLOGY CO LTD 'A'CNY1</title>
        <cusip>Y9042R104</cusip>
        <identifiers>
          <isin value="CNE0000017Y6"/>
          <ticker value="600588"/>
        </identifiers>
        <balance>105900</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>657202.11</valUSD>
        <pctVal>0.1992119604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WULIANGYE YIBIN CO. LTD.</name>
        <lei>N/A</lei>
        <title>WULIANGYE YIBIN CO. LTD. 'A'CNY1</title>
        <cusip>Y9718N106</cusip>
        <identifiers>
          <isin value="CNE000000VQ8"/>
          <ticker value="000858"/>
        </identifiers>
        <balance>81100</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>1963546.18</valUSD>
        <pctVal>0.5951926780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aier Eye Hospital</name>
        <lei>N/A</lei>
        <title>Aier Eye Hospital 'A'CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100000GR6"/>
          <ticker value="300015"/>
        </identifiers>
        <balance>80590</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>497011.38</valUSD>
        <pctVal>0.1506547375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>Ishares Inc CORE MSCI EMKT</title>
        <cusip>46434G103</cusip>
        <identifiers>
          <isin value="US46434G1031"/>
          <ticker value="IEMG"/>
        </identifiers>
        <balance>84400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4017440</valUSD>
        <pctVal>1.2177716504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jiangsu Hengli Hydraulic Co Ltd</name>
        <lei>N/A</lei>
        <title>Jiangsu Hengli Hydraulic Co Ltd 'A'CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE1000019R4"/>
          <ticker value="601100"/>
        </identifiers>
        <balance>113500</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>1287748.77</valUSD>
        <pctVal>0.3903440860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ping An Healthcare And Technology Company Limited</name>
        <lei>2549009NW1LO017CP285</lei>
        <title>Ping An Healthcare And Technology Company Limited USD0.000005</title>
        <cusip>G71139102</cusip>
        <identifiers>
          <isin value="KYG711391022"/>
          <ticker value="PANHF"/>
        </identifiers>
        <balance>66200</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1005764.4</valUSD>
        <pctVal>0.3048686162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</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 INR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
          <ticker value="HDFCBANK"/>
        </identifiers>
        <balance>65195</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>929328.98</valUSD>
        <pctVal>0.2816994120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xp Incorporation</name>
        <lei>5493008KDA8NBZRJST80</lei>
        <title>Xp Incorporation COM USD0.00001 CLASS A</title>
        <cusip>G98239109</cusip>
        <identifiers>
          <isin value="KYG982391099"/>
          <ticker value="XP"/>
        </identifiers>
        <balance>6400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>268864</valUSD>
        <pctVal>0.0814984062</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>Hong Kong Exchanges &amp; Clearing</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>Hong Kong Exchanges &amp; Clearing NPV</title>
        <cusip>Y3506N139</cusip>
        <identifiers>
          <isin value="HK0388045442"/>
          <ticker value="HKXCF"/>
        </identifiers>
        <balance>32800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1397892.96</valUSD>
        <pctVal>0.4237311365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds GOVT PTFL</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>212607.36</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>212607.36</valUSD>
        <pctVal>0.0644458201</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jiangsu Hengrui Me</name>
        <lei>N/A</lei>
        <title>Jiangsu Hengrui Me 'A'CNY1</title>
        <cusip>Y4446S105</cusip>
        <identifiers>
          <isin value="CNE0000014W7"/>
          <ticker value="600276"/>
        </identifiers>
        <balance>49900</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>651453.32</valUSD>
        <pctVal>0.1974693797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>Wal-Mart De Mexico COM NPV</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WMMVF"/>
        </identifiers>
        <balance>240400</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.9845"/>
        <valUSD>574943.46</valUSD>
        <pctVal>0.1742776112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Midea Group Co., Ltd. CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100001QQ5"/>
          <ticker value="000333"/>
        </identifiers>
        <balance>113800</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>962644.67</valUSD>
        <pctVal>0.2917981074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dino Polska Sa</name>
        <lei>259400H4L81SMPRTW956</lei>
        <title>Dino Polska Sa PLN0.10</title>
        <cusip>X188AF102</cusip>
        <identifiers>
          <isin value="PLDINPL00011"/>
          <ticker value="DNP"/>
        </identifiers>
        <balance>6177</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.9563"/>
        <valUSD>313020.03</valUSD>
        <pctVal>0.0948830396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. Morgan Structured Products B.V.</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>J.P. Morgan Structured Products B.V. LEPW 18/10/21(BK FOREIGN TRADE)USD0.0001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0013547409"/>
          <ticker value="JPMCW12G"/>
        </identifiers>
        <balance>73000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>252731.35</valUSD>
        <pctVal>0.0766082563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Realtek Semicond</name>
        <lei>5299002E7F36O00MYY75</lei>
        <title>Realtek Semicond TWD10</title>
        <cusip>Y7220N101</cusip>
        <identifiers>
          <isin value="TW0002379005"/>
          <ticker value="2379"/>
        </identifiers>
        <balance>232000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>2344095.06</valUSD>
        <pctVal>0.7105451506</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>NCSOFT Corporation</name>
        <lei>N/A</lei>
        <title>NCSOFT Corporation KRW500</title>
        <cusip>Y6258Y104</cusip>
        <identifiers>
          <isin value="KR7036570000"/>
          <ticker value="A036570"/>
        </identifiers>
        <balance>1717</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>1280852.75</valUSD>
        <pctVal>0.3882537554</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>LG Household &amp; Health Care Ltd</name>
        <lei>N/A</lei>
        <title>LG Household &amp; Health Care Ltd KRW5000</title>
        <cusip>Y5275R100</cusip>
        <identifiers>
          <isin value="KR7051900009"/>
          <ticker value="LGHHF"/>
        </identifiers>
        <balance>315</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>352413.82</valUSD>
        <pctVal>0.1068241366</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>Anritsu Corp</name>
        <lei>E6RNIO2WCERJ7MVUSO82</lei>
        <title>Anritsu Corp NPV</title>
        <cusip>J01554104</cusip>
        <identifiers>
          <isin value="JP3128800004"/>
          <ticker value="AITUF"/>
        </identifiers>
        <balance>31200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>739573.21</valUSD>
        <pctVal>0.2241803956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Largan Precision C</name>
        <lei>N/A</lei>
        <title>Largan Precision C TWD10</title>
        <cusip>Y52144105</cusip>
        <identifiers>
          <isin value="TW0003008009"/>
          <ticker value="3008"/>
        </identifiers>
        <balance>12500</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>1724982.96</valUSD>
        <pctVal>0.5228790837</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>Naver Corp</name>
        <lei>N/A</lei>
        <title>Naver Corp KRW100</title>
        <cusip>Y62579100</cusip>
        <identifiers>
          <isin value="KR7035420009"/>
          <ticker value="NHNCF"/>
        </identifiers>
        <balance>11707</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>2625495.24</valUSD>
        <pctVal>0.7958435400</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>Anglogold Ashanti Limited</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>Anglogold Ashanti Limited ZAR0.25</title>
        <cusip>S04255196</cusip>
        <identifiers>
          <isin value="ZAE000043485"/>
          <ticker value="AULGF"/>
        </identifiers>
        <balance>28692</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>842473.18</valUSD>
        <pctVal>0.2553715687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Mobile Limited</name>
        <lei>529900U2JJ7GK68NI589</lei>
        <title>China Mobile Limited NPV</title>
        <cusip>Y14965100</cusip>
        <identifiers>
          <isin value="HK0941009539"/>
          <ticker value="CHLKF"/>
        </identifiers>
        <balance>176000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1189244.01</valUSD>
        <pctVal>0.3604851947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anhui Conch Cement Co., Ltd.</name>
        <lei>529900HS6X8TTV0FHV63</lei>
        <title>Anhui Conch Cement Co., Ltd. 'H'CNY1</title>
        <cusip>Y01373102</cusip>
        <identifiers>
          <isin value="CNE1000001W2"/>
          <ticker value="AHCHF"/>
        </identifiers>
        <balance>196096</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1318943.84</valUSD>
        <pctVal>0.3997999763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nice Information Service Co Ltd</name>
        <lei>N/A</lei>
        <title>Nice Information Service Co Ltd KRW500</title>
        <cusip>Y6436G108</cusip>
        <identifiers>
          <isin value="KR7030190003"/>
          <ticker value="A030190"/>
        </identifiers>
        <balance>26546</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>403210.92</valUSD>
        <pctVal>0.1222218197</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>Escorts</name>
        <lei>335800FPEJC7WFBUBF07</lei>
        <title>Escorts INR10</title>
        <cusip>Y2296W127</cusip>
        <identifiers>
          <isin value="INE042A01014"/>
          <ticker value="ESCORTS"/>
        </identifiers>
        <balance>47701</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>658137.34</valUSD>
        <pctVal>0.1994954485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ultratech Cement Ltd</name>
        <lei>335800PC9O9B4BQHG814</lei>
        <title>Ultratech Cement Ltd INR10</title>
        <cusip>Y9046E109</cusip>
        <identifiers>
          <isin value="INE481G01011"/>
          <ticker value="ULTRACEMCO"/>
        </identifiers>
        <balance>6843</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>355245.5</valUSD>
        <pctVal>0.1076824791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reliance Industries Limited</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Limited INR10(100%DEMAT)</title>
        <cusip>Y72596102</cusip>
        <identifiers>
          <isin value="INE002A01018"/>
          <ticker value="RELIANCE"/>
        </identifiers>
        <balance>162692</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>3677027.43</valUSD>
        <pctVal>1.1145853484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Construction Bank Corporation</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>China Construction Bank Corporation 'H'CNY1</title>
        <cusip>Y1397N101</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
          <ticker value="CICHF"/>
        </identifiers>
        <balance>1428000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1153937.77</valUSD>
        <pctVal>0.3497831212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Merchants Bank Co., Ltd.</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>China Merchants Bank Co., Ltd. 'H'CNY1</title>
        <cusip>Y14896115</cusip>
        <identifiers>
          <isin value="CNE1000002M1"/>
          <ticker value="CIHHF"/>
        </identifiers>
        <balance>305000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1404758.52</valUSD>
        <pctVal>0.4258122340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrial and Commercial Bank of China Limited</name>
        <lei>5493002ERZU2K9PZDL40</lei>
        <title>Industrial and Commercial Bank of China Limited 'H'CNY1</title>
        <cusip>Y3990B112</cusip>
        <identifiers>
          <isin value="CNE1000003G1"/>
          <ticker value="IDCBF"/>
        </identifiers>
        <balance>854000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>517269.32</valUSD>
        <pctVal>0.1567953506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix Inc. KRW5000</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <ticker value="A000660"/>
        </identifiers>
        <balance>22562</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>1614004.82</valUSD>
        <pctVal>0.4892392452</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>Keyence Corp</name>
        <lei>529900M7PQBS7A89DZ11</lei>
        <title>Keyence Corp NPV</title>
        <cusip>J32491102</cusip>
        <identifiers>
          <isin value="JP3236200006"/>
          <ticker value="KYCCF"/>
        </identifiers>
        <balance>1475</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>615845.32</valUSD>
        <pctVal>0.1866758363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Naspers Ltd.</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>Naspers Ltd. 'N'ZAR0.02</title>
        <cusip>S53435103</cusip>
        <identifiers>
          <isin value="ZAE000015889"/>
          <ticker value="NAPRF"/>
        </identifiers>
        <balance>36957</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>6742076.02</valUSD>
        <pctVal>2.0436668729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Limited</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Limited KRW100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
        </identifiers>
        <balance>119997</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>5319362.65</valUSD>
        <pctVal>1.6124121414</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>Samsung Electronics Limited</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Limited PFD SHS NON VTG</title>
        <cusip>Y74718118</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
          <ticker value="SSNNF"/>
        </identifiers>
        <balance>15417</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>602067.63</valUSD>
        <pctVal>0.1824995249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Anta Sports Produc</name>
        <lei>529900291XG0CTK4LF95</lei>
        <title>Anta Sports Produc HKD0.10</title>
        <cusip>G04011105</cusip>
        <identifiers>
          <isin value="KYG040111059"/>
          <ticker value="ANPDF"/>
        </identifiers>
        <balance>26000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>231893.91</valUSD>
        <pctVal>0.0702919843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hindustan Unilever</name>
        <lei>5493007IW5N37IKRPM32</lei>
        <title>Hindustan Unilever INR1</title>
        <cusip>Y3222L102</cusip>
        <identifiers>
          <isin value="INE030A01027"/>
          <ticker value="HINDUNILVR"/>
        </identifiers>
        <balance>42687</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>1233850.01</valUSD>
        <pctVal>0.3740062236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sony Corporation</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Corporation NPV</title>
        <cusip>J76379106</cusip>
        <identifiers>
          <isin value="JP3435000009"/>
          <ticker value="SNEJF"/>
        </identifiers>
        <balance>7500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>513609.95</valUSD>
        <pctVal>0.1556861176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mercadolibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>Mercadolibre Inc COM</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
          <ticker value="MELI"/>
        </identifiers>
        <balance>1303</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1284458.31</valUSD>
        <pctVal>0.3893466775</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>Universal Robina</name>
        <lei>N/A</lei>
        <title>Universal Robina PHP1</title>
        <cusip>Y9297P100</cusip>
        <identifiers>
          <isin value="PHY9297P1004"/>
          <ticker value="UVRBF"/>
        </identifiers>
        <balance>71680</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="49.825"/>
        <valUSD>185635.43</valUSD>
        <pctVal>0.0562700536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bidvest Group</name>
        <lei>5299002ARE4TRMIRGM72</lei>
        <title>Bidvest Group ZAR0.05</title>
        <cusip>S1201R162</cusip>
        <identifiers>
          <isin value="ZAE000117321"/>
          <ticker value="BDVSF"/>
        </identifiers>
        <balance>44293</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>362363.05</valUSD>
        <pctVal>0.1098399601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bharti Airtel Limited</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>Bharti Airtel Limited INR5</title>
        <cusip>Y0885K108</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
          <ticker value="BHARTIARTL"/>
        </identifiers>
        <balance>52744</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>390775.91</valUSD>
        <pctVal>0.1184525033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Housing Development Finance Corporation Ltd</name>
        <lei>335800OX2H9AP7NHLT64</lei>
        <title>Housing Development Finance Corporation Ltd INR2</title>
        <cusip>Y37246207</cusip>
        <identifiers>
          <isin value="INE001A01036"/>
          <ticker value="HDFC"/>
        </identifiers>
        <balance>38488</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>902776.14</valUSD>
        <pctVal>0.2736506805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Raia Drogasil Sa</name>
        <lei>N/A</lei>
        <title>Raia Drogasil Sa COM NPV</title>
        <cusip>P7942C102</cusip>
        <identifiers>
          <isin value="BRRADLACNOR0"/>
          <ticker value="RADL3"/>
        </identifiers>
        <balance>23200</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>476363.44</valUSD>
        <pctVal>0.1443959070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMC Norilsk Nickel Public Joint Stock Company</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC Norilsk Nickel Public Joint Stock Company SPON ADR EACH REPR 0.1 ORD SHS</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
          <ticker value="NILSY"/>
        </identifiers>
        <balance>32746</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>856110.05</valUSD>
        <pctVal>0.2595051945</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>China International Capital Corporation (Hong Kong) Limited</name>
        <lei>529900OS3SVVTT56QN67</lei>
        <title>China International Capital Corporation (Hong Kong) Limited CNY1 H</title>
        <cusip>Y1R99Y109</cusip>
        <identifiers>
          <isin value="CNE100002359"/>
          <ticker value="CNICF"/>
        </identifiers>
        <balance>603600</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1186663.75</valUSD>
        <pctVal>0.3597030630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gds Holdings Ltd</name>
        <lei>391200MGV8DDCHTN2R77</lei>
        <title>Gds Holdings Ltd SPON ADS EACH REP 8 ORD CL A</title>
        <cusip>36165L108</cusip>
        <identifiers>
          <isin value="US36165L1089"/>
          <ticker value="GDS"/>
        </identifiers>
        <balance>2652</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211258.32</valUSD>
        <pctVal>0.0640368974</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>Centre Testing International Group</name>
        <lei>N/A</lei>
        <title>Centre Testing International Group 'A'CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100000GV8"/>
          <ticker value="300012"/>
        </identifiers>
        <balance>284900</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>796533.58</valUSD>
        <pctVal>0.2414462972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orion</name>
        <lei>N/A</lei>
        <title>Orion KRW500</title>
        <cusip>Y6S90M128</cusip>
        <identifiers>
          <isin value="KR7271560005"/>
          <ticker value="A271560"/>
        </identifiers>
        <balance>7994</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>897286.17</valUSD>
        <pctVal>0.2719865537</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>SEA LTD</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>SEA LTD ADS EACH REP ONE CLASS A ORD SHS</title>
        <cusip>81141R100</cusip>
        <identifiers>
          <isin value="US81141R1005"/>
          <ticker value="SE"/>
        </identifiers>
        <balance>14240</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1527097.6</valUSD>
        <pctVal>0.4628958154</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>B3 S.A. - Brasil, Bolsa, Balcao</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 S.A. - Brasil, Bolsa, Balcao COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
          <ticker value="B3SA3"/>
        </identifiers>
        <balance>137900</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>1412193.78</valUSD>
        <pctVal>0.4280660197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holdings AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holdings AG GENUSSCHEINE NPV</title>
        <cusip>H69293217</cusip>
        <identifiers>
          <isin value="CH0012032048"/>
          <ticker value="RHHVF"/>
        </identifiers>
        <balance>690</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".94745"/>
        <valUSD>238899.77</valUSD>
        <pctVal>0.0724156097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OTP Bank Plc</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP Bank Plc HUF100</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
          <ticker value="OTPBF"/>
        </identifiers>
        <balance>11947</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="315.18475"/>
        <valUSD>418434.27</valUSD>
        <pctVal>0.1268363414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Opap(Org Of Footb)</name>
        <lei>213800M4NRGFJCI34834</lei>
        <title>Opap(Org Of Footb) EUR0.30 (CR)</title>
        <cusip>X3232T104</cusip>
        <identifiers>
          <isin value="GRS419003009"/>
          <ticker value="GRKZF"/>
        </identifiers>
        <balance>25754</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>245312.94</valUSD>
        <pctVal>0.0743595782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LI Ning Co Ltd</name>
        <lei>529900T77L2FV3FZ3U81</lei>
        <title>LI Ning Co Ltd HKD0.1</title>
        <cusip>G5496K124</cusip>
        <identifiers>
          <isin value="KYG5496K1242"/>
          <ticker value="LNNGF"/>
        </identifiers>
        <balance>547000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1738788.27</valUSD>
        <pctVal>0.5270637673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maruti Suzuki Ind</name>
        <lei>335800D27PBEESKKD357</lei>
        <title>Maruti Suzuki Ind INR5</title>
        <cusip>Y7565Y100</cusip>
        <identifiers>
          <isin value="INE585B01010"/>
          <ticker value="MARUTI"/>
        </identifiers>
        <balance>11239</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>873584.56</valUSD>
        <pctVal>0.2648020907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc COM CL A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <isin value="US92826C8394"/>
          <ticker value="V"/>
        </identifiers>
        <balance>7962</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1538019.54</valUSD>
        <pctVal>0.4662064881</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>Magnit Public Joint Stock Company</name>
        <lei>2534009KKPTVL99W2Y12</lei>
        <title>Magnit Public Joint Stock Company GDR(5 GDRS REP 1 ORD) REGS</title>
        <cusip>55953Q202</cusip>
        <identifiers>
          <isin value="US55953Q2021"/>
          <ticker value="MGNT"/>
        </identifiers>
        <balance>11813</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>153202.59</valUSD>
        <pctVal>0.0464389688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhongsheng Group Holdings Limited</name>
        <lei>3003005VYMEBAJNJ2Y26</lei>
        <title>Zhongsheng Group Holdings Limited HKD0.0001</title>
        <cusip>G9894K108</cusip>
        <identifiers>
          <isin value="KYG9894K1085"/>
          <ticker value="ZHSHF"/>
        </identifiers>
        <balance>270500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1509358.57</valUSD>
        <pctVal>0.4575187375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAL Ed Group</name>
        <lei>5493003PJZS0EC085V72</lei>
        <title>TAL Ed Group SPON ADS EACH REP 0.3333 CL A ORD SHS</title>
        <cusip>874080104</cusip>
        <identifiers>
          <isin value="US8740801043"/>
          <ticker value="TAL"/>
        </identifiers>
        <balance>14835</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1014417.3</valUSD>
        <pctVal>0.3074914945</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>Silergy Corporation</name>
        <lei>N/A</lei>
        <title>Silergy Corporation TWD10</title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
          <ticker value="SLRGF"/>
        </identifiers>
        <balance>11000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>713871.68</valUSD>
        <pctVal>0.2163897143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd SPON ADS EACH REP 8 ORD SHS</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
          <ticker value="BABA"/>
        </identifiers>
        <balance>49040</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10577928</valUSD>
        <pctVal>3.2063953259</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>Kweichow Moutai</name>
        <lei>N/A</lei>
        <title>Kweichow Moutai 'A'CNY1</title>
        <cusip>Y5070V116</cusip>
        <identifiers>
          <isin value="CNE0000018R8"/>
          <ticker value="600519"/>
        </identifiers>
        <balance>6700</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>1386588.06</valUSD>
        <pctVal>0.4203043805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glodon Company Limited</name>
        <lei>N/A</lei>
        <title>Glodon Company Limited 'A'CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100000PH8"/>
          <ticker value="002410"/>
        </identifiers>
        <balance>69578</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>686125.22</valUSD>
        <pctVal>0.2079791712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WIWYNN CORPORATION</name>
        <lei>254900FV2R15PMKXFL69</lei>
        <title>WIWYNN CORPORATION TWD10</title>
        <cusip>Y9673D101</cusip>
        <identifiers>
          <isin value="TW0006669005"/>
          <ticker value="6669"/>
        </identifiers>
        <balance>32000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>867849.33</valUSD>
        <pctVal>0.2630636203</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>Stoneco Ltd</name>
        <lei>549300O1A9LEF0XZCR35</lei>
        <title>Stoneco Ltd COM USD0.000079365 CLASS A</title>
        <cusip>G85158106</cusip>
        <identifiers>
          <isin value="KYG851581069"/>
          <ticker value="STNE"/>
        </identifiers>
        <balance>16636</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>644811.36</valUSD>
        <pctVal>0.1954560601</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>Clicks Group Ltd</name>
        <lei>N/A</lei>
        <title>Clicks Group Ltd ZAR0.01</title>
        <cusip>S17249111</cusip>
        <identifiers>
          <isin value="ZAE000134854"/>
          <ticker value="CLS"/>
        </identifiers>
        <balance>15649</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>189621.82</valUSD>
        <pctVal>0.0574784133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Celltrion Inc</name>
        <lei>N/A</lei>
        <title>Celltrion Inc KRW1000</title>
        <cusip>Y1242A106</cusip>
        <identifiers>
          <isin value="KR7068270008"/>
          <ticker value="CONIF"/>
        </identifiers>
        <balance>1312</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>336192.46</valUSD>
        <pctVal>0.1019070968</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>Zoomlion Heavy Industry Science and Technology Co., Ltd.</name>
        <lei>529900QZ3EMAU0QKFK85</lei>
        <title>Zoomlion Heavy Industry Science and Technology Co., Ltd. CNY1 H</title>
        <cusip>Y9895V103</cusip>
        <identifiers>
          <isin value="CNE100000X85"/>
          <ticker value="ZLIOF"/>
        </identifiers>
        <balance>677600</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>522330.97</valUSD>
        <pctVal>0.1583296446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Rakyat Indonesia (Persero) Tbk</name>
        <lei>254900HB6S4B12GBNP64</lei>
        <title>Bank Rakyat Indonesia (Persero) Tbk IDR50</title>
        <cusip>Y0697U112</cusip>
        <identifiers>
          <isin value="ID1000118201"/>
          <ticker value="BKRKF"/>
        </identifiers>
        <balance>4605500</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14285"/>
        <valUSD>983153.77</valUSD>
        <pctVal>0.2980148525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airtac International Group</name>
        <lei>N/A</lei>
        <title>Airtac International Group TWD10</title>
        <cusip>G01408106</cusip>
        <identifiers>
          <isin value="KYG014081064"/>
          <ticker value="1590"/>
        </identifiers>
        <balance>79600</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>1403934.89</valUSD>
        <pctVal>0.4255625742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yandex, NV</name>
        <lei>549300GGZHJ5Q1B18P93</lei>
        <title>Yandex, NV COM USD0.01 CL 'A</title>
        <cusip>N97284108</cusip>
        <identifiers>
          <isin value="NL0009805522"/>
          <ticker value="YNDX"/>
        </identifiers>
        <balance>2832</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>141656.64</valUSD>
        <pctVal>0.0429391454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astra International Tbk Pt</name>
        <lei>529900L49TRJOMG4DK47</lei>
        <title>Astra International Tbk Pt IDR50</title>
        <cusip>Y7117N172</cusip>
        <identifiers>
          <isin value="ID1000122807"/>
          <ticker value="PTAIF"/>
        </identifiers>
        <balance>370100</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14285"/>
        <valUSD>124431.95</valUSD>
        <pctVal>0.0377179749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chemical Works Of Gedeon Richter Plc</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>Chemical Works Of Gedeon Richter Plc HUF100</title>
        <cusip>X3124S107</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
          <ticker value="RGEDF"/>
        </identifiers>
        <balance>48172</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="315.18475"/>
        <valUSD>997478.04</valUSD>
        <pctVal>0.3023568439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Health Information Tech Ltd</name>
        <lei>529900GE9653COPX1I86</lei>
        <title>Alibaba Health Information Tech Ltd HKD0.01</title>
        <cusip>G0171K101</cusip>
        <identifiers>
          <isin value="BMG0171K1018"/>
          <ticker value="ALBHF"/>
        </identifiers>
        <balance>122000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>356333.9</valUSD>
        <pctVal>0.1080123963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meituan Dianping</name>
        <lei>21380033K525E5JLIA77</lei>
        <title>Meituan Dianping USD0.00001 (A &amp; B CLASS)</title>
        <cusip>G59669104</cusip>
        <identifiers>
          <isin value="KYG596691041"/>
          <ticker value="MPNGF"/>
        </identifiers>
        <balance>54500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1210625.05</valUSD>
        <pctVal>0.3669662435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Feihe Limited</name>
        <lei>N/A</lei>
        <title>China Feihe Limited USD0.000000025</title>
        <cusip>G2121Q105</cusip>
        <identifiers>
          <isin value="KYG2121Q1055"/>
          <ticker value="6186"/>
        </identifiers>
        <balance>131000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>262625.7</valUSD>
        <pctVal>0.0796074446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILL SEMICONDUCTOR CO LTD SHANGHAI</name>
        <lei>N/A</lei>
        <title>WILL SEMICONDUCTOR CO LTD SHANGHAI A CNY1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE100002XM8"/>
          <ticker value="603501"/>
        </identifiers>
        <balance>10700</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.0741"/>
        <valUSD>305818.86</valUSD>
        <pctVal>0.0927002115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROSUS N V</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>PROSUS N V EUR0.05</title>
        <cusip>N7163R103</cusip>
        <identifiers>
          <isin value="NL0013654783"/>
          <ticker value="PROSF"/>
        </identifiers>
        <balance>23154</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8900756"/>
        <valUSD>2148929.99</valUSD>
        <pctVal>0.6513864602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tencent Holdings Limited</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Limited HKD0.00002</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="TCTZF"/>
        </identifiers>
        <balance>60400</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>3879721.95</valUSD>
        <pctVal>1.1760263755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.com Inc</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com Inc SPON ADS EACH REPR 2 ORD SHS CLASS A</title>
        <cusip>47215P106</cusip>
        <identifiers>
          <isin value="US47215P1066"/>
          <ticker value="JD"/>
        </identifiers>
        <balance>20600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1239708</valUSD>
        <pctVal>0.3757819052</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>Rumo SA</name>
        <lei>N/A</lei>
        <title>Rumo SA COM NPV</title>
        <cusip>P8S114104</cusip>
        <identifiers>
          <isin value="BRRAILACNOR9"/>
          <ticker value="RUMOF"/>
        </identifiers>
        <balance>413600</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>1714301.69</valUSD>
        <pctVal>0.5196413632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credicorp</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>Credicorp COM STK USD5</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
          <ticker value="BAP"/>
        </identifiers>
        <balance>12380</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1654834.6</valUSD>
        <pctVal>0.5016156214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bancolombia S.A.</name>
        <lei>54930052NWJRPNMP1W58</lei>
        <title>Bancolombia S.A. SPON ADS EACH REP 4 PRF SHS</title>
        <cusip>05968L102</cusip>
        <identifiers>
          <isin value="US05968L1026"/>
          <ticker value="CIB"/>
        </identifiers>
        <balance>7679</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202034.49</valUSD>
        <pctVal>0.0612409580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS EACH REP 5 ORD TWD10</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
          <ticker value="TSM"/>
        </identifiers>
        <balance>38281</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2173212.37</valUSD>
        <pctVal>0.6587469668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fomento Econ Mexic</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>Fomento Econ Mexic SPON ADR RP 10 UTS(1B&amp;2D-B&amp;2'D-L</title>
        <cusip>344419106</cusip>
        <identifiers>
          <isin value="US3444191064"/>
          <ticker value="FMX"/>
        </identifiers>
        <balance>11805</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>732028.05</valUSD>
        <pctVal>0.2218932969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI Bank Limited</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Limited SPON ADR EACH REPR 2 ORD SHS</title>
        <cusip>45104G104</cusip>
        <identifiers>
          <isin value="US45104G1040"/>
          <ticker value="IBN"/>
        </identifiers>
        <balance>45065</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>418653.85</valUSD>
        <pctVal>0.1269029008</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>Netease Inc</name>
        <lei>5299004AF4DSJDB0PA32</lei>
        <title>Netease Inc SPON ADR EACH REP 25 ORD SHS</title>
        <cusip>64110W102</cusip>
        <identifiers>
          <isin value="US64110W1027"/>
          <ticker value="NTES"/>
        </identifiers>
        <balance>3020</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1296727.6</valUSD>
        <pctVal>0.3930657607</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>GPO Mexico Sa</name>
        <lei>529900JWLZAYET2ZGW20</lei>
        <title>GPO Mexico Sa SER'B'COM NPV</title>
        <cusip>P49538112</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
          <ticker value="GMBXF"/>
        </identifiers>
        <balance>721900</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.9845"/>
        <valUSD>1677193.76</valUSD>
        <pctVal>0.5083931591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HDFC Bank Ltd</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd SPON ADS EACH REP 3 ORD SHS</title>
        <cusip>40415F101</cusip>
        <identifiers>
          <isin value="US40415F1012"/>
          <ticker value="HDB"/>
        </identifiers>
        <balance>36402</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1654834.92</valUSD>
        <pctVal>0.5016157184</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>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA SPONS ADR-EACH REPR 2 PREF SHS NPV</title>
        <cusip>71654V101</cusip>
        <identifiers>
          <isin value="US71654V1017"/>
          <ticker value="PBR/A"/>
        </identifiers>
        <balance>313515</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2498714.55</valUSD>
        <pctVal>0.7574136120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cpfl Energia Sa</name>
        <lei>529900GBWSBDXN8GGM28</lei>
        <title>Cpfl Energia Sa COM NPV</title>
        <cusip>P3179C105</cusip>
        <identifiers>
          <isin value="BRCPFEACNOR0"/>
          <ticker value="CPFE3"/>
        </identifiers>
        <balance>71700</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4381"/>
        <valUSD>406354.06</valUSD>
        <pctVal>0.1231745724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIA Group Ltd, Hong Kong</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA Group Ltd, Hong Kong NPV</title>
        <cusip>Y002A1105</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
          <ticker value="AAIGF"/>
        </identifiers>
        <balance>84600</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>787377.98</valUSD>
        <pctVal>0.2386710398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern Copper Corporation</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>Southern Copper Corporation COM</title>
        <cusip>84265V105</cusip>
        <identifiers>
          <isin value="US84265V1052"/>
          <ticker value="SCCO"/>
        </identifiers>
        <balance>57260</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2277230.2</valUSD>
        <pctVal>0.6902769871</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>Sberbank of Russia</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>Sberbank of Russia SPON ADR EACH REPR 4 ORD SHS</title>
        <cusip>80585Y308</cusip>
        <identifiers>
          <isin value="US80585Y3080"/>
          <ticker value="SBRCY"/>
        </identifiers>
        <balance>140526</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1596500.85</valUSD>
        <pctVal>0.4839334190</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>Northern Inst Fds</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Inst Fds GOVT PTFL</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>5976772.16</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5976772.16</valUSD>
        <pctVal>1.8116869691</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Vanke Co., Ltd.</name>
        <lei>529900E66UJ2DWY7KW55</lei>
        <title>China Vanke Co., Ltd. 'H'CNY1</title>
        <cusip>Y77421132</cusip>
        <identifiers>
          <isin value="CNE100001SR9"/>
          <ticker value="CHVKF"/>
        </identifiers>
        <balance>519100</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1637667.64</valUSD>
        <pctVal>0.4964119501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NCSOFT Corporation</name>
        <lei>N/A</lei>
        <title>NCSOFT Corporation KRW500</title>
        <cusip>Y6258Y104</cusip>
        <identifiers>
          <isin value="KR7036570000"/>
          <ticker value="A036570"/>
        </identifiers>
        <balance>630</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>469969.27</valUSD>
        <pctVal>0.1424576978</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>Mediatek Inc</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>Mediatek Inc TWD10</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
          <ticker value="MDTKF"/>
        </identifiers>
        <balance>172000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>3365321.36</valUSD>
        <pctVal>1.0201005980</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>Largan Precision C</name>
        <lei>N/A</lei>
        <title>Largan Precision C TWD10</title>
        <cusip>Y52144105</cusip>
        <identifiers>
          <isin value="TW0003008009"/>
          <ticker value="3008"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>2759972.73</valUSD>
        <pctVal>0.8366065321</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>Anhui Conch Cement Co., Ltd.</name>
        <lei>529900HS6X8TTV0FHV63</lei>
        <title>Anhui Conch Cement Co., Ltd. 'H'CNY1</title>
        <cusip>Y01373102</cusip>
        <identifiers>
          <isin value="CNE1000001W2"/>
          <ticker value="AHCHF"/>
        </identifiers>
        <balance>459500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>3090602.02</valUSD>
        <pctVal>0.9368273136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ping An Insurance (Group) Company of China Ltd.</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>Ping An Insurance (Group) Company of China Ltd. 'H' CNY1</title>
        <cusip>Y69790106</cusip>
        <identifiers>
          <isin value="CNE1000003X6"/>
          <ticker value="PIAIF"/>
        </identifiers>
        <balance>323500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>3230812.51</valUSD>
        <pctVal>0.9793281001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reliance Industries Limited</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Limited INR10(100%DEMAT)</title>
        <cusip>Y72596102</cusip>
        <identifiers>
          <isin value="INE002A01018"/>
          <ticker value="RELIANCE"/>
        </identifiers>
        <balance>36183</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375"/>
        <valUSD>817777.66</valUSD>
        <pctVal>0.2478858304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Overseas Land &amp; Investment Ltd</name>
        <lei>529900I6W35GYKRIZ151</lei>
        <title>China Overseas Land &amp; Investment Ltd NPV</title>
        <cusip>Y15004107</cusip>
        <identifiers>
          <isin value="HK0688002218"/>
          <ticker value="CAOVF"/>
        </identifiers>
        <balance>1030000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>3110449.12</valUSD>
        <pctVal>0.9428433924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix Inc.</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix Inc. KRW5000</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <ticker value="A000660"/>
        </identifiers>
        <balance>54616</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>3907033.37</valUSD>
        <pctVal>1.1843050488</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>Naspers Ltd.</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>Naspers Ltd. 'N'ZAR0.02</title>
        <cusip>S53435103</cusip>
        <identifiers>
          <isin value="ZAE000015889"/>
          <ticker value="NAPRF"/>
        </identifiers>
        <balance>11514</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.3525"/>
        <valUSD>2100502.29</valUSD>
        <pctVal>0.6367069926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunny Optical Technology (Group) Co Ltd</name>
        <lei>3003004QIVP0DFVVWM94</lei>
        <title>Sunny Optical Technology (Group) Co Ltd HKD0.10</title>
        <cusip>G8586D109</cusip>
        <identifiers>
          <isin value="KYG8586D1097"/>
          <ticker value="SNPTF"/>
        </identifiers>
        <balance>69400</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1107533.67</valUSD>
        <pctVal>0.3357170500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Limited</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Limited KRW100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
        </identifiers>
        <balance>107996</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>4787368.76</valUSD>
        <pctVal>1.4511534599</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>Samsung Electronics Limited</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Limited PFD SHS NON VTG</title>
        <cusip>Y74718118</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
          <ticker value="SSNNF"/>
        </identifiers>
        <balance>74140</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1202.85"/>
        <valUSD>2895329.44</valUSD>
        <pctVal>0.8776360345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Anta Sports Produc</name>
        <lei>529900291XG0CTK4LF95</lei>
        <title>Anta Sports Produc HKD0.10</title>
        <cusip>G04011105</cusip>
        <identifiers>
          <isin value="KYG040111059"/>
          <ticker value="ANPDF"/>
        </identifiers>
        <balance>89000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>793790.68</valUSD>
        <pctVal>0.2406148658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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. TWD10</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="2330"/>
        </identifiers>
        <balance>346000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.5045"/>
        <valUSD>3661386</valUSD>
        <pctVal>1.1098440977</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>Vale S.A.</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale S.A. SPONS ADS REPR 1 COM NPV</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
          <ticker value="VALE"/>
        </identifiers>
        <balance>182582</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1882420.42</valUSD>
        <pctVal>0.5706017318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bank Central Asia TBK</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>PT Bank Central Asia TBK IDR62.50</title>
        <cusip>Y7123P138</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
          <ticker value="PBCRF"/>
        </identifiers>
        <balance>204600</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14285"/>
        <valUSD>408025.72</valUSD>
        <pctVal>0.1236812882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd SPON ADS EACH REP 8 ORD SHS</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <isin value="US01609W1027"/>
          <ticker value="BABA"/>
        </identifiers>
        <balance>12402</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2675111.4</valUSD>
        <pctVal>0.8108832551</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>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd USD0.000003125</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <ticker value="BABAF"/>
        </identifiers>
        <balance>162200</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>4383090.92</valUSD>
        <pctVal>1.3286082340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIC Securities Company Limited</name>
        <lei>300300E1006744000068</lei>
        <title>CITIC Securities Company Limited 'H'CNY1</title>
        <cusip>Y1639N117</cusip>
        <identifiers>
          <isin value="CNE1000016V2"/>
          <ticker value="CIIHF"/>
        </identifiers>
        <balance>1226000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>2322174.94</valUSD>
        <pctVal>0.7039006953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huatai Securities Co., Ltd</name>
        <lei>3003009ABT0UCWO79Q77</lei>
        <title>Huatai Securities Co., Ltd 'H'CNY1</title>
        <cusip>Y37426114</cusip>
        <identifiers>
          <isin value="CNE100001YQ9"/>
          <ticker value="HUATF"/>
        </identifiers>
        <balance>635000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1011808.25</valUSD>
        <pctVal>0.3067006358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US Indices</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>FUT. MSCI EMGMK NYF SEP20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="MESU0"/>
          <other otherDesc="NT_ID" value="9J1DS3U"/>
        </identifiers>
        <balance>166</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>8181310</valUSD>
        <pctVal>2.4799293533</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures US Indices</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MSCI Emerging Markets Index</indexName>
                <indexIdentifier>MXEF</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-09-18</expDate>
            <notionalAmt>8181310</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-41712.37</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
