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        <pctVal>1.220815748582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI Bank Ltd</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
          <ticker value="ICICIBC"/>
          <other otherDesc="SEDOL" value="BSZ2BY7"/>
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        <balance>4709461.00000000</balance>
        <units>NS</units>
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        <valUSD>21956194.89000000</valUSD>
        <pctVal>3.977439335813</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Syngene International Ltd</name>
        <lei>335800FFAWRC77Z2EY68</lei>
        <title>Syngene International Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE398R01022"/>
          <ticker value="SYNG"/>
          <other otherDesc="SEDOL" value="BYXXQB6"/>
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        <balance>1018203.00000000</balance>
        <units>NS</units>
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        <valUSD>5428934.45000000</valUSD>
        <pctVal>0.983469929155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Caplin Point Laboratories Ltd</name>
        <lei>33580043U3LXMROY5J69</lei>
        <title>Caplin Point Laboratories Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE475E01026"/>
          <ticker value="CLPL"/>
          <other otherDesc="SEDOL" value="BYNJC27"/>
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        <balance>1305429.00000000</balance>
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        <valUSD>5394546.53000000</valUSD>
        <pctVal>0.977240440558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Amber Enterprises India Ltd</name>
        <lei>3358009JZU4XT3666G06</lei>
        <title>Amber Enterprises India Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE371P01015"/>
          <ticker value="AMBER"/>
          <other otherDesc="SEDOL" value="BDDX4S2"/>
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        <balance>121560.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>2316281.53000000</valUSD>
        <pctVal>0.419602272451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Multi Commodity Exchange of In</name>
        <lei>254900BTZEPM27IOAM68</lei>
        <title>Multi Commodity Exchange of India Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE745G01035"/>
          <ticker value="MCX"/>
          <other otherDesc="SEDOL" value="B7L5LS7"/>
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        <balance>236732.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>4030424.67000000</valUSD>
        <pctVal>0.730125128821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Metropolis Healthcare Ltd</name>
        <lei>335800SD5OOGR1D97215</lei>
        <title>Metropolis Healthcare Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE112L01020"/>
          <ticker value="METROHL"/>
          <other otherDesc="SEDOL" value="BHHLPD2"/>
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        <balance>161085.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kotak Mahindra Bank Ltd</name>
        <lei>335800E6GTTXKHXE2I75</lei>
        <title>Kotak Mahindra Bank Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE237A01028"/>
          <ticker value="KMB"/>
          <other otherDesc="SEDOL" value="6135661"/>
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        <balance>1190196.00000000</balance>
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        <pctVal>3.891729023423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Blue Dart Express Ltd</name>
        <lei>3358003QNMHXM1CHC382</lei>
        <title>Blue Dart Express Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE233B01017"/>
          <ticker value="BDE"/>
          <other otherDesc="SEDOL" value="6098601"/>
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        <balance>216887.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>5856750.35000000</valUSD>
        <pctVal>1.060970233632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Larsen &amp; Toubro Infotech Ltd</name>
        <lei>335800DY1I1WFHVV6T22</lei>
        <title>Larsen &amp; Toubro Infotech Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE214T01019"/>
          <ticker value="LTI"/>
          <other otherDesc="SEDOL" value="BD6F8V6"/>
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        <balance>446973.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>11602940.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bharti Airtel Ltd</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>Bharti Airtel Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
          <ticker value="BHARTI"/>
          <other otherDesc="SEDOL" value="6442327"/>
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        <balance>2447838.00000000</balance>
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        <valUSD>18180029.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HDFC Life Insurance Co Ltd</name>
        <lei>335800RQI8GAFHIRGZ37</lei>
        <title>HDFC Life Insurance Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE795G01014"/>
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          <other otherDesc="SEDOL" value="BF0TRG6"/>
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        <balance>588556.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eicher Motors Ltd</name>
        <lei>25490059S64CN2OY7239</lei>
        <title>Eicher Motors Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE066A01013"/>
          <ticker value="EIM"/>
          <other otherDesc="SEDOL" value="6099819"/>
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        <balance>32536.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ambuja Cements Ltd</name>
        <lei>335800NT6LQHR1428E20</lei>
        <title>Ambuja Cements Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE079A01024"/>
          <ticker value="ACEM"/>
          <other otherDesc="SEDOL" value="B09QQ11"/>
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        <balance>2210044.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Info Edge India Ltd</name>
        <lei>335800MXUVHTBF9DEC78</lei>
        <title>Info Edge India Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE663F01024"/>
          <ticker value="INFOE"/>
          <other otherDesc="SEDOL" value="B1685L0"/>
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        <balance>532072.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Suzuki Motor Corp</name>
        <lei>353800D83H0V3ZV1SV24</lei>
        <title>Suzuki Motor Corp</title>
        <cusip>000000000</cusip>
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          <isin value="JP3397200001"/>
          <ticker value="7269"/>
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        <balance>164300.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DCB Bank Ltd</name>
        <lei>549300HLUOQ4ZGINVI30</lei>
        <title>DCB Bank Ltd</title>
        <cusip>000000000</cusip>
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          <other otherDesc="SEDOL" value="B0ZJXW4"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aavas Financiers Ltd</name>
        <lei>335800TMNAGA7MPDP384</lei>
        <title>Aavas Financiers Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE216P01012"/>
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          <other otherDesc="SEDOL" value="BD102C5"/>
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        <balance>197713.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Natco Pharma Ltd</name>
        <lei>33580086GIBRWXSNGG39</lei>
        <title>Natco Pharma Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE987B01026"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mphasis Ltd</name>
        <lei>335800NSYTIQLQKUYP62</lei>
        <title>Mphasis Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE356A01018"/>
          <ticker value="MPHL"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avenue Supermarts Ltd</name>
        <lei>335800B2ZPJKOU2ZM776</lei>
        <title>Avenue Supermarts Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE192R01011"/>
          <ticker value="DMART"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ashok Leyland Ltd</name>
        <lei>3358001BZKWERVWYCK35</lei>
        <title>Ashok Leyland Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE208A01029"/>
          <ticker value="AL"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wipro Ltd</name>
        <lei>335800IFS1IJHESG8362</lei>
        <title>Wipro Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE075A01022"/>
          <ticker value="WPRO"/>
          <other otherDesc="SEDOL" value="6206051"/>
        </identifiers>
        <balance>4361116.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>12730616.62000000</valUSD>
        <pctVal>2.306194473461</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>Hero MotoCorp Ltd</name>
        <lei>335800Q49FBMZJTRLK49</lei>
        <title>Hero MotoCorp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE158A01026"/>
          <ticker value="HMCL"/>
          <other otherDesc="SEDOL" value="6327327"/>
        </identifiers>
        <balance>222917.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>7533025.51000000</valUSD>
        <pctVal>1.364633176708</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>AIA Engineering Ltd</name>
        <lei>3358009DFG4JFX1O8H85</lei>
        <title>AIA Engineering Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE212H01026"/>
          <ticker value="AIAE"/>
          <other otherDesc="SEDOL" value="B0QDXM5"/>
        </identifiers>
        <balance>309580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>6570982.89000000</valUSD>
        <pctVal>1.190355886007</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>Alembic Pharmaceuticals Ltd</name>
        <lei>335800PM173KNG818V30</lei>
        <title>Alembic Pharmaceuticals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE901L01018"/>
          <ticker value="ALPM"/>
          <other otherDesc="SEDOL" value="B691276"/>
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        <balance>402416.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>4858542.50000000</valUSD>
        <pctVal>0.880141488588</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 Co</name>
        <lei>335800OX2H9AP7NHLT64</lei>
        <title>Housing Development Finance Corp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE001A01036"/>
          <ticker value="HDFC"/>
          <other otherDesc="SEDOL" value="6171900"/>
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        <balance>979767.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>22781662.08000000</valUSD>
        <pctVal>4.126975523135</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>InterGlobe Aviation Ltd</name>
        <lei>33580079R8SLLO23XD19</lei>
        <title>InterGlobe Aviation Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE646L01027"/>
          <ticker value="INDIGO"/>
          <other otherDesc="SEDOL" value="BYYZ7D0"/>
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        <balance>209796.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>2738969.61000000</valUSD>
        <pctVal>0.496173654906</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>Indian Energy Exchange Ltd</name>
        <lei>335800JRG8ZOKN1KAE97</lei>
        <title>Indian Energy Exchange Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE022Q01020"/>
          <ticker value="IEX"/>
          <other otherDesc="SEDOL" value="BGLRNT1"/>
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        <balance>1729716.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>4132291.55000000</valUSD>
        <pctVal>0.748578660390</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>Bandhan Bank Ltd</name>
        <lei>335800Q13QAC32IOCH33</lei>
        <title>Bandhan Bank Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE545U01014"/>
          <ticker value="BANDHAN"/>
          <other otherDesc="SEDOL" value="BG1SV45"/>
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        <balance>3511810.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>14976142.82000000</valUSD>
        <pctVal>2.712979177378</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>Affle India Ltd</name>
        <lei>335800VOXUF6XMCWSD89</lei>
        <title>Affle India Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE00WC01019"/>
          <ticker value="AFFLE"/>
          <other otherDesc="SEDOL" value="BJBL4B3"/>
        </identifiers>
        <balance>160101.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>3093214.61000000</valUSD>
        <pctVal>0.560346340773</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>Britannia Industries Ltd</name>
        <lei>335800RRN5EVHNNAXN80</lei>
        <title>Britannia Industries Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE216A01030"/>
          <ticker value="BRIT"/>
          <other otherDesc="SEDOL" value="BGSQG47"/>
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        <balance>126580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>6053557.45000000</valUSD>
        <pctVal>1.096622508766</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>Bajaj Consumer Care Ltd</name>
        <lei>3358005AGVT9BD4VZC81</lei>
        <title>Bajaj Consumer Care Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE933K01021"/>
          <ticker value="BAJAJCON"/>
          <other otherDesc="SEDOL" value="B4TL1F3"/>
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        <balance>2802123.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>5444305.53000000</valUSD>
        <pctVal>0.986254452545</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>Escorts Ltd</name>
        <lei>335800FPEJC7WFBUBF07</lei>
        <title>Escorts Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE042A01014"/>
          <ticker value="ESC"/>
          <other otherDesc="SEDOL" value="6099875"/>
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        <balance>436073.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>6008445.72000000</valUSD>
        <pctVal>1.088450365537</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ITC Ltd</name>
        <lei>335800WLOU3OFWFTMP43</lei>
        <title>ITC Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE154A01025"/>
          <ticker value="ITC"/>
          <other otherDesc="SEDOL" value="B0JGGP5"/>
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        <balance>2293801.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>5922805.67000000</valUSD>
        <pctVal>1.072936379380</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Saregama India Ltd</name>
        <lei>335800ALELBA1CG1E628</lei>
        <title>Saregama India Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE979A01017"/>
          <ticker value="SARE"/>
          <other otherDesc="SEDOL" value="6231194"/>
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        <balance>238020.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>1352573.91000000</valUSD>
        <pctVal>0.245023361342</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>
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      <invstOrSec>
        <name>VST Industries Ltd</name>
        <lei>335800JW3EQAV3RB8F15</lei>
        <title>VST Industries Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE710A01016"/>
          <ticker value="VST"/>
          <other otherDesc="SEDOL" value="6930338"/>
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        <balance>495531.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>20612088.01000000</valUSD>
        <pctVal>3.733949805736</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>
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      <invstOrSec>
        <name>Zydus Wellness Ltd</name>
        <lei>335800YCS4FG8P1D1Y21</lei>
        <title>Zydus Wellness Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE768C01010"/>
          <ticker value="ZYWL"/>
          <other otherDesc="SEDOL" value="6334327"/>
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        <balance>993440.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>16785991.25000000</valUSD>
        <pctVal>3.040839372344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sundaram Finance Ltd</name>
        <lei>335800QM6HEH82BEJY45</lei>
        <title>Sundaram Finance Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE660A01013"/>
          <ticker value="SUF"/>
          <other otherDesc="SEDOL" value="B0L4LR4"/>
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        <balance>303133.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>5832890.82000000</valUSD>
        <pctVal>1.056647998672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Delta Corp Ltd</name>
        <lei>N/A</lei>
        <title>Delta Corp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE124G01033"/>
          <ticker value="DELTA"/>
          <other otherDesc="SEDOL" value="B00HR98"/>
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        <balance>3240807.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>3718713.31000000</valUSD>
        <pctVal>0.673657556416</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>
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      <invstOrSec>
        <name>Trent Ltd</name>
        <lei>335800IYA8EHI7MW7G59</lei>
        <title>Trent Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE849A01020"/>
          <ticker value="TRENT"/>
          <other otherDesc="SEDOL" value="BDDRN32"/>
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        <balance>461454.00000000</balance>
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        <pctVal>0.680918485367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tata Consultancy Services Ltd</name>
        <lei>335800ZJKU9GPQRE2U66</lei>
        <title>Tata Consultancy Services Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE467B01029"/>
          <ticker value="TCS"/>
          <other otherDesc="SEDOL" value="B01NPJ1"/>
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        <balance>472418.00000000</balance>
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        <valUSD>13004499.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hindustan Unilever Ltd</name>
        <lei>5493007IW5N37IKRPM32</lei>
        <title>Hindustan Unilever Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE030A01027"/>
          <ticker value="HUVR"/>
          <other otherDesc="SEDOL" value="6261674"/>
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        <balance>195789.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>5660413.43000000</valUSD>
        <pctVal>1.025403133204</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>
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      <invstOrSec>
        <name>Symphony Ltd</name>
        <lei>3358004KHBEOQRZCFM37</lei>
        <title>Symphony Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE225D01027"/>
          <ticker value="SYML"/>
          <other otherDesc="SEDOL" value="B6XVH33"/>
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        <balance>627172.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>7296429.04000000</valUSD>
        <pctVal>1.321772921950</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>Tech Mahindra Ltd</name>
        <lei>3358005FZUZ1I25XQH69</lei>
        <title>Tech Mahindra Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE669C01036"/>
          <ticker value="TECHM"/>
          <other otherDesc="SEDOL" value="BWFGD63"/>
        </identifiers>
        <balance>529073.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>3806755.99000000</valUSD>
        <pctVal>0.689606787165</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 Ltd</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE002A01018"/>
          <ticker value="RIL"/>
          <other otherDesc="SEDOL" value="6099626"/>
        </identifiers>
        <balance>2135196.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>48568065.76000000</valUSD>
        <pctVal>8.798270200553</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>Marico Ltd</name>
        <lei>3358003SFDQFGJPC5O84</lei>
        <title>Marico Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE196A01026"/>
          <ticker value="MRCO"/>
          <other otherDesc="SEDOL" value="B1S34K5"/>
        </identifiers>
        <balance>1911004.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>8909947.13000000</valUSD>
        <pctVal>1.614067208477</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>Laurus Labs Ltd</name>
        <lei>335800S8HO8QRYP3VQ26</lei>
        <title>Laurus Labs Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE947Q01010"/>
          <ticker value="LAURUS"/>
          <other otherDesc="SEDOL" value="BDFDSD3"/>
        </identifiers>
        <balance>544586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>3750759.40000000</valUSD>
        <pctVal>0.679462814548</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>Poly Medicure Ltd</name>
        <lei>335800XM9YRKFWFVXO61</lei>
        <title>Poly Medicure Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE205C01021"/>
          <ticker value="PLM"/>
          <other otherDesc="SEDOL" value="BVRYS52"/>
        </identifiers>
        <balance>1405323.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>5489279.78000000</valUSD>
        <pctVal>0.994401690805</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 Ltd</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IN9002A01024"/>
          <ticker value="RILPP"/>
          <other otherDesc="Internal" value="BM92YZ3"/>
        </identifiers>
        <balance>142346.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>1503702.39000000</valUSD>
        <pctVal>0.272400799196</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>Bajaj Finance Ltd</name>
        <lei>335800YTEXC3DO4Z6F68</lei>
        <title>Bajaj Finance Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE296A01024"/>
          <ticker value="BAF"/>
          <other otherDesc="SEDOL" value="BD2N0P2"/>
        </identifiers>
        <balance>209492.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>7884894.54000000</valUSD>
        <pctVal>1.428375447533</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>Crompton Greaves Consumer Elec</name>
        <lei>335800DIIEEWMH3UDH51</lei>
        <title>Crompton Greaves Consumer Electricals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE299U01018"/>
          <ticker value="CROMPTON"/>
          <other otherDesc="SEDOL" value="BD87BS8"/>
        </identifiers>
        <balance>1544217.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>4884280.89000000</valUSD>
        <pctVal>0.884804085424</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>Lupin Ltd</name>
        <lei>335800HHXTESDEE2FC65</lei>
        <title>Lupin Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE326A01037"/>
          <ticker value="LPC"/>
          <other otherDesc="SEDOL" value="6143761"/>
        </identifiers>
        <balance>593043.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>7165748.46000000</valUSD>
        <pctVal>1.298099690686</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-08-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Matthews International Funds</ncom:nameOfApplicant>
      <ncom:signature>Shai Malka</ncom:signature>
      <ncom:signerName>Shai Malka</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
