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        <fairValLevel>1</fairValLevel>
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        <name>BAIDU INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GRUPO CLARIN SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRUPO TELEVISA SAB</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SK HYNIX INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lehman Brothers Equity Finance</name>
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        <title>Indian Oil Corp Ltd</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>UNI-PRESIDENT CHINA HOLDINGS LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MBRF GLOBAL FOODS COMPANY SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY COLCHESTER STREET TRUST</name>
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          <ticker value="FIGXX"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SBERBANK OF RUSSIA OJSC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>VOLGA TERRITORIAL GENERATING COMPANY JSC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>TURKCELL ILETISIM HIZMETLERI AS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SK SQUARE CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICA MOVIL SAB DE CV</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US8688612048"/>
          <ticker value="SGGD"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>CJ CORP</name>
        <lei>N/A</lei>
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          <isin value="KR700104K010"/>
          <ticker value="00104K"/>
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        <assetCat>EP</assetCat>
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        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ITAU UNIBANCO HOLDING SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
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        <cusip>465562106</cusip>
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          <isin value="US4655621062"/>
          <ticker value="ITUB"/>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OLLAMANI SAB</name>
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          <isin value="MX01AG080022"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROSNEFT OIL CO PJSC</name>
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          <isin value="RU000A0J2Q06"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TONGAAT HULETT LTD</name>
        <lei>213800DQ5KB9QZ8RBX07</lei>
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        <cusip>000000000</cusip>
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          <isin value="ZAE000096541"/>
          <ticker value="TON"/>
          <other otherDesc="SEDOL" value="B1ZBDG1"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CRESUD SA COMERCIAL INDUSTRIAL FINANCIERA Y AGROPECUARIA</name>
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        <title>CRESUD SA COMERCIAL INDUSTRIAL FINANCIERA Y AGROPECUARIA SPONSORED ADR</title>
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          <isin value="US2264061068"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AKBANK TAS</name>
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        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RELIANCE INDUSTRIES LTD</name>
        <lei>5493003UOETFYRONLG31</lei>
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        <cusip>759470107</cusip>
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          <isin value="US7594701077"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RUMO SA</name>
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        <cusip>000000000</cusip>
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          <isin value="BRRAILACNOR9"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SK TELECOM CO LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRANSNEFT AK OAO</name>
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        <curCd>USD</curCd>
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        <fairValLevel>3</fairValLevel>
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        <name>NATCO PHARMA LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>D-MARKET ELECTRONIC SERVICES &amp; TRADING</name>
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          <ticker value="HEPS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SAMSUNG C&amp;T CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ZEE ENTERTAINMENT ENTERPRISES LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lehman Brothers Equity Finance</name>
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        <title>Oil &amp; Natural Gas Corp Ltd</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>BLACKROCK LIQUIDITY FUNDS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALIBABA GROUP HOLDING LTD</name>
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          <ticker value="BABA"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TIANJIN DEVELOPMENT HOLDINGS LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALUMINIUM BAHRAIN BSC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RELIANCE INDUSTRIES LTD</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>RELIANCE INDUSTRIES LTD INR10(100%DEMAT)</title>
        <cusip>000000000</cusip>
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          <isin value="INE002A01018"/>
          <ticker value="RELIANCE"/>
          <other otherDesc="SEDOL" value="6099626"/>
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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>VK IPJSC</name>
        <lei>N/A</lei>
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        <cusip>560317208</cusip>
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          <isin value="US5603172082"/>
          <ticker value="VKCO"/>
          <other otherDesc="SEDOL" value="B53NQB3"/>
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        <balance>71300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CJ CORP</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="KR7001041003"/>
          <ticker value="001045"/>
          <other otherDesc="SEDOL" value="6186153"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRUPO FINANCIERO BANORTE SAB DE CV</name>
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        <cusip>000000000</cusip>
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          <isin value="MXP370711014"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AXIA ENERGIA SA</name>
        <lei>254900I8KYDELP4B4Z08</lei>
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        <cusip>000000000</cusip>
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          <isin value="BRAXIAACNOR0"/>
          <ticker value="AXIA3"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TENCENT HOLDINGS LTD</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD HKD0.00002</title>
        <cusip>000000000</cusip>
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          <isin value="KYG875721634"/>
          <ticker value="700"/>
          <other otherDesc="SEDOL" value="BMMV2K8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEDIATEK INC</name>
        <lei>254900UEGBK1I4DM4E14</lei>
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        <cusip>000000000</cusip>
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          <isin value="TW0002454006"/>
          <ticker value="2454"/>
          <other otherDesc="SEDOL" value="6372480"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SHINHAN FINANCIAL GROUP COMPANY LTD</name>
        <lei>988400EB8A6G49E5KO54</lei>
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        <cusip>000000000</cusip>
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          <isin value="KR7055550008"/>
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          <other otherDesc="SEDOL" value="6397502"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SITIOS LATINOAMERICA SAB DE CV</name>
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        <cusip>000000000</cusip>
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          <isin value="MX01LA080025"/>
          <ticker value="LASITE*"/>
          <other otherDesc="SEDOL" value="BMFLFG2"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VALE SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA SPONSORED ADS</title>
        <cusip>91912E105</cusip>
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          <isin value="US91912E1055"/>
          <ticker value="VALE"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>SAMSUNG LIFE INSURANCE COMPANY LTD</name>
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        <title>SAMSUNG LIFE INSURANCE COMPANY LTD KRW500</title>
        <cusip>000000000</cusip>
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          <isin value="KR7032830002"/>
          <ticker value="032830"/>
          <other otherDesc="SEDOL" value="B12C0T9"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PETROLEO BRASILEIRO SA</name>
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        <title>PETROLEO BRASILEIRO SA SP ADR NON VTG</title>
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          <ticker value="PBR/A"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BEONE MEDICINES LTD</name>
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        <title>BEONE MEDICINES LTD USD0.0001 (SWITZERLAND)</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AXIA ENERGIA SA</name>
        <lei>254900I8KYDELP4B4Z08</lei>
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        <cusip>000000000</cusip>
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        <invCountry>BR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>IRSA INVERSIONES Y REPRESENTACIONES SA</name>
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          <ticker value="IRS"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>AR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SIFY TECHNOLOGIES LTD</name>
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        <title>SIFY TECHNOLOGIES LTD SPONSORED ADR</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BANCO SANTANDER (BRASIL) SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WEIBO CORP</name>
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        <title>WEIBO CORP SPONSORED ADR</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TENCENT MUSIC ENTERTAINMENT GROUP</name>
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        <title>TENCENT MUSIC ENTERTAINMENT GROUP SPON ADS</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>UEM SUNRISE BHD</name>
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        <invCountry>MY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS TRUST</name>
        <lei>S2FHCT8U6D2VORP0J605</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
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          <ticker value="FGTXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CEMEX-CEMENTOS MEXICANOS SAB DE CV</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>CEMEX-CEMENTOS MEXICANOS SAB DE CV SPON ADR NEW</title>
        <cusip>151290889</cusip>
        <identifiers>
          <isin value="US1512908898"/>
          <ticker value="CX"/>
        </identifiers>
        <balance>421537.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5058444.00000000</valUSD>
        <pctVal>0.347198078946</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>EL5-ENERGO PJSC</name>
        <lei>N/A</lei>
        <title>EL5-ENERGO PJSC RUB1(RUB)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="RU000A0F5UN3"/>
          <ticker value="ELFV"/>
          <other otherDesc="SEDOL" value="B5B5BY9"/>
        </identifiers>
        <balance>755050.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="1000000000.00000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELEFONICA BRASIL SA</name>
        <lei>529900MTGG2HSDBIWG79</lei>
        <title>TELEFONICA BRASIL SA SPONSORED ADS</title>
        <cusip>87936R205</cusip>
        <identifiers>
          <isin value="US87936R2058"/>
          <ticker value="VIV"/>
        </identifiers>
        <balance>99212.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1305629.92000000</valUSD>
        <pctVal>0.089614948794</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>DIDI GLOBAL INC</name>
        <lei>8368006Y2DHY77ADSY31</lei>
        <title>DIDI GLOBAL INC SPONSORED ADS</title>
        <cusip>23292E108</cusip>
        <identifiers>
          <isin value="US23292E1082"/>
          <ticker value="DIDIY"/>
        </identifiers>
        <balance>81500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>273025.00000000</valUSD>
        <pctVal>0.018739706420</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>GAZPROM PJSC</name>
        <lei>213800FD9J2IHTA7YX78</lei>
        <title>GAZPROM PJSC RUB5(RUB)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="RU0007661625"/>
          <ticker value="GAZP"/>
          <other otherDesc="SEDOL" value="B59L4L7"/>
        </identifiers>
        <balance>2087800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="1000000000.00000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEIBO CORP</name>
        <lei>549300Q9ID4640FE0422</lei>
        <title>WEIBO CORP USD0.00025 A</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG9515T1085"/>
          <ticker value="9898"/>
          <other otherDesc="SEDOL" value="BZ6C8R7"/>
        </identifiers>
        <balance>65500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
        <valUSD>473548.92000000</valUSD>
        <pctVal>0.032503132447</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>AXIA ENERGIA SA</name>
        <lei>254900I8KYDELP4B4Z08</lei>
        <title>AXIA ENERGIA SA PREF C NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRAXIAACNPC9"/>
          <ticker value="AXIA7"/>
          <other otherDesc="SEDOL" value="BVPBRT2"/>
        </identifiers>
        <balance>56922.81487300</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16230000"/>
        <valUSD>587940.35000000</valUSD>
        <pctVal>0.040354654525</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>
        </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>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Delaware VIP Trust</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
