<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0001016073</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      <seriesClassInfo>
        <seriesId>S000001909</seriesId>
        <classId>C000190956</classId>
        <classId>C000005025</classId>
      </seriesClassInfo>
      
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Driehaus Mutual Funds</regName>
      <regFileNumber>811-07655</regFileNumber>
      <regCik>0001016073</regCik>
      <regLei>25490065PZVMACERQ816</regLei>
      <regStreet1>25 EAST ERIE STREET</regStreet1>
      <regCity>CHICAGO</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60611</regZipOrPostalCode>
      <regPhone>312 587 3800</regPhone>
      <seriesName>Driehaus Emerging Markets Growth Fund</seriesName>
      <seriesId>S000001909</seriesId>
      <seriesLei>2549003SIJKOXIAOFO04</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>5097343026.000000000000</totAssets>
      <totLiabs>3806015.860000000000</totLiabs>
      <netAssets>5093537010.140000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>39234.520000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000005025" rtn1="14.72" rtn2="6.67" rtn3="1.84"/>
          <monthlyTotReturn classId="C000190956" rtn1="14.74" rtn2="6.67" rtn3="1.86"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="-964.59"/>
            <mon3 netRealizedGain="-1084.53" netUnrealizedAppr="964.59"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="-964.59"/>
              <instrMon3 netRealizedGain="-1084.53" netUnrealizedAppr="964.59"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="N/A"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="78613827.6" netUnrealizedAppr="533250961.25"/>
        <othMon2 netRealizedGain="61659139.77" netUnrealizedAppr="253674619.50"/>
        <othMon3 netRealizedGain="8418683.22" netUnrealizedAppr="83084947.99"/>
      </returnInfo>
      <mon1Flow redemption="75481952.35" reinvestment="0" sales="66014364.9"/>
      <mon2Flow redemption="124774150.6" reinvestment="0" sales="66970849.33"/>
      <mon3Flow redemption="175150266.34" reinvestment="0" sales="72872799.96"/>
      
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>WUXI APPTEC CO LTD</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>WUXI APPTEC CO LTD CNY1 H</title>
        <cusip>Y971B1118</cusip>
        <identifiers>
          <isin value="CNE100003F19"/>
          <ticker value="WUXIF"/>
        </identifiers>
        <balance>2845800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>56021095.1</valUSD>
        <pctVal>1.0998466289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMEMORY TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>EMEMORY TECHNOLOGY INC TWD10</title>
        <cusip>Y2289B114</cusip>
        <identifiers>
          <isin value="TW0003529004"/>
          <ticker value="3529"/>
        </identifiers>
        <balance>353000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>33249392.32</valUSD>
        <pctVal>0.6527761014</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>PAN AMERICAN SILVER CORP</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP COM NPV</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
        </identifiers>
        <balance>282776</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12665537.04</valUSD>
        <pctVal>0.2486589773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GMR AIRPORTS LTD</name>
        <lei>3358008S2MTRWZ255P70</lei>
        <title>GMR AIRPORTS LTD INR1</title>
        <cusip>Y2730E113</cusip>
        <identifiers>
          <isin value="INE776C01039"/>
          <ticker value="GMRLF"/>
        </identifiers>
        <balance>32505088</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>38552246.01</valUSD>
        <pctVal>0.7568855578</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 GROUP LTD</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA GROUP LTD NPV</title>
        <cusip>Y002A1105</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
          <ticker value="AAIGF"/>
        </identifiers>
        <balance>4079600</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>37349696.53</valUSD>
        <pctVal>0.7332762372</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>ABU DHABI COMMERCIAL BANK PJSC</name>
        <lei>213800RWVKKIRX1AUH58</lei>
        <title>ABU DHABI COMMERCIAL BANK PJSC AED1</title>
        <cusip>M0152Q104</cusip>
        <identifiers>
          <isin value="AEA000201011"/>
          <ticker value="ADCB"/>
        </identifiers>
        <balance>2743515</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>10809477.17</valUSD>
        <pctVal>0.2122194685</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>ALDAR PROPERTIES PJSC</name>
        <lei>98450048CD8AEF13B480</lei>
        <title>ALDAR PROPERTIES PJSC AED1</title>
        <cusip>M0517N101</cusip>
        <identifiers>
          <isin value="AEA002001013"/>
          <ticker value="ALDAR"/>
        </identifiers>
        <balance>4353624</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>9824226.23</valUSD>
        <pctVal>0.1928763099</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>SOUTHERN COPPER CORP</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>SOUTHERN COPPER CORP COM USD0.01</title>
        <cusip>84265V105</cusip>
        <identifiers>
          <isin value="US84265V1052"/>
          <ticker value="SCCO"/>
        </identifiers>
        <balance>265259</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46224033.34</valUSD>
        <pctVal>0.9075036315</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>GE VERNOVA T&amp;D INDIA LTD</name>
        <lei>549300NMRD6VZDFLN355</lei>
        <title>GE VERNOVA T&amp;D INDIA LTD INR2</title>
        <cusip>Y2683R111</cusip>
        <identifiers>
          <isin value="INE200A01026"/>
          <ticker value="GVT&amp;D"/>
        </identifiers>
        <balance>283676</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>14880262.29</valUSD>
        <pctVal>0.2921400642</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>ARCA CONTINENTAL SAB DE CV</name>
        <lei>254900U2BSJCQHJCXN24</lei>
        <title>ARCA CONTINENTAL SAB DE CV COM NPV</title>
        <cusip>P0448R103</cusip>
        <identifiers>
          <isin value="MX01AC100006"/>
          <ticker value="EMBVF"/>
        </identifiers>
        <balance>1676970</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>20053636.39</valUSD>
        <pctVal>0.3937074836</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>BIM BIRLESIK MAGAZALAR AS</name>
        <lei>7890001GCDJQD8DJKE29</lei>
        <title>BIM BIRLESIK MAGAZALAR AS TRY1</title>
        <cusip>M2014F102</cusip>
        <identifiers>
          <isin value="TREBIMM00018"/>
          <ticker value="BMBRF"/>
        </identifiers>
        <balance>5013365</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64625"/>
        <valUSD>39322089.34</valUSD>
        <pctVal>0.7719996784</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TECHTRONIC INDUSTRIES COMPANY LTD</name>
        <lei>549300HZW2SBE758OK89</lei>
        <title>TECHTRONIC INDUSTRIES COMPANY LTD NPV</title>
        <cusip>Y8563B159</cusip>
        <identifiers>
          <isin value="HK0669013440"/>
          <ticker value="TTNDF"/>
        </identifiers>
        <balance>4231500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>70418748.52</valUSD>
        <pctVal>1.3825117670</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>SABESP - COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SA</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>SABESP - COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SA COM NPV</title>
        <cusip>P2R268136</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
          <ticker value="SBSP3"/>
        </identifiers>
        <balance>11118198</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>63987304.61</valUSD>
        <pctVal>1.2562450117</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>SAMSUNG ELECTRONICS CO LTD</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD KRW100</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
        </identifiers>
        <balance>1998716</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>443509569.71</valUSD>
        <pctVal>8.7073004246</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>HANWHA AEROSPACE CO LTD</name>
        <lei>9884001NSUA8FQKQWR25</lei>
        <title>HANWHA AEROSPACE CO LTD KRW5000</title>
        <cusip>Y7470L102</cusip>
        <identifiers>
          <isin value="KR7012450003"/>
          <ticker value="SSASF"/>
        </identifiers>
        <balance>28336</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>18338522.57</valUSD>
        <pctVal>0.3600351295</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>MERCADOLIBRE INC</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MERCADOLIBRE INC COM USD0.001</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
          <ticker value="MELI"/>
        </identifiers>
        <balance>17412</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29554954.68</valUSD>
        <pctVal>0.5802442315</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>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD TWD10</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="TSMWF"/>
        </identifiers>
        <balance>6308400</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>497671450.11</valUSD>
        <pctVal>9.7706456068</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 SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA SPONS ADS REPR 1 COM NPV</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
          <ticker value="VALE"/>
        </identifiers>
        <balance>3159461</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47518293.44</valUSD>
        <pctVal>0.9329134812</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>COCA-COLA HBC AG</name>
        <lei>549300EFP3TNG7JGVE49</lei>
        <title>COCA-COLA HBC AG ORD CHF6.70(CDI)</title>
        <cusip>H1512E100</cusip>
        <identifiers>
          <isin value="CH0198251305"/>
          <ticker value="CCHBF"/>
        </identifiers>
        <balance>124427</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>8110878.32</valUSD>
        <pctVal>0.1592386254</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>AXIS BANK LTD</name>
        <lei>549300HVNWMJPOFVNI41</lei>
        <title>AXIS BANK LTD INR2</title>
        <cusip>Y0487S137</cusip>
        <identifiers>
          <isin value="INE238A01034"/>
          <ticker value="AXISBANK"/>
        </identifiers>
        <balance>3092819</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>44017511.19</valUSD>
        <pctVal>0.8641835939</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>NEWAY VALVE (SUZHOU) CO LTD</name>
        <lei>N/A</lei>
        <title>NEWAY VALVE (SUZHOU) CO LTD 'A'CNY1</title>
        <cusip>Y6280S109</cusip>
        <identifiers>
          <isin value="CNE100001SJ6"/>
          <ticker value="603699"/>
        </identifiers>
        <balance>2970981</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>22117406.61</valUSD>
        <pctVal>0.4342249122</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>ITAU UNIBANCO HOLDING SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>ITAU UNIBANCO HOLDING SA ADR EACH REPR 1 PRF NPV</title>
        <cusip>465562106</cusip>
        <identifiers>
          <isin value="US4655621062"/>
          <ticker value="ITUB"/>
        </identifiers>
        <balance>2535003</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20710974.51</valUSD>
        <pctVal>0.4066128207</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>BHARAT ELECTRONICS LTD</name>
        <lei>335800HS8AOTM9W1F335</lei>
        <title>BHARAT ELECTRONICS LTD INR1</title>
        <cusip>Y0881Q141</cusip>
        <identifiers>
          <isin value="INE263A01024"/>
          <ticker value="BEL"/>
        </identifiers>
        <balance>4483762</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>19541783.57</valUSD>
        <pctVal>0.3836584191</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>ASE TECHNOLOGY HOLDING CO LTD</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE TECHNOLOGY HOLDING CO LTD TWD10</title>
        <cusip>Y0249T100</cusip>
        <identifiers>
          <isin value="TW0003711008"/>
          <ticker value="3711"/>
        </identifiers>
        <balance>6090000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>135907836.32</valUSD>
        <pctVal>2.6682408717</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>CREDICORP LTD</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>CREDICORP LTD COM USD5</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
          <ticker value="BAP"/>
        </identifiers>
        <balance>219223</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85404896.34</valUSD>
        <pctVal>1.6767306524</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>GRUPO FINANCIERO BANORTE SAB DE CV</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO BANORTE SAB DE CV COM NPV SERIES O</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
          <ticker value="GBOOF"/>
        </identifiers>
        <balance>7217362</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>76434907.36</valUSD>
        <pctVal>1.5006253456</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>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD SPON ADS REP 5 ORD TWD10</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
          <ticker value="TSM"/>
        </identifiers>
        <balance>391471</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186954805.47</valUSD>
        <pctVal>3.6704318649</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 ECONOMICO MEXICANO SAB DE CV</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>FOMENTO ECONOMICO MEXICANO SAB DE CV SPON ADR RP 10 UTS(1B&amp;2D-B&amp;</title>
        <cusip>344419106</cusip>
        <identifiers>
          <isin value="US3444191064"/>
          <ticker value="FMX"/>
        </identifiers>
        <balance>385393</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49291764.7</valUSD>
        <pctVal>0.9677315508</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 LTD</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI BANK LTD SPON ADR EACH REP 2 ORD SHS</title>
        <cusip>45104G104</cusip>
        <identifiers>
          <isin value="US45104G1040"/>
          <ticker value="IBN"/>
        </identifiers>
        <balance>1897072</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55072000.16</valUSD>
        <pctVal>1.0812133111</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>CADENCE DESIGN SYSTEMS INC</name>
        <lei>GCT7RXJOGLXPV0NXZY22</lei>
        <title>CADENCE DESIGN SYSTEMS INC COM USD0.01</title>
        <cusip>127387108</cusip>
        <identifiers>
          <isin value="US1273871087"/>
          <ticker value="CDNS"/>
        </identifiers>
        <balance>131077</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49195819.64</valUSD>
        <pctVal>0.9658478881</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>GRUPO FINANCIERO GALICIA SA</name>
        <lei>5299008H3AXIXV5G3C23</lei>
        <title>GRUPO FINANCIERO GALICIA SA SPON ADR EACH REP 10 CL B</title>
        <cusip>399909100</cusip>
        <identifiers>
          <isin value="US3999091008"/>
          <ticker value="GGAL"/>
        </identifiers>
        <balance>301874</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15102756.22</valUSD>
        <pctVal>0.2965082258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</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 EA REP 2 ORD SHS</title>
        <cusip>88031M109</cusip>
        <identifiers>
          <isin value="US88031M1099"/>
          <ticker value="TS"/>
        </identifiers>
        <balance>444143</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24645495.07</valUSD>
        <pctVal>0.4838581721</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>ASPEED TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>ASPEED TECHNOLOGY INC TWD10</title>
        <cusip>Y04044106</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
          <ticker value="5274"/>
        </identifiers>
        <balance>89000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>46961598.56</valUSD>
        <pctVal>0.9219840450</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>ADVANCED MICRO-FABRICATION EQUIPMENT INC</name>
        <lei>N/A</lei>
        <title>ADVANCED MICRO-FABRICATION EQUIPMENT INC A CNY1</title>
        <cusip>Y001DM108</cusip>
        <identifiers>
          <isin value="CNE100003MM9"/>
          <ticker value="688012"/>
        </identifiers>
        <balance>1224866</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>85243458.82</valUSD>
        <pctVal>1.6735611943</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>POWSZECHNY ZAKLAD UBEZPIECZEN SA</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN0.10</title>
        <cusip>X6919T107</cusip>
        <identifiers>
          <isin value="PLPZU0000011"/>
          <ticker value="PWZYF"/>
        </identifiers>
        <balance>1151365</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.7618"/>
        <valUSD>20119590.69</valUSD>
        <pctVal>0.3950023461</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>SAUDI NATIONAL BANK (THE)</name>
        <lei>5586006ZEFQ542K7CY16</lei>
        <title>SAUDI NATIONAL BANK (THE) SAR10</title>
        <cusip>M7S2CL107</cusip>
        <identifiers>
          <isin value="SA13L050IE10"/>
          <ticker value="1180"/>
        </identifiers>
        <balance>3530096</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>36339893.6</valUSD>
        <pctVal>0.7134510563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONTEMPORARY AMPEREX TECHNOLOGY CO LTD</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>CONTEMPORARY AMPEREX TECHNOLOGY CO LTD 'A' CNY1</title>
        <cusip>Y1R48E105</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
          <ticker value="300750"/>
        </identifiers>
        <balance>1182194</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>68720428.44</valUSD>
        <pctVal>1.3491691197</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>KT&amp;G CORP</name>
        <lei>988400ZJV6ISYBLQX875</lei>
        <title>KT&amp;G CORP KRW5000</title>
        <cusip>Y49904108</cusip>
        <identifiers>
          <isin value="KR7033780008"/>
          <ticker value="KTCIF"/>
        </identifiers>
        <balance>286457</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>31526103.89</valUSD>
        <pctVal>0.6189432575</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>VANGUARD INTERNATIONAL SEMICONDUCTOR CORP</name>
        <lei>2549001S5Q158BIJJO13</lei>
        <title>VANGUARD INTERNATIONAL SEMICONDUCTOR CORP TWD10</title>
        <cusip>Y9353N106</cusip>
        <identifiers>
          <isin value="TW0005347009"/>
          <ticker value="VGILF"/>
        </identifiers>
        <balance>6024000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>41594167.34</valUSD>
        <pctVal>0.8166067559</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>CHUNGHWA TELECOM CO LTD</name>
        <lei>N/A</lei>
        <title>CHUNGHWA TELECOM CO LTD TWD10</title>
        <cusip>Y1613J108</cusip>
        <identifiers>
          <isin value="TW0002412004"/>
          <ticker value="CHWAF"/>
        </identifiers>
        <balance>5699000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>25295984</valUSD>
        <pctVal>0.4966290409</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>MEDIATEK INC</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MEDIATEK INC TWD10</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
          <ticker value="MDTTF"/>
        </identifiers>
        <balance>558000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>76035713.69</valUSD>
        <pctVal>1.4927880869</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>CTBC FINANCIAL HOLDING CO LTD</name>
        <lei>549300IWDYIFW6JXM387</lei>
        <title>CTBC FINANCIAL HOLDING CO LTD TWD10</title>
        <cusip>Y15093100</cusip>
        <identifiers>
          <isin value="TW0002891009"/>
          <ticker value="CTFHF"/>
        </identifiers>
        <balance>39282000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>88050999.99</valUSD>
        <pctVal>1.7286808718</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>MTN GROUP LTD</name>
        <lei>2549009JD6Q6XHZS5E05</lei>
        <title>MTN GROUP LTD ZAR0.0001</title>
        <cusip>S8039R108</cusip>
        <identifiers>
          <isin value="ZAE000042164"/>
          <ticker value="MTNOF"/>
        </identifiers>
        <balance>4832867</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>67308438.09</valUSD>
        <pctVal>1.3214479046</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>WEICHAI POWER CO LTD</name>
        <lei>529900OKTPKBG85F9502</lei>
        <title>WEICHAI POWER CO LTD 'H'CNY1</title>
        <cusip>Y9531A109</cusip>
        <identifiers>
          <isin value="CNE1000004L9"/>
          <ticker value="WEICF"/>
        </identifiers>
        <balance>9414000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>41295292.6</valUSD>
        <pctVal>0.8107390310</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 LTD</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>RELIANCE INDUSTRIES LTD INR10(100%DEMAT)</title>
        <cusip>Y72596102</cusip>
        <identifiers>
          <isin value="INE002A01018"/>
          <ticker value="RLNJF"/>
        </identifiers>
        <balance>1648190</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>22577922.79</valUSD>
        <pctVal>0.4432660987</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 SHENHUA ENERGY COMPANY LTD</name>
        <lei>529900N9JOX4C108MA40</lei>
        <title>CHINA SHENHUA ENERGY COMPANY LTD 'H'CNY1</title>
        <cusip>Y1504C113</cusip>
        <identifiers>
          <isin value="CNE1000002R0"/>
          <ticker value="CUAEF"/>
        </identifiers>
        <balance>2242500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>11486798.26</valUSD>
        <pctVal>0.2255171257</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>KINIK COMPANY</name>
        <lei>N/A</lei>
        <title>KINIK COMPANY TWD10</title>
        <cusip>Y4789C113</cusip>
        <identifiers>
          <isin value="TW0001560001"/>
          <ticker value="KIKCF"/>
        </identifiers>
        <balance>1844000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>44782384.08</valUSD>
        <pctVal>0.8792001313</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>HANA FINANCIAL GROUP INC</name>
        <lei>N/A</lei>
        <title>HANA FINANCIAL GROUP INC KRW5000</title>
        <cusip>Y29975102</cusip>
        <identifiers>
          <isin value="KR7086790003"/>
          <ticker value="HNFGF"/>
        </identifiers>
        <balance>1005505</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>75105189.26</valUSD>
        <pctVal>1.4745193588</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>INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD (THE)</name>
        <lei>5493002ERZU2K9PZDL40</lei>
        <title>INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD (THE) 'H'CNY1</title>
        <cusip>Y3990B112</cusip>
        <identifiers>
          <isin value="CNE1000003G1"/>
          <ticker value="IDCBF"/>
        </identifiers>
        <balance>69774000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>57318350.24</valUSD>
        <pctVal>1.1253152795</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>CHROMA ATE INC</name>
        <lei>N/A</lei>
        <title>CHROMA ATE INC TWD10</title>
        <cusip>Y1604M102</cusip>
        <identifiers>
          <isin value="TW0002360005"/>
          <ticker value="CRMJF"/>
        </identifiers>
        <balance>696000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>48367451.47</valUSD>
        <pctVal>0.9495847654</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>SK HYNIX INC</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK HYNIX INC KRW5000</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <ticker value="HXSCF"/>
        </identifiers>
        <balance>193646</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>341704350.64</valUSD>
        <pctVal>6.7085867828</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>DOOSAN CORP</name>
        <lei>988400GNQKLXZRRQQE60</lei>
        <title>DOOSAN CORP KRW5000</title>
        <cusip>Y2100N107</cusip>
        <identifiers>
          <isin value="KR7000150003"/>
          <ticker value="DOSAF"/>
        </identifiers>
        <balance>9495</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>9302843.51</valUSD>
        <pctVal>0.1826401475</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>BHARTI AIRTEL LTD</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>BHARTI AIRTEL LTD INR5</title>
        <cusip>Y0885K108</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
          <ticker value="BHTIF"/>
        </identifiers>
        <balance>835360</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>16364072.34</valUSD>
        <pctVal>0.3212712955</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>ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD</name>
        <lei>335800QOAXP5TM7OYP69</lei>
        <title>ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD LIMITED</title>
        <cusip>Y00130107</cusip>
        <identifiers>
          <isin value="INE742F01042"/>
          <ticker value="ADANIPORTS"/>
        </identifiers>
        <balance>3095835</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>59303611.9</valUSD>
        <pctVal>1.1642913712</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>SIEYUAN ELECTRIC CO LTD</name>
        <lei>836800H6UQQUWN4PSZ32</lei>
        <title>SIEYUAN ELECTRIC CO LTD 'A'CNY1</title>
        <cusip>Y7688J105</cusip>
        <identifiers>
          <isin value="CNE000001KM8"/>
          <ticker value="002028"/>
        </identifiers>
        <balance>1124784</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>28790360.58</valUSD>
        <pctVal>0.5652331675</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>VISTA ENERGY SAB DE CV</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>VISTA ENERGY SAB DE CV SPON ADS EA REP 1 ORD SHS</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
          <ticker value="VIST"/>
        </identifiers>
        <balance>425484</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27145879.2</valUSD>
        <pctVal>0.5329475205</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>OTP BANK NYRT</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK NYRT HUF100</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
          <ticker value="OTPBF"/>
        </identifiers>
        <balance>608425</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="311.3513"/>
        <valUSD>89868041.86</valUSD>
        <pctVal>1.7643543510</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>LOTES CO LTD</name>
        <lei>N/A</lei>
        <title>LOTES CO LTD TWD10</title>
        <cusip>Y53302116</cusip>
        <identifiers>
          <isin value="TW0003533006"/>
          <ticker value="3533"/>
        </identifiers>
        <balance>180000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>12140199.43</valUSD>
        <pctVal>0.2383451697</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>STATE BANK OF INDIA</name>
        <lei>5493001JZ37UBBZF6L49</lei>
        <title>STATE BANK OF INDIA INR1</title>
        <cusip>Y8155P103</cusip>
        <identifiers>
          <isin value="INE062A01020"/>
          <ticker value="SBIN"/>
        </identifiers>
        <balance>3886970</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>42228675.3</valUSD>
        <pctVal>0.8290638748</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>WIWYNN CORP</name>
        <lei>254900FV2R15PMKXFL69</lei>
        <title>WIWYNN CORP TWD10</title>
        <cusip>Y9673D101</cusip>
        <identifiers>
          <isin value="TW0006669005"/>
          <ticker value="6669"/>
        </identifiers>
        <balance>241000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>35600429.49</valUSD>
        <pctVal>0.6989333624</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>KAORI HEAT TREATMENT CO LTD</name>
        <lei>N/A</lei>
        <title>KAORI HEAT TREATMENT CO LTD TWD10</title>
        <cusip>Y4573A125</cusip>
        <identifiers>
          <isin value="TW0008996000"/>
          <ticker value="8996"/>
        </identifiers>
        <balance>495000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>24511126.08</valUSD>
        <pctVal>0.4812201429</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>NU HOLDINGS LTD</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU HOLDINGS LTD ORD SHS CL A</title>
        <cusip>G6683N103</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
          <ticker value="NU"/>
        </identifiers>
        <balance>3311324</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44239288.64</valUSD>
        <pctVal>0.8685376891</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>ERSTE GROUP BANK AG</name>
        <lei>PQOH26KWDF7CG10L6792</lei>
        <title>ERSTE GROUP BANK AG NPV</title>
        <cusip>A19494102</cusip>
        <identifiers>
          <isin value="AT0000652011"/>
          <ticker value="EBKOF"/>
        </identifiers>
        <balance>196951</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>26359517.48</valUSD>
        <pctVal>0.5175090988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLYUS PJSC</name>
        <lei>549300FUXVT7TF6ZKV71</lei>
        <title>POLYUS PJSC RUB1(RUB)</title>
        <cusip>X59432108</cusip>
        <identifiers>
          <isin value="RU000A0JNAA8"/>
          <ticker value="PLZL"/>
        </identifiers>
        <balance>637510</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>.01</valUSD>
        <pctVal>0.0000000002</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>NAURA TECHNOLOGY GROUP CO LTD</name>
        <lei>300300JI5I0B95GO5C39</lei>
        <title>NAURA TECHNOLOGY GROUP CO LTD 'A'CNY1</title>
        <cusip>Y0772M100</cusip>
        <identifiers>
          <isin value="CNE100000ML7"/>
          <ticker value="002371"/>
        </identifiers>
        <balance>405688</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>53206626.96</valUSD>
        <pctVal>1.0445909562</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>HYOSUNG HEAVY INDUSTRIES CORP</name>
        <lei>988400IDLF9EQ95M0928</lei>
        <title>HYOSUNG HEAVY INDUSTRIES CORP KRW5000</title>
        <cusip>Y3R1E4102</cusip>
        <identifiers>
          <isin value="KR7298040007"/>
          <ticker value="A298040"/>
        </identifiers>
        <balance>13093</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>29755071.83</valUSD>
        <pctVal>0.5841730760</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>TENCENT HOLDINGS LTD</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD HKD0.00002</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="TCTZF"/>
        </identifiers>
        <balance>2575145</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>142103089.41</valUSD>
        <pctVal>2.7898705581</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 JUSHI CO LTD</name>
        <lei>300300JZBQ0FKI1TDH04</lei>
        <title>CHINA JUSHI CO LTD 'A'CNY1</title>
        <cusip>Y5642X103</cusip>
        <identifiers>
          <isin value="CNE000000YM1"/>
          <ticker value="600176"/>
        </identifiers>
        <balance>1995505</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>21597811.57</valUSD>
        <pctVal>0.4240238468</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>BSE LTD</name>
        <lei>335800UOTLCPTZQVDA19</lei>
        <title>BSE LTD INR2</title>
        <cusip>Y0R9BJ101</cusip>
        <identifiers>
          <isin value="INE118H01025"/>
          <ticker value="BSE"/>
        </identifiers>
        <balance>1550179</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>63469065.17</valUSD>
        <pctVal>1.2460705605</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>DUBAI ELECTRICITY AND WATER AUTHORITY PJSC</name>
        <lei>213800K4OJF8DKATLT41</lei>
        <title>DUBAI ELECTRICITY AND WATER AUTHORITY PJSC AED0.01</title>
        <cusip>M2R81J103</cusip>
        <identifiers>
          <isin value="AED001801011"/>
          <ticker value="DEWA"/>
        </identifiers>
        <balance>16205180</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>12270687.43</valUSD>
        <pctVal>0.2409070044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIEDAD QUIMICA Y MINERA DE CHILE SA</name>
        <lei>TJ88LXZZW5PWIN93ZC81</lei>
        <title>SOCIEDAD QUIMICA Y MINERA DE CHILE SA ADR(REPR 1 PRF SER'B')</title>
        <cusip>833635105</cusip>
        <identifiers>
          <isin value="US8336351056"/>
          <ticker value="SQM"/>
        </identifiers>
        <balance>195767</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14494588.68</valUSD>
        <pctVal>0.2845682411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HINDUSTAN COPPER LTD</name>
        <lei>33580013OQMTB8N3IV37</lei>
        <title>HINDUSTAN COPPER LTD INR5(DEMAT)</title>
        <cusip>Y3213W117</cusip>
        <identifiers>
          <isin value="INE531E01026"/>
          <ticker value="HINDCOPPER"/>
        </identifiers>
        <balance>3463558</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>18433669.98</valUSD>
        <pctVal>0.3619031322</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>UNIVERSAL MICROWAVE TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>UNIVERSAL MICROWAVE TECHNOLOGY INC TWD10</title>
        <cusip>Y9273S110</cusip>
        <identifiers>
          <isin value="TW0003491007"/>
          <ticker value="3491"/>
        </identifiers>
        <balance>459486</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>19796285.57</valUSD>
        <pctVal>0.3886549863</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>NATIONAL BANK OF GREECE SA</name>
        <lei>5UMCZOEYKCVFAW8ZLO05</lei>
        <title>NATIONAL BANK OF GREECE SA EUR1.00 (POST CONS)</title>
        <cusip>X56533189</cusip>
        <identifiers>
          <isin value="GRS003003035"/>
          <ticker value="NBGIF"/>
        </identifiers>
        <balance>2194168</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>37907638.97</valUSD>
        <pctVal>0.7442301665</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>BANCO BTG PACTUAL SA</name>
        <lei>ZXLTQRYIK6IJH3R0IK66</lei>
        <title>BANCO BTG PACTUAL SA UNITS(1COM &amp; 2PRF A) 02/17</title>
        <cusip>P1R8ZJ253</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
          <ticker value="BPAC11"/>
        </identifiers>
        <balance>2462300</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>25923717.14</valUSD>
        <pctVal>0.5089531516</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>DOOSAN ENERBILITY CO LTD</name>
        <lei>988400TK5NA3GLSTN506</lei>
        <title>DOOSAN ENERBILITY CO LTD KRW5000</title>
        <cusip>Y2102C109</cusip>
        <identifiers>
          <isin value="KR7034020008"/>
          <ticker value="A034020"/>
        </identifiers>
        <balance>244567</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>13933838.46</valUSD>
        <pctVal>0.2735591875</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>CAPITEC BANK HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>CAPITEC BANK HOLDINGS LTD ZAR0.01</title>
        <cusip>S15445109</cusip>
        <identifiers>
          <isin value="ZAE000035861"/>
          <ticker value="CKHGF"/>
        </identifiers>
        <balance>204473</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>59361551.76</valUSD>
        <pctVal>1.1654288884</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>DELTA ELECTRONICS INC</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>DELTA ELECTRONICS INC TWD10</title>
        <cusip>Y20263102</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
          <ticker value="DLTEF"/>
        </identifiers>
        <balance>1128000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>70842676.32</valUSD>
        <pctVal>1.3908346239</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>DISCO CORP</name>
        <lei>N/A</lei>
        <title>DISCO CORP NPV</title>
        <cusip>J12327102</cusip>
        <identifiers>
          <isin value="JP3548600000"/>
          <ticker value="DISPF"/>
        </identifiers>
        <balance>38600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>20081027.44</valUSD>
        <pctVal>0.3942452445</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>JAPAN TOBACCO INC</name>
        <lei>353800Z0ENYBQO0XRJ31</lei>
        <title>JAPAN TOBACCO INC NPV</title>
        <cusip>J27869106</cusip>
        <identifiers>
          <isin value="JP3726800000"/>
          <ticker value="JAPAF"/>
        </identifiers>
        <balance>279800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>10324479.06</valUSD>
        <pctVal>0.2026976351</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>ENEVA SA</name>
        <lei>549300T1AP7HKCABII19</lei>
        <title>ENEVA SA COM NPV</title>
        <cusip>P3719N116</cusip>
        <identifiers>
          <isin value="BRENEVACNOR8"/>
          <ticker value="ENVQF"/>
        </identifiers>
        <balance>3803600</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>19709489.96</valUSD>
        <pctVal>0.3869509522</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>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>6982000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>83703374.1</valUSD>
        <pctVal>1.6433251380</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>ANHUI YINGLIU ELECTROMECHANICAL CO LTD</name>
        <lei>300300D1M9RNSPEHDR92</lei>
        <title>ANHUI YINGLIU ELECTROMECHANICAL CO LTD 'A'CNY1</title>
        <cusip>Y013B2109</cusip>
        <identifiers>
          <isin value="CNE100001SN8"/>
          <ticker value="603308"/>
        </identifiers>
        <balance>3174671</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>28426898.6</valUSD>
        <pctVal>0.5580974192</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>VARUN BEVERAGES LTD</name>
        <lei>33580058NWEMWBDNMD48</lei>
        <title>VARUN BEVERAGES LTD INR2(POST SUBD)</title>
        <cusip>Y9T53H143</cusip>
        <identifiers>
          <isin value="INE200M01039"/>
          <ticker value="VBL"/>
        </identifiers>
        <balance>1016657</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>5465777.26</valUSD>
        <pctVal>0.1073080896</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>ZIJIN GOLD INTERNATIONAL CO LTD</name>
        <lei>254900FINUJR4MZ8A417</lei>
        <title>ZIJIN GOLD INTERNATIONAL CO LTD NPV</title>
        <cusip>Y990DL104</cusip>
        <identifiers>
          <isin value="HK0001200002"/>
          <ticker value="ZJNGF"/>
        </identifiers>
        <balance>1018000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>11633620.4</valUSD>
        <pctVal>0.2283996440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIRECIONAL ENGENHARIA SA</name>
        <lei>N/A</lei>
        <title>DIRECIONAL ENGENHARIA SA COM NPV</title>
        <cusip>P3561Q100</cusip>
        <identifiers>
          <isin value="BRDIRRACNOR0"/>
          <ticker value="DRCHF"/>
        </identifiers>
        <balance>7162552</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>19313624.52</valUSD>
        <pctVal>0.3791790357</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>HUA HONG SEMICONDUCTOR LTD</name>
        <lei>529900OXH3ZYLIMGB907</lei>
        <title>HUA HONG SEMICONDUCTOR LTD NPV</title>
        <cusip>Y372A7109</cusip>
        <identifiers>
          <isin value="HK0000218211"/>
          <ticker value="HHUSF"/>
        </identifiers>
        <balance>747000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>20751307.78</valUSD>
        <pctVal>0.4074046726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIO SA</name>
        <lei>N/A</lei>
        <title>PRIO SA COM NPV</title>
        <cusip>P7S19Q109</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
          <ticker value="HRTPF"/>
        </identifiers>
        <balance>3036900</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>30737854.25</valUSD>
        <pctVal>0.6034677708</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>NORTHERN INSTITUTIONAL FUNDS</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NORTHERN INSTITUTIONAL FUNDS GOVT SELECT PT</title>
        <cusip>665278701</cusip>
        <identifiers>
          <isin value="US6652787010"/>
          <ticker value="BGSXX"/>
        </identifiers>
        <balance>273237025.39</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>273237025.39</valUSD>
        <pctVal>5.3643867679</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>APR CO LTD</name>
        <lei>N/A</lei>
        <title>APR CO LTD KRW100</title>
        <cusip>Y0R9CJ118</cusip>
        <identifiers>
          <isin value="KR7278470000"/>
          <ticker value="A278470"/>
        </identifiers>
        <balance>136177</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>34167861.25</valUSD>
        <pctVal>0.6708081473</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Driehaus Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>Robert M. Kurinsky</ncom:signature>
      <ncom:signerName>Robert M. Kurinsky</ncom:signerName>
      <ncom:title>Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
