<?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" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0001537140</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      <seriesClassInfo>
        <seriesId>S000087903</seriesId>
        <classId>C000253926</classId>
      </seriesClassInfo>
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>NORTHERN LIGHTS FUND TRUST III</regName>
      <regFileNumber>811-22655</regFileNumber>
      <regCik>0001537140</regCik>
      <regLei>549300PPUECJSQFBYV98</regLei>
      <regStreet1>225 PICTORIA DRIVE</regStreet1>
      <regStreet2>SUITE 450</regStreet2>
      <regCity>CINCINNATI</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>631-470-2600</regPhone>
      <seriesName>ABS Insights Emerging Markets Fund</seriesName>
      <seriesId>S000087903</seriesId>
      <seriesLei>529900SOG92Y155E3J60</seriesLei>
      <repPdEnd>2026-09-30</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>179982178.29</totAssets>
      <totLiabs>1560537.22</totLiabs>
      <netAssets>178421641.07</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>282177.20000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000253926" rtn1="18.11000000" rtn2="6.18000000" rtn3="-1.31000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
            <mon1 netRealizedGain="-1898.42000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="32801.96000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="-22131.50000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="-1898.42000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="32801.96000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="-22131.50000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
          </foreignExchgContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="3557975.82000000" netUnrealizedAppr="22839729.00000000"/>
        <othMon2 netRealizedGain="6418931.21000000" netUnrealizedAppr="4096660.59000000"/>
        <othMon3 netRealizedGain="7350976.79000000" netUnrealizedAppr="-9944613.69000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>BHARTI AIRTEL LTD</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>BHARTI AIRTEL</title>
        <cusip>Y0885K108</cusip>
        <identifiers>
          <isin value="INE397D01024"/>
        </identifiers>
        <balance>55625.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1090360.73000000</valUSD>
        <pctVal>0.611114617857</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>PEPCO GROUP NV</name>
        <lei>213800OVMJPFP79OB449</lei>
        <title>PEPCO GROUP NV</title>
        <cusip>G6999C106</cusip>
        <identifiers>
          <isin value="NL0015000AU7"/>
        </identifiers>
        <balance>45346.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.76180000"/>
        <valUSD>437934.02000000</valUSD>
        <pctVal>0.245448936224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC BANK BHD</name>
        <lei>549300L2RSQCVMOHGM20</lei>
        <title>PUBLIC BANK BHD</title>
        <cusip>Y71497104</cusip>
        <identifiers>
          <isin value="MYL1295OO004"/>
        </identifiers>
        <balance>174200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.08460000"/>
        <valUSD>204710.38000000</valUSD>
        <pctVal>0.114734052871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLD FIELDS LTD</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>GOLD FIELDS LTD</title>
        <cusip>S31755101</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
        </identifiers>
        <balance>12030.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>404628.03000000</valUSD>
        <pctVal>0.226781923747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIRAMAL FINANCE LTD</name>
        <lei>335800M751HM7MSTFQ19</lei>
        <title>PIRAMAL FINANCE</title>
        <cusip>Y6934Y106</cusip>
        <identifiers>
          <isin value="INE202B01038"/>
        </identifiers>
        <balance>66295.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1518508.74000000</valUSD>
        <pctVal>0.851078787804</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>OTP BANK NYRT</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK PLC</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
        </identifiers>
        <balance>1400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="311.33000000"/>
        <valUSD>206629.62000000</valUSD>
        <pctVal>0.115809729560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AEGIS LOGISTICS LTD</name>
        <lei>335800R6OF8UV8J3G994</lei>
        <title>AEGIS LOGISTICS</title>
        <cusip>Y0018C122</cusip>
        <identifiers>
          <isin value="INE208C01025"/>
        </identifiers>
        <balance>135180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1679659.45000000</valUSD>
        <pctVal>0.941398946858</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>AKESO INC</name>
        <lei>254900ECWYGR3QW5GF30</lei>
        <title>AKESO INC</title>
        <cusip>G0146B103</cusip>
        <identifiers>
          <isin value="KYG0146B1032"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1403351.85000000</valUSD>
        <pctVal>0.786536790931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAM LONG INVESTMENT CORP</name>
        <lei>N/A</lei>
        <title>NAM LONG INVESTM</title>
        <cusip>Y618A5109</cusip>
        <identifiers>
          <isin value="VN000000NLG1"/>
        </identifiers>
        <balance>281600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26250.00000000"/>
        <valUSD>280527.24000000</valUSD>
        <pctVal>0.157227138096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANHUI EXPRESSWAY COMPANY LTD</name>
        <lei>529900UGCN9D11VHIL29</lei>
        <title>ANHUI EXPRESS-H</title>
        <cusip>Y01374100</cusip>
        <identifiers>
          <isin value="CNE1000001X0"/>
        </identifiers>
        <balance>676000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1261009.10000000</valUSD>
        <pctVal>0.706757931626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CEMEX-CEMENTOS MEXICANOS SAB DE CV</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>CEMEX SAB-CPO</title>
        <cusip>P2253T133</cusip>
        <identifiers>
          <isin value="MXP225611567"/>
        </identifiers>
        <balance>231200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48940000"/>
        <valUSD>277608.15000000</valUSD>
        <pctVal>0.155591075351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>BANK OF CHENGDU CO LTD</name>
        <lei>30030030JPOKGL9K5418</lei>
        <title>BANK OF CHENGD-A</title>
        <cusip>Y0R95C103</cusip>
        <identifiers>
          <isin value="CNE100002SN6"/>
        </identifiers>
        <balance>516000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1345075.92000000</valUSD>
        <pctVal>0.753874872988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PDD HOLDINGS INC</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD HOLDINGS INC</title>
        <cusip>722304102</cusip>
        <identifiers>
          <isin value="US7223041028"/>
        </identifiers>
        <balance>16200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1235736.00000000</valUSD>
        <pctVal>0.692593114035</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>EO TECHNICS CO LTD</name>
        <lei>N/A</lei>
        <title>EO TECHNICS CO</title>
        <cusip>Y2297V102</cusip>
        <identifiers>
          <isin value="KR7039030002"/>
        </identifiers>
        <balance>3754.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>1155241.21000000</valUSD>
        <pctVal>0.647478188784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROMOTORA Y OPERADORA DE INFRAESTRUCTURA SAB/DE/CV</name>
        <lei>52990035X6RK8DBUWA73</lei>
        <title>PROMOTORA Y OPER</title>
        <cusip>P7925L103</cusip>
        <identifiers>
          <isin value="MX01PI000005"/>
        </identifiers>
        <balance>28455.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48940000"/>
        <valUSD>451927.76000000</valUSD>
        <pctVal>0.253292009472</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>ZHUZHOU CRRC TIMES ELECTRIC CO LTD</name>
        <lei>529900PLNH7NQLN00B53</lei>
        <title>CRRC TIMES ELEC</title>
        <cusip>Y9892N104</cusip>
        <identifiers>
          <isin value="CNE1000004X4"/>
        </identifiers>
        <balance>280600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1433262.74000000</valUSD>
        <pctVal>0.803300951277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK SYARIAH INDONESIA (PERSERO) TBK PT</name>
        <lei>9845009CD3B814E04066</lei>
        <title>BANK SYARIAH IND</title>
        <cusip>Y0R8KR105</cusip>
        <identifiers>
          <isin value="ID1000142904"/>
        </identifiers>
        <balance>2616100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17962.00000000"/>
        <valUSD>248327.05000000</valUSD>
        <pctVal>0.139179893487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</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>NT-INST TRSR-PRM</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
        </identifiers>
        <balance>5238770.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5238770.09000000</valUSD>
        <pctVal>2.936174142656</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>BANK POLSKA KASA OPIEKI SA</name>
        <lei>5493000LKS7B3UTF7H35</lei>
        <title>PEKAO</title>
        <cusip>X0R77T117</cusip>
        <identifiers>
          <isin value="PLPEKAO00016"/>
        </identifiers>
        <balance>4376.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.76180000"/>
        <valUSD>266156.84000000</valUSD>
        <pctVal>0.149172958170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMBER ALFARIA TRIJAYA TBK</name>
        <lei>N/A</lei>
        <title>SUMBER ALFARIA T</title>
        <cusip>Y71362118</cusip>
        <identifiers>
          <isin value="ID1000128705"/>
        </identifiers>
        <balance>3371400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17962.00000000"/>
        <valUSD>257143.86000000</valUSD>
        <pctVal>0.144121452116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QINGDAO PORT INTERNATIONAL CO LTD</name>
        <lei>529900URO8Y3C7A1JM55</lei>
        <title>QINGDAO PORT INTERNATIONA</title>
        <cusip>Y7S64R101</cusip>
        <identifiers>
          <isin value="CNE100001SG2"/>
        </identifiers>
        <balance>1665000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1337463.65000000</valUSD>
        <pctVal>0.749608423047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIVARA PARTICIPACOES SA</name>
        <lei>254900KO2WRLAVSJDR42</lei>
        <title>VIVARA PARTICIPA</title>
        <cusip>P98017109</cusip>
        <identifiers>
          <isin value="BRVIVAACNOR0"/>
        </identifiers>
        <balance>123100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>542443.90000000</valUSD>
        <pctVal>0.304023602040</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>HUADIAN POWER INTERNATIONAL CORP LTD</name>
        <lei>529900207FCOKWBDRE79</lei>
        <title>Huadian Power Internation</title>
        <cusip>Y3738Y101</cusip>
        <identifiers>
          <isin value="CNE1000003D8"/>
        </identifiers>
        <balance>2788000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1325955.04000000</valUSD>
        <pctVal>0.743158190928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AL RAJHI BANK</name>
        <lei>558600BQZS4Y1DTU8589</lei>
        <title>AL RAJHI BANK</title>
        <cusip>M0R60D105</cusip>
        <identifiers>
          <isin value="SA0007879113"/>
        </identifiers>
        <balance>42840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>751358.92000000</valUSD>
        <pctVal>0.421114230030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HDFC BANK LTD</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LTD</title>
        <cusip>Y3119P190</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
        </identifiers>
        <balance>106417.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>898764.45000000</valUSD>
        <pctVal>0.503730626290</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>FIRSTRAND LTD</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>FIRSTRAND LTD</title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <isin value="ZAE000066304"/>
        </identifiers>
        <balance>66376.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>394115.48000000</valUSD>
        <pctVal>0.220889953503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL BANK OF KUWAIT SAK</name>
        <lei>549300NB7FE83IH6BW96</lei>
        <title>NATL BANK KUWAIT</title>
        <cusip>M7103V108</cusip>
        <identifiers>
          <isin value="KW0EQ0100010"/>
        </identifiers>
        <balance>106968.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30959000"/>
        <valUSD>278485.13000000</valUSD>
        <pctVal>0.156082596443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RELIANCE INDUSTRIES LTD</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd</title>
        <cusip>Y72596102</cusip>
        <identifiers>
          <isin value="INE002A01018"/>
        </identifiers>
        <balance>46937.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>642799.07000000</valUSD>
        <pctVal>0.360269677010</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>KOC HOLDING AS</name>
        <lei>7890005U0H950VH19H45</lei>
        <title>KOC HOLDING</title>
        <cusip>M63751107</cusip>
        <identifiers>
          <isin value="TRAKCHOL91Q8"/>
        </identifiers>
        <balance>65623.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64690000"/>
        <valUSD>272216.39000000</valUSD>
        <pctVal>0.152569154934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLEGRO.EU SA</name>
        <lei>222100VRLXV3FPMG4982</lei>
        <title>ALLEGRO.EU SA</title>
        <cusip>L0R67D109</cusip>
        <identifiers>
          <isin value="LU2237380790"/>
        </identifiers>
        <balance>52694.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.76180000"/>
        <valUSD>529699.51000000</valUSD>
        <pctVal>0.296880752146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KRUNGTHAI CARD PCL</name>
        <lei>N/A</lei>
        <title>KRUNGTHAI-FOREIG</title>
        <cusip>Y498B4116</cusip>
        <identifiers>
          <isin value="TH0689010Z18"/>
        </identifiers>
        <balance>307800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.23100000"/>
        <valUSD>307975.99000000</valUSD>
        <pctVal>0.172611342521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL CENTRAL COOLING CO PJSC (TABREED)</name>
        <lei>254900E7M1Y3DXGQ1283</lei>
        <title>TABREED</title>
        <cusip>M72005107</cusip>
        <identifiers>
          <isin value="AEN000501017"/>
        </identifiers>
        <balance>299606.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67320000"/>
        <valUSD>215332.64000000</valUSD>
        <pctVal>0.120687512293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHEN DING TECHNOLOGY HOLDING LTD</name>
        <lei>549300H7R4K33675UP38</lei>
        <title>ZHEN DING TECH</title>
        <cusip>G98922100</cusip>
        <identifiers>
          <isin value="KYG989221000"/>
        </identifiers>
        <balance>91000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1801697.05000000</valUSD>
        <pctVal>1.009797376145</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>YOUNGONE CORP</name>
        <lei>N/A</lei>
        <title>YOUNGONE CORP</title>
        <cusip>Y9857Q100</cusip>
        <identifiers>
          <isin value="KR7111770004"/>
        </identifiers>
        <balance>20490.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>961723.06000000</valUSD>
        <pctVal>0.539017046493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA CONSTRUCTION BANK CORP</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CCB-H</title>
        <cusip>Y1397N101</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
        </identifiers>
        <balance>241000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>247980.64000000</valUSD>
        <pctVal>0.138985741030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HO CHI MINH CITY DEVELOPMENT JSCB</name>
        <lei>549300JA2AF0TMGHY210</lei>
        <title>HDBANK</title>
        <cusip>Y3R31X108</cusip>
        <identifiers>
          <isin value="VN000000HDB1"/>
        </identifiers>
        <balance>417601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26250.00000000"/>
        <valUSD>411237.56000000</valUSD>
        <pctVal>0.230486367872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPO MEXICO SAB DE CV</name>
        <lei>529900JWLZAYET2ZGW20</lei>
        <title>GRUPO MEXICO-B</title>
        <cusip>P49538112</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
        </identifiers>
        <balance>51000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48940000"/>
        <valUSD>576270.20000000</valUSD>
        <pctVal>0.322982232729</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>TENAGA NASIONAL BHD</name>
        <lei>549300FV8X6UID6I1413</lei>
        <title>Tenaga Nasional Bhd</title>
        <cusip>Y85859109</cusip>
        <identifiers>
          <isin value="MYL5347OO009"/>
        </identifiers>
        <balance>54300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.08460000"/>
        <valUSD>189835.97000000</valUSD>
        <pctVal>0.106397390395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERCADOLIBRE INC</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MERCADOLIBRE INC</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
        </identifiers>
        <balance>330.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>560138.70000000</valUSD>
        <pctVal>0.313941008860</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>PROSUS NV</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>PROSUS NV</title>
        <cusip>N7163R103</cusip>
        <identifiers>
          <isin value="NL0013654783"/>
        </identifiers>
        <balance>18335.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>791446.34000000</valUSD>
        <pctVal>0.443582031447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHONGJIN GOLD CORP LTD</name>
        <lei>300300Q0ZK8HFP814Z87</lei>
        <title>ZHONGJIN GOLD-A</title>
        <cusip>Y9890R107</cusip>
        <identifiers>
          <isin value="CNE000001FM8"/>
        </identifiers>
        <balance>489800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1302026.48000000</valUSD>
        <pctVal>0.729746947843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAUDI ARABIAN MINING COMPANY</name>
        <lei>254900R4HAVLB4GY9713</lei>
        <title>SAUDI ARABIAN MI</title>
        <cusip>M8236Q107</cusip>
        <identifiers>
          <isin value="SA123GA0ITH7"/>
        </identifiers>
        <balance>14334.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>226603.40000000</valUSD>
        <pctVal>0.127004436592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI MOTOR COMPANY</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>HYUNDAI MOTOR</title>
        <cusip>Y38472109</cusip>
        <identifiers>
          <isin value="KR7005380001"/>
        </identifiers>
        <balance>610.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>195211.99000000</valUSD>
        <pctVal>0.109410489013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DB HITEK CO LTD</name>
        <lei>N/A</lei>
        <title>DB HITEK CO LTD</title>
        <cusip>Y3R69A103</cusip>
        <identifiers>
          <isin value="KR7000990002"/>
        </identifiers>
        <balance>13373.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>1246710.33000000</valUSD>
        <pctVal>0.698743898174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BID CORP LTD</name>
        <lei>N/A</lei>
        <title>BID CORP LTD</title>
        <cusip>S11881109</cusip>
        <identifiers>
          <isin value="ZAE000216537"/>
        </identifiers>
        <balance>32518.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>886585.64000000</valUSD>
        <pctVal>0.496904767091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAIWAN UNION TECHNOLOGY CORP</name>
        <lei>N/A</lei>
        <title>TAIWAN UNION</title>
        <cusip>Y84735102</cusip>
        <identifiers>
          <isin value="TW0006274004"/>
        </identifiers>
        <balance>31000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1636706.47000000</valUSD>
        <pctVal>0.917325084661</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 ECON-UBD</title>
        <cusip>P4182H115</cusip>
        <identifiers>
          <isin value="MXP320321310"/>
        </identifiers>
        <balance>26400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48940000"/>
        <valUSD>337370.06000000</valUSD>
        <pctVal>0.189085840695</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>MPI CORP</name>
        <lei>N/A</lei>
        <title>MPI</title>
        <cusip>Y6131E101</cusip>
        <identifiers>
          <isin value="TW0006223001"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1531112.51000000</valUSD>
        <pctVal>0.858142824389</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>VARUN BEVERAGES LTD</name>
        <lei>33580058NWEMWBDNMD48</lei>
        <title>VARUN BEVERAGES</title>
        <cusip>Y9T53H143</cusip>
        <identifiers>
          <isin value="INE200M01039"/>
        </identifiers>
        <balance>236321.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1269522.33000000</valUSD>
        <pctVal>0.711529342733</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>EQUATORIAL SA</name>
        <lei>N/A</lei>
        <title>EQUATORIAL ENERGIA SA - O</title>
        <cusip>P3773H104</cusip>
        <identifiers>
          <isin value="BREQTLACNOR0"/>
        </identifiers>
        <balance>106100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>800429.43000000</valUSD>
        <pctVal>0.448616785049</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>ABU DHABI COMMERCIAL BANK PJSC</name>
        <lei>213800RWVKKIRX1AUH58</lei>
        <title>ABU DHABI COMMER</title>
        <cusip>M0152Q104</cusip>
        <identifiers>
          <isin value="AEA000201011"/>
        </identifiers>
        <balance>74079.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67320000"/>
        <valUSD>291621.02000000</valUSD>
        <pctVal>0.163444870393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENDAS DISTRIBUIDORA SA</name>
        <lei>N/A</lei>
        <title>SENDAS DISTRIBUI</title>
        <cusip>P8T81L100</cusip>
        <identifiers>
          <isin value="BRASAIACNOR0"/>
        </identifiers>
        <balance>469800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>792451.25000000</valUSD>
        <pctVal>0.444145253483</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>NU HOLDINGS LTD</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU HOLDINGS LT-A</title>
        <cusip>G6683N103</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
        </identifiers>
        <balance>44200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>590512.00000000</valUSD>
        <pctVal>0.330964336197</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>BUMRUNGRAD HOSPITAL PCL</name>
        <lei>N/A</lei>
        <title>BUMRUNGRAD HOS-F</title>
        <cusip>Y1002E256</cusip>
        <identifiers>
          <isin value="TH0168A10Z19"/>
        </identifiers>
        <balance>66600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.23100000"/>
        <valUSD>376780.72000000</valUSD>
        <pctVal>0.211174338348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANMI PHARM COMPANY LTD</name>
        <lei>988400PP10VZVUOFE672</lei>
        <title>HANMI PHARM CO L</title>
        <cusip>Y3063Q103</cusip>
        <identifiers>
          <isin value="KR7128940004"/>
        </identifiers>
        <balance>4143.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>1064690.84000000</valUSD>
        <pctVal>0.596727411324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABSA GROUP LTD</name>
        <lei>2138006IPPRD4N6XLT30</lei>
        <title>ABSA GROUP LTD</title>
        <cusip>S0270C106</cusip>
        <identifiers>
          <isin value="ZAE000255915"/>
        </identifiers>
        <balance>47668.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>663265.66000000</valUSD>
        <pctVal>0.371740589326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANGLOGOLD ASHANTI PLC</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>ANGLOGOLD ASHANT</title>
        <cusip>G0378L100</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
        </identifiers>
        <balance>9109.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>738399.39000000</valUSD>
        <pctVal>0.413850800593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NANYA TECHNOLOGY CORP</name>
        <lei>254900STKVKJBRRO0835</lei>
        <title>Nanya Technology Corp</title>
        <cusip>Y62066108</cusip>
        <identifiers>
          <isin value="TW0002408002"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1208752.36000000</valUSD>
        <pctVal>0.677469589872</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>OOREDOO QPSC</name>
        <lei>549300D3EIDZJB62TR20</lei>
        <title>OOREDOO QSC</title>
        <cusip>M8180V102</cusip>
        <identifiers>
          <isin value="QA0007227737"/>
        </identifiers>
        <balance>73421.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.64050000"/>
        <valUSD>267223.80000000</valUSD>
        <pctVal>0.149770957377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITMAX SYSTEM BHD</name>
        <lei>N/A</lei>
        <title>ITMAX SYSTEM BHD</title>
        <cusip>Y4211B105</cusip>
        <identifiers>
          <isin value="MYL5309OO009"/>
        </identifiers>
        <balance>169300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.08460000"/>
        <valUSD>202268.03000000</valUSD>
        <pctVal>0.113365188654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENCENT HOLDINGS LTD</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
        </identifiers>
        <balance>78700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>4312889.61000000</valUSD>
        <pctVal>2.417245791561</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>KINSUS INTERCONNECT TECHNOLOGY CORP</name>
        <lei>N/A</lei>
        <title>KINSUS</title>
        <cusip>Y4804T109</cusip>
        <identifiers>
          <isin value="TW0003189007"/>
        </identifiers>
        <balance>68000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1904085.48000000</valUSD>
        <pctVal>1.067183032608</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>JENTECH PRECISION INDUSTRIAL CO LTD</name>
        <lei>N/A</lei>
        <title>JENTECH</title>
        <cusip>Y4432G115</cusip>
        <identifiers>
          <isin value="TW0003653002"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1077938.40000000</valUSD>
        <pctVal>0.604152272972</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>SAMSUNG ELECTRONICS CO LTD</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRON</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
        </identifiers>
        <balance>57411.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>12396898.07000000</valUSD>
        <pctVal>6.948091047507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DONGJIN SEMICHEM CO LTD</name>
        <lei>N/A</lei>
        <title>DONGJIN SEMICHEM</title>
        <cusip>Y2121T109</cusip>
        <identifiers>
          <isin value="KR7005290002"/>
        </identifiers>
        <balance>33378.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>1258057.00000000</valUSD>
        <pctVal>0.705103367761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEI INDUSTRIES LTD</name>
        <lei>335800UDWBC2AWPU7M56</lei>
        <title>KEI INDUS LTD</title>
        <cusip>Y4640F115</cusip>
        <identifiers>
          <isin value="INE878B01027"/>
        </identifiers>
        <balance>24889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1429770.97000000</valUSD>
        <pctVal>0.801343918498</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>KIRLOSKAR BROTHERS LTD</name>
        <lei>335800ER8I3MX42RBR71</lei>
        <title>KIRLOSKAR BROTHE</title>
        <cusip>Y4807B139</cusip>
        <identifiers>
          <isin value="INE732A01036"/>
        </identifiers>
        <balance>32982.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>716819.38000000</valUSD>
        <pctVal>0.401755849627</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>LANDMARK OPTOELECTRONICS CORP</name>
        <lei>N/A</lei>
        <title>Land Mark Optoelectronics</title>
        <cusip>Y51823105</cusip>
        <identifiers>
          <isin value="TW0003081006"/>
        </identifiers>
        <balance>17000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1079195.47000000</valUSD>
        <pctVal>0.604856823156</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>BANK OF NINGBO CO LTD</name>
        <lei>300300C1092133000091</lei>
        <title>BANK OF NINGBO-A</title>
        <cusip>Y0698G104</cusip>
        <identifiers>
          <isin value="CNE1000005P7"/>
        </identifiers>
        <balance>261400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1142982.58000000</valUSD>
        <pctVal>0.640607592860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMPANY FOR COOPERATIVE INSURANCE JSC (THE)</name>
        <lei>549300J2GTNKWJRJ8581</lei>
        <title>CO FOR COOPERATI</title>
        <cusip>M7225K105</cusip>
        <identifiers>
          <isin value="SA000A0DPSH3"/>
        </identifiers>
        <balance>22048.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>863166.23000000</valUSD>
        <pctVal>0.483778887372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NASPERS LTD</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>NASPERS LTD-N</title>
        <cusip>S53435129</cusip>
        <identifiers>
          <isin value="ZAE000351946"/>
        </identifiers>
        <balance>8650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>433347.56000000</valUSD>
        <pctVal>0.242878362401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAJARIA CERAMICS LTD</name>
        <lei>3358007XN6AXJ1V67M07</lei>
        <title>KAJARIA CERAMICS</title>
        <cusip>Y45199166</cusip>
        <identifiers>
          <isin value="INE217B01036"/>
        </identifiers>
        <balance>100224.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1283984.68000000</valUSD>
        <pctVal>0.719635057888</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>ALIBABA GROUP HOLDING LTD</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>BABA-W</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
        </identifiers>
        <balance>199100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>2357112.80000000</valUSD>
        <pctVal>1.321091312614</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>COMPANHIA PARANAENSE DE ENERGIA SA</name>
        <lei>2549001AS1I9A71VG663</lei>
        <title>Cia Paranaense de Energia</title>
        <cusip>P30557105</cusip>
        <identifiers>
          <isin value="BRCPLEACNOR8"/>
        </identifiers>
        <balance>274000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>797682.61000000</valUSD>
        <pctVal>0.447077274492</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>PIRAEUS BANK SA (NEW)</name>
        <lei>213800OYHR1MPQ5VJL60</lei>
        <title>PIRAEUS BANK SA</title>
        <cusip>X5S2FJ101</cusip>
        <identifiers>
          <isin value="GRS831003009"/>
        </identifiers>
        <balance>35940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87570000"/>
        <valUSD>372984.72000000</valUSD>
        <pctVal>0.209046793742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</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</title>
        <cusip>Y1604M102</cusip>
        <identifiers>
          <isin value="TW0002360005"/>
        </identifiers>
        <balance>24000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1629164.05000000</valUSD>
        <pctVal>0.913097783559</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>ELITE MATERIAL COMPANY LTD</name>
        <lei>N/A</lei>
        <title>ELITE MATERIAL</title>
        <cusip>Y2290G102</cusip>
        <identifiers>
          <isin value="TW0002383007"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1693903.21000000</valUSD>
        <pctVal>0.949382148847</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>FARM FRESH BHD</name>
        <lei>3912006NEWTYETQFYI68</lei>
        <title>FARM FRESH BHD</title>
        <cusip>Y2464B103</cusip>
        <identifiers>
          <isin value="MYL5306OO005"/>
        </identifiers>
        <balance>295900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.08460000"/>
        <valUSD>165894.09000000</valUSD>
        <pctVal>0.092978681848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METLEN ENERGY &amp; METALS PLC</name>
        <lei>213800ZSR3HVKMMPVG86</lei>
        <title>METLEN ENERGY &amp;</title>
        <cusip>G6042Y105</cusip>
        <identifiers>
          <isin value="GB00BTQGS779"/>
        </identifiers>
        <balance>4183.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87570000"/>
        <valUSD>196897.64000000</valUSD>
        <pctVal>0.110355245484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA OILFIELD SERVICES LTD</name>
        <lei>529900J4X53VL8QQW675</lei>
        <title>China Oilfield Services L</title>
        <cusip>Y15002101</cusip>
        <identifiers>
          <isin value="CNE1000002P4"/>
        </identifiers>
        <balance>1660000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1322864.32000000</valUSD>
        <pctVal>0.741425934694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLENMARK PHARMACEUTICALS LTD</name>
        <lei>335800WKECZXIIT9GK20</lei>
        <title>GLENMARK PHARMA</title>
        <cusip>Y2711C144</cusip>
        <identifiers>
          <isin value="INE935A01035"/>
        </identifiers>
        <balance>49808.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1162061.20000000</valUSD>
        <pctVal>0.651300589452</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>HOA PHAT GROUP JSC</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>HOA PHAT GRP JSC</title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
        </identifiers>
        <balance>337392.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26250.00000000"/>
        <valUSD>299475.57000000</valUSD>
        <pctVal>0.167847111036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABU DHABI PORTS CO PJSC</name>
        <lei>213800F5LEV1NQJ68T87</lei>
        <title>ABU DHABI PORTS</title>
        <cusip>M0153A108</cusip>
        <identifiers>
          <isin value="AEA004601018"/>
        </identifiers>
        <balance>226345.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67320000"/>
        <valUSD>289617.09000000</valUSD>
        <pctVal>0.162321727489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</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</title>
        <cusip>Y00130107</cusip>
        <identifiers>
          <isin value="INE742F01042"/>
        </identifiers>
        <balance>78545.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1504888.42000000</valUSD>
        <pctVal>0.843445005311</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>CJ CORP</name>
        <lei>N/A</lei>
        <title>CJ CORP</title>
        <cusip>Y1848L118</cusip>
        <identifiers>
          <isin value="KR7001040005"/>
        </identifiers>
        <balance>11967.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>1196870.21000000</valUSD>
        <pctVal>0.670809999741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIMB GROUP HOLDINGS BHD</name>
        <lei>549300FYDN5UD7USZW18</lei>
        <title>CIMB Group Holdings Bhd</title>
        <cusip>Y1636J101</cusip>
        <identifiers>
          <isin value="MYL1023OO000"/>
        </identifiers>
        <balance>99000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.08460000"/>
        <valUSD>179598.98000000</valUSD>
        <pctVal>0.100659863300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI MOTOR COMPANY</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>HYUNDAI MOTOR-2</title>
        <cusip>Y38472224</cusip>
        <identifiers>
          <isin value="KR7005382007"/>
        </identifiers>
        <balance>6683.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>931086.84000000</valUSD>
        <pctVal>0.521846360349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAMPA ENERGIA SA</name>
        <lei>254900QNIK0CVURGML24</lei>
        <title>PAMPA-SPON ADR</title>
        <cusip>697660207</cusip>
        <identifiers>
          <isin value="US6976602077"/>
        </identifiers>
        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>287455.00000000</valUSD>
        <pctVal>0.161109940630</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>KASPI.KZ JSC</name>
        <lei>2549003YU6FARG8OAZ13</lei>
        <title>JSC KASPI.KZ</title>
        <cusip>48581R205</cusip>
        <identifiers>
          <isin value="US48581R2058"/>
        </identifiers>
        <balance>4200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>363888.00000000</valUSD>
        <pctVal>0.203948353920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BDO UNIBANK INC</name>
        <lei>3FGIIBS1PEI1FYQBGN97</lei>
        <title>BDO UNIBANK INC</title>
        <cusip>Y07775102</cusip>
        <identifiers>
          <isin value="PHY077751022"/>
        </identifiers>
        <balance>91077.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.34000000"/>
        <valUSD>175947.58000000</valUSD>
        <pctVal>0.098613362675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</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 F BANORT-O</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
        </identifiers>
        <balance>39900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48940000"/>
        <valUSD>422511.92000000</valUSD>
        <pctVal>0.236805309863</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>ALINMA BANK JSC</name>
        <lei>558600HPAUTN6XSVBK93</lei>
        <title>ALINMA BANK</title>
        <cusip>M0R35G100</cusip>
        <identifiers>
          <isin value="SA122050HV19"/>
        </identifiers>
        <balance>104719.20000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>681145.81000000</valUSD>
        <pctVal>0.381761879285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL HEALTH LTD (INDIA)</name>
        <lei>335800TEDV7GWBKTVO07</lei>
        <title>GLOBAL HEALTH LT</title>
        <cusip>Y2R1K6136</cusip>
        <identifiers>
          <isin value="INE474Q01031"/>
        </identifiers>
        <balance>96737.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1345182.07000000</valUSD>
        <pctVal>0.753934366892</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>BANK OF THE PHILIPPINE ISLANDS</name>
        <lei>549300UW4UH6XT2X8C50</lei>
        <title>BANK PHILIPPINE</title>
        <cusip>Y0967S169</cusip>
        <identifiers>
          <isin value="PHY0967S1694"/>
        </identifiers>
        <balance>129770.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.34000000"/>
        <valUSD>203096.19000000</valUSD>
        <pctVal>0.113829347595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</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>TSMC</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
        </identifiers>
        <balance>326000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>24690760.53000000</valUSD>
        <pctVal>13.83843371349</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>SAMSUNG ELECTRONICS CO LTD</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELE-PREF</title>
        <cusip>Y74718118</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
        </identifiers>
        <balance>20143.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>2760777.87000000</valUSD>
        <pctVal>1.547333526047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</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</title>
        <cusip>M2014F102</cusip>
        <identifiers>
          <isin value="TREBIMM00018"/>
        </identifiers>
        <balance>22278.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64690000"/>
        <valUSD>174439.02000000</valUSD>
        <pctVal>0.097767859859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASELSAN ELEKTRONIK SANAYI VE TICARET AS</name>
        <lei>7890008XT4M710MU8714</lei>
        <title>Aselsan Elektronik Sanayi</title>
        <cusip>M1501H100</cusip>
        <identifiers>
          <isin value="TRAASELS91H2"/>
        </identifiers>
        <balance>36658.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64690000"/>
        <valUSD>271122.20000000</valUSD>
        <pctVal>0.151955894124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</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</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
        </identifiers>
        <balance>4844.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>8298917.75000000</valUSD>
        <pctVal>4.651295493209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAM YANG FOODS COMPANY LTD</name>
        <lei>N/A</lei>
        <title>SAMYANG FOODS CO</title>
        <cusip>Y7498J105</cusip>
        <identifiers>
          <isin value="KR7003230000"/>
        </identifiers>
        <balance>860.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>622157.00000000</valUSD>
        <pctVal>0.348700413396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONE 97 COMMUNICATIONS LTD</name>
        <lei>335800ZRHU5J6GSTMI23</lei>
        <title>ONE 97 COMMUNICA</title>
        <cusip>Y6425F111</cusip>
        <identifiers>
          <isin value="INE982J01020"/>
        </identifiers>
        <balance>98861.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1194428.37000000</valUSD>
        <pctVal>0.669441421364</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>AMERICA MOVIL SAB DE CV</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>AMERICA MOVIL SA</title>
        <cusip>P0280A192</cusip>
        <identifiers>
          <isin value="MX01AM050019"/>
        </identifiers>
        <balance>176000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48940000"/>
        <valUSD>228737.41000000</valUSD>
        <pctVal>0.128200485450</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>SOCIEDAD QUIMICA Y MINERA DE CHILE SA</name>
        <lei>TJ88LXZZW5PWIN93ZC81</lei>
        <title>SOQUIMICH-B</title>
        <cusip>P8716X108</cusip>
        <identifiers>
          <isin value="CLP8716X1082"/>
        </identifiers>
        <balance>2782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="922.15000000"/>
        <valUSD>206504.26000000</valUSD>
        <pctVal>0.115739469024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>MEDIATEK INC</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MEDIATEK</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>400219.99000000</valUSD>
        <pctVal>0.224311349004</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>ICICI BANK LTD</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI BANK LTD</title>
        <cusip>Y3860Z132</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
        </identifiers>
        <balance>81218.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1182162.97000000</valUSD>
        <pctVal>0.662567031056</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>SHANDONG HUALU-HENGSHENG CHEMICAL CO LTD</name>
        <lei>655600R2WZ4EKICFE373</lei>
        <title>SHANDONG HUALU-A</title>
        <cusip>Y76843104</cusip>
        <identifiers>
          <isin value="CNE000001BM7"/>
        </identifiers>
        <balance>360100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1268551.57000000</valUSD>
        <pctVal>0.710985260752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</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 B</title>
        <cusip>M7S2CL107</cusip>
        <identifiers>
          <isin value="SA13L050IE10"/>
        </identifiers>
        <balance>125152.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>1287692.64000000</valUSD>
        <pctVal>0.721713258704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAST PIPES INTEGRATED COMPANY FOR INDUSTRY</name>
        <lei>N/A</lei>
        <title>EAST PIPES INTEG</title>
        <cusip>M2R260102</cusip>
        <identifiers>
          <isin value="SA15GH80KKH0"/>
        </identifiers>
        <balance>7822.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>457986.91000000</valUSD>
        <pctVal>0.256687982048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIVENI TURBINE LTD</name>
        <lei>335800CN8OF2ECX4NK89</lei>
        <title>TRIVENI TURBINE</title>
        <cusip>Y89735107</cusip>
        <identifiers>
          <isin value="INE152M01016"/>
        </identifiers>
        <balance>160574.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1172265.90000000</valUSD>
        <pctVal>0.657020018967</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>SAUDI ARABIAN OIL COMPANY</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>SAUDI ARABIAN OI</title>
        <cusip>M8237R104</cusip>
        <identifiers>
          <isin value="SA14TG012N13"/>
        </identifiers>
        <balance>38007.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>264210.05000000</valUSD>
        <pctVal>0.148081840529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELECON ENGINEERING CO LTD</name>
        <lei>335800H65LT1IKZEIF87</lei>
        <title>ELECON ENGINEER</title>
        <cusip>Y2R72B116</cusip>
        <identifiers>
          <isin value="INE205B01031"/>
        </identifiers>
        <balance>120790.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>682446.71000000</valUSD>
        <pctVal>0.382490994874</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>WT MICROELECTRONICS CO LTD</name>
        <lei>549300B9CGCS0W06W129</lei>
        <title>WT MICROELECTRONICS CO LT</title>
        <cusip>Y9657B105</cusip>
        <identifiers>
          <isin value="TW0003036000"/>
        </identifiers>
        <balance>144000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>968447.52000000</valUSD>
        <pctVal>0.542785905449</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>ALMARAI COMPANY</name>
        <lei>549300B4EDUXYD2G6098</lei>
        <title>ALMARAI CO</title>
        <cusip>M0855N101</cusip>
        <identifiers>
          <isin value="SA000A0ETHT1"/>
        </identifiers>
        <balance>64366.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>779093.44000000</valUSD>
        <pctVal>0.436658600003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPO COMERCIAL CHADRAUI SAB DE CV</name>
        <lei>4469000001BRXSV0JO96</lei>
        <title>CHEDRAUI</title>
        <cusip>P4612W104</cusip>
        <identifiers>
          <isin value="MX01CH170002"/>
        </identifiers>
        <balance>101200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.48940000"/>
        <valUSD>517821.54000000</valUSD>
        <pctVal>0.290223504780</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>BANGKOK DUSIT MEDICAL SERVICES PCL</name>
        <lei>N/A</lei>
        <title>BANGKOK DUSIT-F</title>
        <cusip>Y06071255</cusip>
        <identifiers>
          <isin value="TH0264A10Z12"/>
        </identifiers>
        <balance>488000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.23100000"/>
        <valUSD>283422.11000000</valUSD>
        <pctVal>0.158849626256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIETNAM ENTERPRISE INVESTMENTS LTD</name>
        <lei>213800SYT3T4AGEVW864</lei>
        <title>VIETNAM-EN INV-C</title>
        <cusip>G9361H109</cusip>
        <identifiers>
          <isin value="KYG9361H1092"/>
        </identifiers>
        <balance>19725.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75391000"/>
        <valUSD>199366.64000000</valUSD>
        <pctVal>0.111739046230</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>SEOJIN SYSTEM CO LTD</name>
        <lei>988400U9NKI8DHZ0J583</lei>
        <title>SEOJIN SYSTEM CO</title>
        <cusip>Y7T39S100</cusip>
        <identifiers>
          <isin value="KR7178320008"/>
        </identifiers>
        <balance>28740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>975478.09000000</valUSD>
        <pctVal>0.546726329917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHEJIANG CENTURY HUATONG GROUP CO LTD</name>
        <lei>N/A</lei>
        <title>ZHEJIANG CENTU-A</title>
        <cusip>Y988BH109</cusip>
        <identifiers>
          <isin value="CNE1000015R2"/>
        </identifiers>
        <balance>673400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1398350.54000000</valUSD>
        <pctVal>0.783733706076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANDARD BANK GROUP LTD</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>STANDARD BANK GR</title>
        <cusip>S80605140</cusip>
        <identifiers>
          <isin value="ZAE000109815"/>
        </identifiers>
        <balance>14067.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>277444.59000000</valUSD>
        <pctVal>0.155499404857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TONGKUN GROUP COMPANY LTD</name>
        <lei>300300AK2H2EJWS24N19</lei>
        <title>TONGKUN GROUP-A</title>
        <cusip>Y8851U109</cusip>
        <identifiers>
          <isin value="CNE1000012X7"/>
        </identifiers>
        <balance>401200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1279212.38000000</valUSD>
        <pctVal>0.716960326297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ETERNAL LTD</name>
        <lei>335800T4VOF9ETHF8W59</lei>
        <title>ZOMATO LTD</title>
        <cusip>Y9899X105</cusip>
        <identifiers>
          <isin value="INE758T01015"/>
        </identifiers>
        <balance>421879.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1181508.75000000</valUSD>
        <pctVal>0.662200360289</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>VIBRA ENERGIA SA</name>
        <lei>549300U7VLJ3SYVNY689</lei>
        <title>VIBRA ENERGIA SA</title>
        <cusip>P9785J111</cusip>
        <identifiers>
          <isin value="BRVBBRACNOR1"/>
        </identifiers>
        <balance>119900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>692087.59000000</valUSD>
        <pctVal>0.387894420121</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>SMARTFIT ESCOLA DE GINASTICA E DANCA SA</name>
        <lei>254900H3CKKQHXK8BK20</lei>
        <title>SMARTFIT- ORD</title>
        <cusip>P8T12R101</cusip>
        <identifiers>
          <isin value="BRSMFTACNOR1"/>
        </identifiers>
        <balance>196600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>744247.52000000</valUSD>
        <pctVal>0.417128502762</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>RAIFFEISEN BANK INTERNATIONAL AG</name>
        <lei>9ZHRYM6F437SQJ6OUG95</lei>
        <title>RAIFFEISEN BANK</title>
        <cusip>A7111G104</cusip>
        <identifiers>
          <isin value="AT0000606306"/>
        </identifiers>
        <balance>9062.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87570000"/>
        <valUSD>577952.15000000</valUSD>
        <pctVal>0.323924915460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POWSZECHNY ZAKLAD UBEZPIECZEN SA</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>PZU</title>
        <cusip>X6919T107</cusip>
        <identifiers>
          <isin value="PLPZU0000011"/>
        </identifiers>
        <balance>13141.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.76180000"/>
        <valUSD>229228.67000000</valUSD>
        <pctVal>0.128475822005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CP ALL PCL</name>
        <lei>894500LSBZLM09TY1A91</lei>
        <title>CP ALL PCL-F</title>
        <cusip>Y1772K169</cusip>
        <identifiers>
          <isin value="TH0737010Y16"/>
        </identifiers>
        <balance>200600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.23100000"/>
        <valUSD>282207.88000000</valUSD>
        <pctVal>0.158169086612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</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 A-A</title>
        <cusip>Y1R48E105</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
        </identifiers>
        <balance>22700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1313872.70000000</valUSD>
        <pctVal>0.736386400282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA</name>
        <lei>P4GTT6GF1W40CVIMFR43</lei>
        <title>PKOBP</title>
        <cusip>X6919X108</cusip>
        <identifiers>
          <isin value="PLPKO0000016"/>
        </identifiers>
        <balance>10190.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.76180000"/>
        <valUSD>279386.62000000</valUSD>
        <pctVal>0.156587854659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TSINGTAO BREWERY COMPANY LTD</name>
        <lei>300300OJ7D0Q1ESE8L15</lei>
        <title>TSINGTAO BREW-H</title>
        <cusip>Y8997D102</cusip>
        <identifiers>
          <isin value="CNE1000004K1"/>
        </identifiers>
        <balance>232000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1273173.08000000</valUSD>
        <pctVal>0.713575479053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA MERCHANTS BANK COMPANY LTD</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CHINA MERCH BK-A</title>
        <cusip>Y14896107</cusip>
        <identifiers>
          <isin value="CNE000001B33"/>
        </identifiers>
        <balance>224100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1171639.59000000</valUSD>
        <pctVal>0.656668990921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIMICRON TECHNOLOGY CORP</name>
        <lei>N/A</lei>
        <title>UNIMICRON TECH</title>
        <cusip>Y90668107</cusip>
        <identifiers>
          <isin value="TW0003037008"/>
        </identifiers>
        <balance>54000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1815839.09000000</valUSD>
        <pctVal>1.017723567113</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>PRIO SA</name>
        <lei>N/A</lei>
        <title>PRIO SA</title>
        <cusip>P7S19Q109</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
        </identifiers>
        <balance>73700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>744898.06000000</valUSD>
        <pctVal>0.417493110999</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>MOBILE WORLD INVESTMENT CORP</name>
        <lei>254900ZRFNB8CRAHHO95</lei>
        <title>MOBILE WORLD INV</title>
        <cusip>Y604K2105</cusip>
        <identifiers>
          <isin value="VN000000MWG0"/>
        </identifiers>
        <balance>109600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26250.00000000"/>
        <valUSD>326086.10000000</valUSD>
        <pctVal>0.182761518190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAUDI TELECOM JSC</name>
        <lei>21380028ATJ79OTA9W17</lei>
        <title>SAUDI TELECOM CO</title>
        <cusip>M8T596104</cusip>
        <identifiers>
          <isin value="SA0007879543"/>
        </identifiers>
        <balance>24840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>285857.67000000</valUSD>
        <pctVal>0.160214684881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RASAN INFORMATION TECHNOLOGY COMPANY</name>
        <lei>N/A</lei>
        <title>RASAN INFORMATIO</title>
        <cusip>M8189E101</cusip>
        <identifiers>
          <isin value="SA162GIK1SH5"/>
        </identifiers>
        <balance>10203.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75740000"/>
        <valUSD>419807.26000000</valUSD>
        <pctVal>0.235289428727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLBUN SA</name>
        <lei>5493003VQJLE2QB8IF36</lei>
        <title>COLBUN SA</title>
        <cusip>P2867K130</cusip>
        <identifiers>
          <isin value="CLP3615W1037"/>
        </identifiers>
        <balance>3227300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="922.15000000"/>
        <valUSD>465467.55000000</valUSD>
        <pctVal>0.260880657306</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>XIAOMI CORP</name>
        <lei>2549001ACVFAZRNMKL32</lei>
        <title>XIAOMI CORP-W</title>
        <cusip>G9830T106</cusip>
        <identifiers>
          <isin value="KYG9830T1067"/>
        </identifiers>
        <balance>60600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>167208.01000000</valUSD>
        <pctVal>0.093715094759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINGBAO GOLD GROUP CO LTD</name>
        <lei>5299006AEAGY8D467B59</lei>
        <title>LINGBAO GOLD-H</title>
        <cusip>Y52794107</cusip>
        <identifiers>
          <isin value="CNE1000001H3"/>
        </identifiers>
        <balance>883700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1384790.06000000</valUSD>
        <pctVal>0.776133462115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BIZLINK HOLDING INC</name>
        <lei>213800YAKRFVU5XOX138</lei>
        <title>BIZLINK HOLDING</title>
        <cusip>G11474106</cusip>
        <identifiers>
          <isin value="KYG114741062"/>
        </identifiers>
        <balance>19355.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1164827.94000000</valUSD>
        <pctVal>0.652851264574</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>COSMAX INC</name>
        <lei>988400ZU10J4AP3M4Y14</lei>
        <title>COSMAX INC</title>
        <cusip>Y1R696106</cusip>
        <identifiers>
          <isin value="KR7192820009"/>
        </identifiers>
        <balance>4813.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>481990.78000000</valUSD>
        <pctVal>0.270141434138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOCALIZA RENT A CAR SA</name>
        <lei>984500C442A7E0CD4D11</lei>
        <title>LOCALIZA</title>
        <cusip>P6330Z111</cusip>
        <identifiers>
          <isin value="BRRENTACNOR4"/>
        </identifiers>
        <balance>98900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16960000"/>
        <valUSD>796617.92000000</valUSD>
        <pctVal>0.446480547551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMIRATES NBD BANK PJSC</name>
        <lei>54930029BCN8HF3B1286</lei>
        <title>EMIRATES NBD PJS</title>
        <cusip>M4029Z107</cusip>
        <identifiers>
          <isin value="AEE000801010"/>
        </identifiers>
        <balance>27831.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67320000"/>
        <valUSD>223969.39000000</valUSD>
        <pctVal>0.125528152670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADNOC GAS PLC</name>
        <lei>254900O5NS03BDOOM362</lei>
        <title>ADNOC GAS PLC</title>
        <cusip>M0R823101</cusip>
        <identifiers>
          <isin value="AEE01195A234"/>
        </identifiers>
        <balance>374672.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67320000"/>
        <valUSD>350885.24000000</valUSD>
        <pctVal>0.196660695359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</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 TECH</title>
        <cusip>Y2289B114</cusip>
        <identifiers>
          <isin value="TW0003529004"/>
        </identifiers>
        <balance>13000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1195003.14000000</valUSD>
        <pctVal>0.669763562779</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>PUREGOLD PRICE CLUB INC</name>
        <lei>N/A</lei>
        <title>PUREGOLD PRICE C</title>
        <cusip>Y71617107</cusip>
        <identifiers>
          <isin value="PHY716171079"/>
        </identifiers>
        <balance>369400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.34000000"/>
        <valUSD>244500.16000000</valUSD>
        <pctVal>0.137035035959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO LTD</name>
        <lei>300300MZXZR87BGKOZ23</lei>
        <title>HAN'S LASER -A</title>
        <cusip>Y3063F107</cusip>
        <identifiers>
          <isin value="CNE000001JQ1"/>
        </identifiers>
        <balance>68600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.79010000"/>
        <valUSD>1516552.92000000</valUSD>
        <pctVal>0.849982609119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAN JIT INTERNATIONAL INC</name>
        <lei>9845006E948A58LEDB67</lei>
        <title>PAN JIT INTL</title>
        <cusip>Y6700F109</cusip>
        <identifiers>
          <isin value="TW0002481009"/>
        </identifiers>
        <balance>87000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>498978.63000000</valUSD>
        <pctVal>0.279662616601</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>CS WIND CORP</name>
        <lei>N/A</lei>
        <title>CS WIND</title>
        <cusip>Y1R23X102</cusip>
        <identifiers>
          <isin value="KR7112610001"/>
        </identifiers>
        <balance>17569.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>483301.41000000</valUSD>
        <pctVal>0.270876003102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK MANDIRI (PERSERO) TBK PT</name>
        <lei>549300RSKQN4Z5ZSGH94</lei>
        <title>BANK MANDIRI</title>
        <cusip>Y7123S108</cusip>
        <identifiers>
          <isin value="ID1000095003"/>
        </identifiers>
        <balance>1222100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17962.00000000"/>
        <valUSD>261946.61000000</valUSD>
        <pctVal>0.146813250023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GEDEON RICHTER PLC</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>RICHTER GEDEON NYRT</title>
        <cusip>X3124S107</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
        </identifiers>
        <balance>2861.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="311.33000000"/>
        <valUSD>110734.75000000</valUSD>
        <pctVal>0.062063519501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONG KONG EXCHANGES AND CLEARING LTD</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>HKEX</title>
        <cusip>Y3506N139</cusip>
        <identifiers>
          <isin value="HK0388045442"/>
        </identifiers>
        <balance>29100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1346873.51000000</valUSD>
        <pctVal>0.754882368485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOFAS TURK OTOMOBIL FABRIKASI AS</name>
        <lei>789000YSTNETKLRWHT29</lei>
        <title>TOFAS</title>
        <cusip>M87892101</cusip>
        <identifiers>
          <isin value="TRATOASO91H3"/>
        </identifiers>
        <balance>42537.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64690000"/>
        <valUSD>280863.17000000</valUSD>
        <pctVal>0.157415416827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APL APOLLO TUBES LTD</name>
        <lei>335800ZU4GXSB7Q4IU95</lei>
        <title>APL APOLLO TUBES</title>
        <cusip>Y0181Q148</cusip>
        <identifiers>
          <isin value="INE702C01027"/>
        </identifiers>
        <balance>66557.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.48020000"/>
        <valUSD>1260057.73000000</valUSD>
        <pctVal>0.706224717160</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>DELTA ELECTRONICS (THAILAND) PCL</name>
        <lei>529900JKLVG9Y2SVWL93</lei>
        <title>DELTA ELEC-FORGN</title>
        <cusip>Y20266204</cusip>
        <identifiers>
          <isin value="TH0528A10Z14"/>
        </identifiers>
        <balance>29400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.23100000"/>
        <valUSD>287532.73000000</valUSD>
        <pctVal>0.161153505973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMPALA PLATINUM HOLDINGS LTD</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings</title>
        <cusip>S37840113</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
        </identifiers>
        <balance>64794.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38030000"/>
        <valUSD>680364.10000000</valUSD>
        <pctVal>0.381323754181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELTA ELECTRONICS INC</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>DELTA ELEC</title>
        <cusip>Y20263102</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>428975.49000000</valUSD>
        <pctVal>0.240427947768</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>KB FINANCIAL GROUP INC</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINANCIAL GRO</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
        </identifiers>
        <balance>6298.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>647397.82000000</valUSD>
        <pctVal>0.362847139011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WINWAY TECHNOLOGY CO LTD</name>
        <lei>N/A</lei>
        <title>WINWAY TECHNOLOG</title>
        <cusip>Y96657146</cusip>
        <identifiers>
          <isin value="TW0006515000"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1270427.40000000</valUSD>
        <pctVal>0.712036607432</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>SK SQUARE CO LTD</name>
        <lei>N/A</lei>
        <title>SK SQUARE CO LTD</title>
        <cusip>Y8T6X4107</cusip>
        <identifiers>
          <isin value="KR7402340004"/>
        </identifiers>
        <balance>2879.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1546.78000000"/>
        <valUSD>3158602.39000000</valUSD>
        <pctVal>1.770302285674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACRONIX INTERNATIONAL COMPANY LTD</name>
        <lei>N/A</lei>
        <title>MACRONIX INTERNATIONAL</title>
        <cusip>Y5369A104</cusip>
        <identifiers>
          <isin value="TW0002337003"/>
        </identifiers>
        <balance>242000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.82000000"/>
        <valUSD>1182620.99000000</valUSD>
        <pctVal>0.662823737584</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>GREENTOWN CHINA HOLDINGS LTD</name>
        <lei>529900BLBC6YDNWS8530</lei>
        <title>GREENTOWN CHINA HOLDINGS</title>
        <cusip>G4100M105</cusip>
        <identifiers>
          <isin value="KYG4100M1050"/>
        </identifiers>
        <balance>1635000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84283000"/>
        <valUSD>1409261.71000000</valUSD>
        <pctVal>0.789849090922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-28</ncom:dateSigned>
      <ncom:nameOfApplicant>NORTHERN LIGHTS FUND TRUST III</ncom:nameOfApplicant>
      <ncom:signature>Rich Gleason</ncom:signature>
      <ncom:signerName>Rich Gleason</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
