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      <invstOrSec>
        <name>SHINHAN FINANCIAL GROUP C</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>SHINHAN FINANCIAL GROUP C</title>
        <cusip>Y7749X101</cusip>
        <identifiers>
          <isin value="KR7055550008"/>
          <ticker value="SFLGF"/>
        </identifiers>
        <balance>5041</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>312354.82</valUSD>
        <pctVal>0.1386601351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELITE MATERIAL CO LTD</name>
        <lei>N/A</lei>
        <title>ELITE MATERIAL CO LTD</title>
        <cusip>Y2290G102</cusip>
        <identifiers>
          <isin value="TW0002383007"/>
          <ticker value="ETMCF"/>
        </identifiers>
        <balance>10350</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>1771174.31</valUSD>
        <pctVal>0.7862573373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI BANK LTD</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI BANK LTD</title>
        <cusip>Y3860Z132</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
          <ticker value="ICICIBANK"/>
        </identifiers>
        <balance>32577</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>474446.85</valUSD>
        <pctVal>0.2106158128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMAAR PROPS. PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>EMAAR PROPS. PJSC</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <ticker value="EMAAR"/>
        </identifiers>
        <balance>163398</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>535109.55</valUSD>
        <pctVal>0.2375451177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAL-MART DE MEXICO SAB DE</name>
        <lei>N/A</lei>
        <title>WAL-MART DE MEXICO SAB DE</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WMMVF"/>
        </identifiers>
        <balance>648044</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>1899570.29</valUSD>
        <pctVal>0.8432547095</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>AMERICA MOVIL SAB DE ADR</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>AMERICA MOVIL SAB DE ADR</title>
        <cusip>02390A101</cusip>
        <identifiers>
          <isin value="US02390A1016"/>
          <ticker value="AMX"/>
        </identifiers>
        <balance>70166</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1823614.34</valUSD>
        <pctVal>0.8095364455</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>NC CORP</name>
        <lei>N/A</lei>
        <title>NC CORP</title>
        <cusip>Y6258Y104</cusip>
        <identifiers>
          <isin value="KR7036570000"/>
          <ticker value="NCSCF"/>
        </identifiers>
        <balance>6696</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1120562.71</valUSD>
        <pctVal>0.4974387036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOPSPORTS INTL. HLDGS. LT</name>
        <lei>N/A</lei>
        <title>TOPSPORTS INTL. HLDGS. LT</title>
        <cusip>G8924B104</cusip>
        <identifiers>
          <isin value="KYG8924B1041"/>
          <ticker value="TPSRF"/>
        </identifiers>
        <balance>813868</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>180807.89</valUSD>
        <pctVal>0.0802639974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIWIN TECHS. CORP</name>
        <lei>N/A</lei>
        <title>HIWIN TECHS. CORP</title>
        <cusip>Y3226A102</cusip>
        <identifiers>
          <isin value="TW0002049004"/>
          <ticker value="HIWNF"/>
        </identifiers>
        <balance>75893</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>782877.1</valUSD>
        <pctVal>0.3475337580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAPI VE KREDI BANKASI AS</name>
        <lei>B85ZYWEZ5IZCZ2WNIO12</lei>
        <title>YAPI VE KREDI BANKASI AS</title>
        <cusip>M9869G101</cusip>
        <identifiers>
          <isin value="TRAYKBNK91N6"/>
          <ticker value="YVKBF"/>
        </identifiers>
        <balance>589961</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64625"/>
        <valUSD>509339.54</valUSD>
        <pctVal>0.2261053292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INFOSYS LTD</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>INFOSYS LTD</title>
        <cusip>Y4082C133</cusip>
        <identifiers>
          <isin value="INE009A01021"/>
          <ticker value="INFZF"/>
        </identifiers>
        <balance>12226</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>129213.84</valUSD>
        <pctVal>0.0573604355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINA PETROLEUM &amp; CHEMICA</name>
        <lei>529900A2OB24EZ5B3J19</lei>
        <title>CHINA PETROLEUM &amp; CHEMICA</title>
        <cusip>Y15010104</cusip>
        <identifiers>
          <isin value="CNE1000002Q2"/>
          <ticker value="SNPMF"/>
        </identifiers>
        <balance>1241664</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>633779.72</valUSD>
        <pctVal>0.2813466480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDIATEK INC</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MEDIATEK INC</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
          <ticker value="MDTTF"/>
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        <balance>26180</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>3574888.85</valUSD>
        <pctVal>1.5869598901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BYD CO LTD</name>
        <lei>5299005557VL7ULJ7A69</lei>
        <title>BYD CO LTD</title>
        <cusip>Y1023R104</cusip>
        <identifiers>
          <isin value="CNE100000296"/>
          <ticker value="BYDDF"/>
        </identifiers>
        <balance>104872</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>971230.42</valUSD>
        <pctVal>0.4311473126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MTN GRP. LTD</name>
        <lei>2549009JD6Q6XHZS5E05</lei>
        <title>MTN GRP. LTD</title>
        <cusip>S8039R108</cusip>
        <identifiers>
          <isin value="ZAE000042164"/>
          <ticker value="MTNOF"/>
        </identifiers>
        <balance>88368</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>1230009.36</valUSD>
        <pctVal>0.5460241145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIMB GRP. HLDGS. BHD</name>
        <lei>549300FYDN5UD7USZW18</lei>
        <title>CIMB GRP. HLDGS. BHD</title>
        <cusip>Y1636J101</cusip>
        <identifiers>
          <isin value="MYL1023OO000"/>
          <ticker value="CIMB"/>
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        <balance>377334</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.0775"/>
        <valUSD>687811.28</valUSD>
        <pctVal>0.3053322660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PICC PROP. &amp; CASUALTY CO</name>
        <lei>300300F1000311000017</lei>
        <title>PICC PROP. &amp; CASUALTY CO</title>
        <cusip>Y6975Z103</cusip>
        <identifiers>
          <isin value="CNE100000593"/>
          <ticker value="PPCCF"/>
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        <balance>304678</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>559045.7</valUSD>
        <pctVal>0.2481708215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHINA LIFE INS. CO LTD</name>
        <lei>549300J6TFLDXGH6S048</lei>
        <title>CHINA LIFE INS. CO LTD</title>
        <cusip>Y1477R204</cusip>
        <identifiers>
          <isin value="CNE1000002L3"/>
          <ticker value="CILJF"/>
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        <balance>494558</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1691845.57</valUSD>
        <pctVal>0.7510418288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LARSEN &amp; TOUBRO LTD</name>
        <lei>3358003FR3JIC5FRXA90</lei>
        <title>LARSEN &amp; TOUBRO LTD</title>
        <cusip>Y5217N159</cusip>
        <identifiers>
          <isin value="INE018A01030"/>
          <ticker value="LTORF"/>
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        <balance>29949</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1319211.8</valUSD>
        <pctVal>0.5856227427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRSTRAND LTD</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>FIRSTRAND LTD</title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <isin value="ZAE000066304"/>
          <ticker value="FANDF"/>
        </identifiers>
        <balance>214682</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>1273283.09</valUSD>
        <pctVal>0.5652341310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA CONSTRUCTION BANK C</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CHINA CONSTRUCTION BANK C</title>
        <cusip>Y1397N101</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
          <ticker value="CICHF"/>
        </identifiers>
        <balance>981674</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1011469.56</valUSD>
        <pctVal>0.4490102180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMPALA PLATINUM HLDGS. LT</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>IMPALA PLATINUM HLDGS. LT</title>
        <cusip>S37840113</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
          <ticker value="IMPUF"/>
        </identifiers>
        <balance>45846</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>479493.05</valUSD>
        <pctVal>0.2128559152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELTA ELECTRONIC TWD10</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>DELTA ELECTRONIC TWD10</title>
        <cusip>Y20263102</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
          <ticker value="DLTEF"/>
        </identifiers>
        <balance>28908</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>1789253.61</valUSD>
        <pctVal>0.7942830760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK HYNIX INC</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK HYNIX INC</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <ticker value="HXSCF"/>
        </identifiers>
        <balance>1060</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1870174.29</valUSD>
        <pctVal>0.8302052764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOMATSU LTD</name>
        <lei>5493004LQ0B4T7QPQV17</lei>
        <title>KOMATSU LTD</title>
        <cusip>J35759125</cusip>
        <identifiers>
          <isin value="JP3304200003"/>
          <ticker value="KMTUF"/>
        </identifiers>
        <balance>29629</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1159697.24</valUSD>
        <pctVal>0.5148112520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANGRI-LA ASIA LTD</name>
        <lei>529900FVJ8C1OTM8OL03</lei>
        <title>SHANGRI-LA ASIA LTD</title>
        <cusip>G8063F106</cusip>
        <identifiers>
          <isin value="BMG8063F1068"/>
          <ticker value="SHALF"/>
        </identifiers>
        <balance>70000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>35792.35</valUSD>
        <pctVal>0.0158888923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAGEO CORP</name>
        <lei>5493001P0TOZH7GGNQ21</lei>
        <title>YAGEO CORP</title>
        <cusip>Y9723R100</cusip>
        <identifiers>
          <isin value="TW0002327004"/>
          <ticker value="YGEQF"/>
        </identifiers>
        <balance>62068</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>2245372.12</valUSD>
        <pctVal>0.9967625966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HON PRECISION INC</name>
        <lei>N/A</lei>
        <title>HON PRECISION INC</title>
        <cusip>Y3699E102</cusip>
        <identifiers>
          <isin value="TW0007769002"/>
          <ticker value="7769"/>
        </identifiers>
        <balance>3280</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>677968.72</valUSD>
        <pctVal>0.3009629699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAJAJ FIN. LTD</name>
        <lei>335800YTEXC3DO4Z6F68</lei>
        <title>BAJAJ FIN. LTD</title>
        <cusip>Y0547D153</cusip>
        <identifiers>
          <isin value="INE296A01032"/>
          <ticker value="BAJFINANCE"/>
        </identifiers>
        <balance>29895</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>319222.08</valUSD>
        <pctVal>0.1417086400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHROMA ATE INC</name>
        <lei>N/A</lei>
        <title>CHROMA ATE INC</title>
        <cusip>Y1604M102</cusip>
        <identifiers>
          <isin value="TW0002360005"/>
          <ticker value="CRMJF"/>
        </identifiers>
        <balance>3460</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>237433.69</valUSD>
        <pctVal>0.1054012470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAIWAN SEMICONDUCTOR MANU</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANU</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="TSMWF"/>
        </identifiers>
        <balance>157000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>12055817.32</valUSD>
        <pctVal>5.3518023445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMBRAER SA</name>
        <lei>549300EM51WYXFHUY333</lei>
        <title>EMBRAER SA</title>
        <cusip>P3700H268</cusip>
        <identifiers>
          <isin value="BREMBJACNOR1"/>
          <ticker value="EMBJ3"/>
        </identifiers>
        <balance>63700</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>1011218.84</valUSD>
        <pctVal>0.4488989187</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>WAL-MART DE MEXICO SAB DE</name>
        <lei>N/A</lei>
        <title>WAL-MART DE MEXICO SAB DE</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WMMVF"/>
        </identifiers>
        <balance>211523</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>620023.96</valUSD>
        <pctVal>0.2752402093</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>BANK CENTRAL ASIA TBK PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>BANK CENTRAL ASIA TBK PT</title>
        <cusip>Y7123P138</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
          <ticker value="PBCRF"/>
        </identifiers>
        <balance>3851731</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>1199542.65</valUSD>
        <pctVal>0.5324993732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTOFAGASTA PLC ORD GBP0.</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>ANTOFAGASTA PLC ORD GBP0.</title>
        <cusip>G0398N128</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
          <ticker value="ANFGF"/>
        </identifiers>
        <balance>2288</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>116210.6</valUSD>
        <pctVal>0.0515880545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHARAT ELECTNCS. LTD</name>
        <lei>335800HS8AOTM9W1F335</lei>
        <title>BHARAT ELECTNCS. LTD</title>
        <cusip>Y0881Q141</cusip>
        <identifiers>
          <isin value="INE263A01024"/>
          <ticker value="BEL"/>
        </identifiers>
        <balance>112629</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>490930.13</valUSD>
        <pctVal>0.2179330485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WUXI APPTEC CO LTD</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>WUXI APPTEC CO LTD</title>
        <cusip>Y971B1118</cusip>
        <identifiers>
          <isin value="CNE100003F19"/>
          <ticker value="WUXIF"/>
        </identifiers>
        <balance>50200</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>987070.88</valUSD>
        <pctVal>0.4381791885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BSE LTD</name>
        <lei>335800UOTLCPTZQVDA19</lei>
        <title>BSE LTD</title>
        <cusip>Y0R9BJ101</cusip>
        <identifiers>
          <isin value="INE118H01025"/>
          <ticker value="BSE"/>
        </identifiers>
        <balance>12841</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>529262.3</valUSD>
        <pctVal>0.2349494143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPO FINANCIERO BANORTE</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO BANORTE</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
          <ticker value="GBOOF"/>
        </identifiers>
        <balance>23300</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>246756.83</valUSD>
        <pctVal>0.1095399628</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>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>312372.12</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>312372.12</valUSD>
        <pctVal>0.1386678149</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>BANCO BRADESCO SA</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>BANCO BRADESCO SA</title>
        <cusip>P1808G117</cusip>
        <identifiers>
          <isin value="BRBBDCACNPR8"/>
          <ticker value="BRDPF"/>
        </identifiers>
        <balance>132600</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>463893.23</valUSD>
        <pctVal>0.2059308639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN COPPER CORP</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>SOUTHERN COPPER CORP</title>
        <cusip>84265V105</cusip>
        <identifiers>
          <isin value="US84265V1052"/>
          <ticker value="SCCO"/>
        </identifiers>
        <balance>4450</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>775457</valUSD>
        <pctVal>0.3442398371</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>YANGTZE OPTICAL FIBRE AND</name>
        <lei>836800VT7MZILX431W47</lei>
        <title>YANGTZE OPTICAL FIBRE AND</title>
        <cusip>Y9737F100</cusip>
        <identifiers>
          <isin value="CNE100001T72"/>
          <ticker value="YZOFF"/>
        </identifiers>
        <balance>18500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>612822.15</valUSD>
        <pctVal>0.2720431914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL BANK OF GREECE S</name>
        <lei>5UMCZOEYKCVFAW8ZLO05</lei>
        <title>NATIONAL BANK OF GREECE S</title>
        <cusip>X56533189</cusip>
        <identifiers>
          <isin value="GRS003003035"/>
          <ticker value="NBGIF"/>
        </identifiers>
        <balance>16362</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>282940.46</valUSD>
        <pctVal>0.1256025516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INNOVENT BIOLOGICS INC</name>
        <lei>25490058ONL9SCIE1R22</lei>
        <title>INNOVENT BIOLOGICS INC</title>
        <cusip>G4818G101</cusip>
        <identifiers>
          <isin value="KYG4818G1010"/>
          <ticker value="IVBXF"/>
        </identifiers>
        <balance>44000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>448429.65</valUSD>
        <pctVal>0.1990662921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ERSTE GROUP BANK AG</name>
        <lei>PQOH26KWDF7CG10L6792</lei>
        <title>ERSTE GROUP BANK AG</title>
        <cusip>A19494102</cusip>
        <identifiers>
          <isin value="AT0000652011"/>
          <ticker value="EBKOF"/>
        </identifiers>
        <balance>3468</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>464619.07</valUSD>
        <pctVal>0.2062530778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASELSAN ELEKTRONIK SANAYI</name>
        <lei>7890008XT4M710MU8714</lei>
        <title>ASELSAN ELEKTRONIK SANAYI</title>
        <cusip>M1501H100</cusip>
        <identifiers>
          <isin value="TRAASELS91H2"/>
          <ticker value="ASNAF"/>
        </identifiers>
        <balance>114788</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64625"/>
        <valUSD>848720.38</valUSD>
        <pctVal>0.3767628191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO BTG PACTUAL SA</name>
        <lei>ZXLTQRYIK6IJH3R0IK66</lei>
        <title>BANCO BTG PACTUAL SA</title>
        <cusip>P1R8ZJ253</cusip>
        <identifiers>
          <isin value="BRBPACUNT006"/>
          <ticker value="BPAC11"/>
        </identifiers>
        <balance>53100</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>559050.23</valUSD>
        <pctVal>0.2481728324</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CONTEMPORARY AMPEREX TECH</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>CONTEMPORARY AMPEREX TECH</title>
        <cusip>Y1R48E105</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
          <ticker value="300750"/>
        </identifiers>
        <balance>25200</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>1465126.13</valUSD>
        <pctVal>0.6503968374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TVS MOTOR CO LTD</name>
        <lei>335800URVL13UQEWM152</lei>
        <title>TVS MOTOR CO LTD</title>
        <cusip>Y9014B129</cusip>
        <identifiers>
          <isin value="INE494B04019"/>
          <ticker value="TVSLIN"/>
        </identifiers>
        <balance>40720</balance>
        <units>PA</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>4452.33</valUSD>
        <pctVal>0.0019764724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ACCTON TECH. CORP</name>
        <lei>529900M1YRZ0GWMDF920</lei>
        <title>ACCTON TECH. CORP</title>
        <cusip>Y0002S109</cusip>
        <identifiers>
          <isin value="TW0002345006"/>
          <ticker value="ACTZF"/>
        </identifiers>
        <balance>19600</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>1549811.09</valUSD>
        <pctVal>0.6879900719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIMICRON TECH. CORP</name>
        <lei>N/A</lei>
        <title>UNIMICRON TECH. CORP</title>
        <cusip>Y90668107</cusip>
        <identifiers>
          <isin value="TW0003037008"/>
          <ticker value="UMCRF"/>
        </identifiers>
        <balance>7600</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>258777.13</valUSD>
        <pctVal>0.1148759984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA CONSTRUCTION BANK C</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CHINA CONSTRUCTION BANK C</title>
        <cusip>Y1397N101</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
          <ticker value="CICHF"/>
        </identifiers>
        <balance>1136000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1170479.63</valUSD>
        <pctVal>0.5195977562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIA DE SANEAMENTO BASICO</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>CIA DE SANEAMENTO BASICO</title>
        <cusip>P2R268136</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
          <ticker value="SBSP3"/>
        </identifiers>
        <balance>81604</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>469646.25</valUSD>
        <pctVal>0.2084847369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG ELECTRONICS CO KR</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO KR</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
        </identifiers>
        <balance>36904</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>8067843.43</valUSD>
        <pctVal>3.5814662945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG LIFE INS. CO LTD</name>
        <lei>988400VYE6E0WYSM4S92</lei>
        <title>SAMSUNG LIFE INS. CO LTD</title>
        <cusip>Y74860100</cusip>
        <identifiers>
          <isin value="KR7032830002"/>
          <ticker value="SSMMF"/>
        </identifiers>
        <balance>1842</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>480860.57</valUSD>
        <pctVal>0.2134629829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HD HYUNDAI ELECTRIC CO LT</name>
        <lei>988400CSDKM9UHLHGB91</lei>
        <title>HD HYUNDAI ELECTRIC CO LT</title>
        <cusip>Y3R1DD103</cusip>
        <identifiers>
          <isin value="KR7267260008"/>
          <ticker value="A267260"/>
        </identifiers>
        <balance>1649</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1045351.53</valUSD>
        <pctVal>0.4640510569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEADER HARMONIOUS DRIVE S</name>
        <lei>N/A</lei>
        <title>LEADER HARMONIOUS DRIVE S</title>
        <cusip>Y5208X109</cusip>
        <identifiers>
          <isin value="CNE1000043F9"/>
          <ticker value="688017"/>
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        <balance>12547</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>777312.02</valUSD>
        <pctVal>0.3450633151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OTP BANK NYRT</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK NYRT</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
          <ticker value="OTPBF"/>
        </identifiers>
        <balance>5743</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="311.3513"/>
        <valUSD>848671.46</valUSD>
        <pctVal>0.3767411026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LI NING CO LTD</name>
        <lei>529900T77L2FV3FZ3U81</lei>
        <title>LI NING CO LTD</title>
        <cusip>G5496K124</cusip>
        <identifiers>
          <isin value="KYG5496K1242"/>
          <ticker value="LNNGF"/>
        </identifiers>
        <balance>38700</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>72962.19</valUSD>
        <pctVal>0.0323892781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUANTA FINL. HLDG. CO LTD</name>
        <lei>21380045JG57LJEFFE13</lei>
        <title>YUANTA FINL. HLDG. CO LTD</title>
        <cusip>Y2169H108</cusip>
        <identifiers>
          <isin value="TW0002885001"/>
          <ticker value="FHHWF"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>623821.98</valUSD>
        <pctVal>0.2769262213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AL RAJHI BANK</name>
        <lei>558600BQZS4Y1DTU8589</lei>
        <title>AL RAJHI BANK</title>
        <cusip>M0R60D105</cusip>
        <identifiers>
          <isin value="SA0007879113"/>
          <ticker value="1120"/>
        </identifiers>
        <balance>21810</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>382888.03</valUSD>
        <pctVal>0.1699711436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HAN S LASER TECH. IND. GR</name>
        <lei>300300MZXZR87BGKOZ23</lei>
        <title>HAN S LASER TECH. IND. GR</title>
        <cusip>Y3063F107</cusip>
        <identifiers>
          <isin value="CNE000001JQ1"/>
          <ticker value="002008"/>
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        <balance>23000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>512488.58</valUSD>
        <pctVal>0.2275032469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALIBABA GRP. HLDG. LTD</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GRP. HLDG. LTD</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <ticker value="BABAF"/>
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        <balance>39500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>471903.36</valUSD>
        <pctVal>0.2094867101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELKOM INDONESIA PERSERO</name>
        <lei>529900M5SQZAOKV1PC81</lei>
        <title>TELKOM INDONESIA PERSERO</title>
        <cusip>Y71474145</cusip>
        <identifiers>
          <isin value="ID1000129000"/>
          <ticker value="TLKMF"/>
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        <balance>6132100</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>813242.58</valUSD>
        <pctVal>0.3610135614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRUPO FINANCIERO BANORTE</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO BANORTE</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
          <ticker value="GBOOF"/>
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        <balance>167140</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>1770083.09</valUSD>
        <pctVal>0.7857729244</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CIA DE MINAS BUENAVEN ADR</name>
        <lei>529900WQB1ZU9KB6EL71</lei>
        <title>CIA DE MINAS BUENAVEN ADR</title>
        <cusip>204448104</cusip>
        <identifiers>
          <isin value="US2044481040"/>
          <ticker value="BVN"/>
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        <balance>68882</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2017553.78</valUSD>
        <pctVal>0.8956297830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPO FINANCIERO GALI ADR</name>
        <lei>5299008H3AXIXV5G3C23</lei>
        <title>GRUPO FINANCIERO GALI ADR</title>
        <cusip>399909100</cusip>
        <identifiers>
          <isin value="US3999091008"/>
          <ticker value="GGAL"/>
        </identifiers>
        <balance>36038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1802981.14</valUSD>
        <pctVal>0.8003769828</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1802981.140000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HDFC BANK LTD ADR</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LTD ADR</title>
        <cusip>40415F101</cusip>
        <identifiers>
          <isin value="US40415F1012"/>
          <ticker value="HDB"/>
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        <balance>24802</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>640635.66</valUSD>
        <pctVal>0.2843901277</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>TOTVS SA</name>
        <lei>N/A</lei>
        <title>TOTVS SA</title>
        <cusip>P92184103</cusip>
        <identifiers>
          <isin value="BRTOTSACNOR8"/>
          <ticker value="TTVSF"/>
        </identifiers>
        <balance>199913</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>1109874.78</valUSD>
        <pctVal>0.4926941320</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>YUM CHINA HLDGS. INC</name>
        <lei>529900DO9BYZ7VA3K502</lei>
        <title>YUM CHINA HLDGS. INC</title>
        <cusip>98850P109</cusip>
        <identifiers>
          <isin value="US98850P1093"/>
          <ticker value="YUMC"/>
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        <balance>44641</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1824477.67</valUSD>
        <pctVal>0.8099196938</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ANTOFAGASTA PLC ORD GBP0.</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>ANTOFAGASTA PLC ORD GBP0.</title>
        <cusip>G0398N128</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
          <ticker value="ANFGF"/>
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        <balance>15797</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>802350.87</valUSD>
        <pctVal>0.3561785280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANGLOGOLD ASHANTI PLC</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>ANGLOGOLD ASHANTI PLC</title>
        <cusip>G0378L100</cusip>
        <identifiers>
          <isin value="GB00BRXH2664"/>
          <ticker value="AU"/>
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        <balance>14239</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1151792.71</valUSD>
        <pctVal>0.5113022836</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDICORP LTD</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>CREDICORP LTD</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
          <ticker value="BAP"/>
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        <balance>5089</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1982572.62</valUSD>
        <pctVal>0.8801009931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRUPO FINANCIERO BANORTE</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO BANORTE</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
          <ticker value="GBOOF"/>
        </identifiers>
        <balance>49264</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>521726.54</valUSD>
        <pctVal>0.2316041498</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ITAU UNIBANCO HOLDINGS S.</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>ITAU UNIBANCO HOLDINGS S.</title>
        <cusip>P5968U113</cusip>
        <identifiers>
          <isin value="BRITUBACNPR1"/>
          <ticker value="ITUB4"/>
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        <balance>94425</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>773354.71</valUSD>
        <pctVal>0.3433065914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
        </identifiers>
        <balance>189083.68</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189083.68</valUSD>
        <pctVal>0.0839377750</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>
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      </invstOrSec>
      <invstOrSec>
        <name>SAUDI ARABIAN OIL COMPANY</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>SAUDI ARABIAN OIL COMPANY</title>
        <cusip>M8237R104</cusip>
        <identifiers>
          <isin value="SA14TG012N13"/>
          <ticker value="2222"/>
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        <balance>219605</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>1525034.32</valUSD>
        <pctVal>0.6769912012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADNOC GAS PLC</name>
        <lei>254900O5NS03BDOOM362</lei>
        <title>ADNOC GAS PLC</title>
        <cusip>M0R823101</cusip>
        <identifiers>
          <isin value="AEE01195A234"/>
          <ticker value="ADNOCGAS"/>
        </identifiers>
        <balance>876362</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6728"/>
        <valUSD>821109.39</valUSD>
        <pctVal>0.3645057852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICA MOVIL SAB DE ADR</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>AMERICA MOVIL SAB DE ADR</title>
        <cusip>02390A101</cusip>
        <identifiers>
          <isin value="US02390A1016"/>
          <ticker value="AMX"/>
        </identifiers>
        <balance>57590</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1496764.1</valUSD>
        <pctVal>0.6644415229</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>ASTOR ENERJI A.S.</name>
        <lei>78900083L17O47FYY994</lei>
        <title>ASTOR ENERJI A.S.</title>
        <cusip>M1505L115</cusip>
        <identifiers>
          <isin value="TREASTR00013"/>
          <ticker value="ASTOR"/>
        </identifiers>
        <balance>175095</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="46.64625"/>
        <valUSD>1039129.12</valUSD>
        <pctVal>0.4612888129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI MOBIS CO LTD</name>
        <lei>988400HJA9E0ZVDHRS65</lei>
        <title>HYUNDAI MOBIS CO LTD</title>
        <cusip>Y3849A109</cusip>
        <identifiers>
          <isin value="KR7012330007"/>
          <ticker value="HYPLF"/>
        </identifiers>
        <balance>1522</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>495096.49</valUSD>
        <pctVal>0.2197825735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OTP BANK NYRT</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK NYRT</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
          <ticker value="OTPBF"/>
        </identifiers>
        <balance>8679</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="311.3513"/>
        <valUSD>1282538.68</valUSD>
        <pctVal>0.5693428602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WUXI APPTEC CO LTD</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>WUXI APPTEC CO LTD</title>
        <cusip>Y971B1118</cusip>
        <identifiers>
          <isin value="CNE100003F19"/>
          <ticker value="WUXIF"/>
        </identifiers>
        <balance>46022</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>904919.84</valUSD>
        <pctVal>0.4017108084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL BANK OF GREECE S</name>
        <lei>5UMCZOEYKCVFAW8ZLO05</lei>
        <title>NATIONAL BANK OF GREECE S</title>
        <cusip>X56533189</cusip>
        <identifiers>
          <isin value="GRS003003035"/>
          <ticker value="NBGIF"/>
        </identifiers>
        <balance>77749</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1344477.32</valUSD>
        <pctVal>0.5968385786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONTEMPORARY AMPEREX TECH</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>CONTEMPORARY AMPEREX TECH</title>
        <cusip>Y1R48E105</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
          <ticker value="300750"/>
        </identifiers>
        <balance>18919</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>1099949.25</valUSD>
        <pctVal>0.4882880039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG ELECTRONICS CO KR</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO KR</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
        </identifiers>
        <balance>40483</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>8850273.84</valUSD>
        <pctVal>3.9288017585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAIWAN SEMICONDUCTOR MANU</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>TAIWAN SEMICONDUCTOR MANU</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="TSMWF"/>
        </identifiers>
        <balance>109392</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>8400063.49</valUSD>
        <pctVal>3.7289449804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALE SA ADR</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA ADR</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
          <ticker value="VALE"/>
        </identifiers>
        <balance>50847</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>764738.88</valUSD>
        <pctVal>0.3394818636</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>HANSOH PHARM. GRP. CO LTD</name>
        <lei>254900Q6MR00EBXTPF42</lei>
        <title>HANSOH PHARM. GRP. CO LTD</title>
        <cusip>G54958106</cusip>
        <identifiers>
          <isin value="KYG549581067"/>
          <ticker value="HNSPF"/>
        </identifiers>
        <balance>210483</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>796552.73</valUSD>
        <pctVal>0.3536046255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KB FINL. GRP. INC</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB FINL. GRP. INC</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
          <ticker value="A105560"/>
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        <balance>3862</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>397142.89</valUSD>
        <pctVal>0.1762991420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HONG KONG EXCHANGES &amp; CLE</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>HONG KONG EXCHANGES &amp; CLE</title>
        <cusip>Y3506N139</cusip>
        <identifiers>
          <isin value="HK0388045442"/>
          <ticker value="HKXCF"/>
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        <balance>6800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>316046.54</valUSD>
        <pctVal>0.1402989585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ADVANCED INFO SERV. PCL</name>
        <lei>529900DU2YW1NO5RMU78</lei>
        <title>ADVANCED INFO SERV. PCL</title>
        <cusip>Y0014U175</cusip>
        <identifiers>
          <isin value="TH0268010R11"/>
          <ticker value="AVIVF"/>
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        <balance>24800</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.2205"/>
        <valUSD>275410.76</valUSD>
        <pctVal>0.1222599772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CATHAY FINL. HLDG. CO LTD</name>
        <lei>5299009XR1QLFAMQ3X77</lei>
        <title>CATHAY FINL. HLDG. CO LTD</title>
        <cusip>Y11654103</cusip>
        <identifiers>
          <isin value="TW0002882008"/>
          <ticker value="CHYYF"/>
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        <balance>179000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
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        <pctVal>0.2469622840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FUBON FINL. HLDG. CO LTD</name>
        <lei>549300G7Y2TS2XNIB476</lei>
        <title>FUBON FINL. HLDG. CO LTD</title>
        <cusip>Y26528102</cusip>
        <identifiers>
          <isin value="TW0002881000"/>
          <ticker value="FUISF"/>
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        <balance>147000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>599784.95</valUSD>
        <pctVal>0.2662557350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MTN GRP. LTD</name>
        <lei>2549009JD6Q6XHZS5E05</lei>
        <title>MTN GRP. LTD</title>
        <cusip>S8039R108</cusip>
        <identifiers>
          <isin value="ZAE000042164"/>
          <ticker value="MTNOF"/>
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        <balance>44046</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>613083.84</valUSD>
        <pctVal>0.2721593605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAPITEC BANK HLDGS. LTD</name>
        <lei>N/A</lei>
        <title>CAPITEC BANK HLDGS. LTD</title>
        <cusip>S15445109</cusip>
        <identifiers>
          <isin value="ZAE000035861"/>
          <ticker value="CKHGF"/>
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        <balance>2260</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>654829.33</valUSD>
        <pctVal>0.2906909628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BHARAT FORGE LTD</name>
        <lei>3358009U5Z2BU2X3L230</lei>
        <title>BHARAT FORGE LTD</title>
        <cusip>Y08825179</cusip>
        <identifiers>
          <isin value="INE465A01025"/>
          <ticker value="BHARATFORG"/>
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        <balance>28750</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>655215.24</valUSD>
        <pctVal>0.2908622754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TVS MOTOR CO LTD</name>
        <lei>335800URVL13UQEWM152</lei>
        <title>TVS MOTOR CO LTD</title>
        <cusip>Y9014B103</cusip>
        <identifiers>
          <isin value="INE494B01023"/>
          <ticker value="TSUZF"/>
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        <balance>18058</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>665567.19</valUSD>
        <pctVal>0.2954576992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RADICO KHAITAN LTD</name>
        <lei>335800P7T5DW332M7E19</lei>
        <title>RADICO KHAITAN LTD</title>
        <cusip>Y7174A147</cusip>
        <identifiers>
          <isin value="INE944F01028"/>
          <ticker value="RKHAF"/>
        </identifiers>
        <balance>10186</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>426774.34</valUSD>
        <pctVal>0.1894530958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA MERCHANTS BANK CO L</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CHINA MERCHANTS BANK CO L</title>
        <cusip>Y14896115</cusip>
        <identifiers>
          <isin value="CNE1000002M1"/>
          <ticker value="CIHHF"/>
        </identifiers>
        <balance>58500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>335805.16</valUSD>
        <pctVal>0.1490701787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HON HAI PRECISION IND. CO</name>
        <lei>30030004CM3GSZXX7O56</lei>
        <title>HON HAI PRECISION IND. CO</title>
        <cusip>Y36861105</cusip>
        <identifiers>
          <isin value="TW0002317005"/>
          <ticker value="HNHAF"/>
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        <balance>67500</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>541110.15</valUSD>
        <pctVal>0.2402088960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ITAU UNIBANCO HLDG. S ADR</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>ITAU UNIBANCO HLDG. S ADR</title>
        <cusip>465562106</cusip>
        <identifiers>
          <isin value="US4655621062"/>
          <ticker value="ITUB"/>
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        <balance>431512</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3525453.04</valUSD>
        <pctVal>1.5650144112</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDICORP LTD</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>CREDICORP LTD</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
          <ticker value="BAP"/>
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        <balance>9363</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3647637.54</valUSD>
        <pctVal>1.6192543915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BID CORP LTD</name>
        <lei>N/A</lei>
        <title>BID CORP LTD</title>
        <cusip>S11881109</cusip>
        <identifiers>
          <isin value="ZAE000216537"/>
          <ticker value="BPPPF"/>
        </identifiers>
        <balance>44603</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>1216975.7</valUSD>
        <pctVal>0.5402382295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AZZAS 2154 SA</name>
        <lei>N/A</lei>
        <title>AZZAS 2154 SA</title>
        <cusip>P0R0NH101</cusip>
        <identifiers>
          <isin value="BRAZZAACNOR9"/>
          <ticker value="AZZA3"/>
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        <balance>124900</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>431632.41</valUSD>
        <pctVal>0.1916096837</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>
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      <invstOrSec>
        <name>HD HYUNDAI HEAVY INDUSTRI</name>
        <lei>988400CAR8W9URQLGF30</lei>
        <title>HD HYUNDAI HEAVY INDUSTRI</title>
        <cusip>Y3838M122</cusip>
        <identifiers>
          <isin value="KR7329180004"/>
          <ticker value="A329180"/>
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        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISHARES CORE S&amp;P 500 ETF</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES CORE S&amp;P 500 ETF</title>
        <cusip>464287200</cusip>
        <identifiers>
          <isin value="US4642872000"/>
          <ticker value="IVV"/>
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        <balance>2100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1572669</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>MILLICOM INTL. CELLULAR S</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>MILLICOM INTL. CELLULAR S</title>
        <cusip>L6388F110</cusip>
        <identifiers>
          <isin value="LU0038705702"/>
          <ticker value="TIGO"/>
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        <balance>6510</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>590847.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AIA GRP. LTD</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA GRP. LTD</title>
        <cusip>Y002A1105</cusip>
        <identifiers>
          <isin value="HK0000069689"/>
          <ticker value="AAIGF"/>
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        <balance>44400</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JIANGSU HENGLI HYDRAULIC</name>
        <lei>N/A</lei>
        <title>JIANGSU HENGLI HYDRAULIC</title>
        <cusip>Y443AC115</cusip>
        <identifiers>
          <isin value="CNE1000019R4"/>
          <ticker value="601100"/>
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        <balance>43500</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HDFC BANK LTD</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LTD</title>
        <cusip>Y3119P190</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
          <ticker value="HDFCBANK"/>
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        <balance>58230</balance>
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        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>492559.55</valUSD>
        <pctVal>0.2186563785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PIOTECH INC CNY</name>
        <lei>N/A</lei>
        <title>PIOTECH INC CNY</title>
        <cusip>Y6S9PP108</cusip>
        <identifiers>
          <isin value="CNE100005998"/>
          <ticker value="688072"/>
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        <balance>7300</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>939651.82</valUSD>
        <pctVal>0.4171289826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIEMENS ENERGY INDIA LTD</name>
        <lei>335800AEZO3CVXCSA716</lei>
        <title>SIEMENS ENERGY INDIA LTD</title>
        <cusip>Y7T3LP102</cusip>
        <identifiers>
          <isin value="INE1NPP01017"/>
          <ticker value="ENRIN"/>
        </identifiers>
        <balance>17149</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>670147.46</valUSD>
        <pctVal>0.2974909666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICA MOVIL SAB DE ADR</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>AMERICA MOVIL SAB DE ADR</title>
        <cusip>02390A101</cusip>
        <identifiers>
          <isin value="US02390A1016"/>
          <ticker value="AMX"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>413241</valUSD>
        <pctVal>0.1834453935</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>JIANGSU HENGRUI PHARMACEU</name>
        <lei>2549003BT1XS3SE3E448</lei>
        <title>JIANGSU HENGRUI PHARMACEU</title>
        <cusip>Y445S8102</cusip>
        <identifiers>
          <isin value="CNE100006XS6"/>
          <ticker value="JNGHF"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>258927.18</valUSD>
        <pctVal>0.1149426084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEICHAI POWER CO LTD</name>
        <lei>529900OKTPKBG85F9502</lei>
        <title>WEICHAI POWER CO LTD</title>
        <cusip>Y9531A109</cusip>
        <identifiers>
          <isin value="CNE1000004L9"/>
          <ticker value="WEICF"/>
        </identifiers>
        <balance>268000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1177326.71</valUSD>
        <pctVal>0.5226373028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LARSEN &amp; TOUBRO LTD</name>
        <lei>3358003FR3JIC5FRXA90</lei>
        <title>LARSEN &amp; TOUBRO LTD</title>
        <cusip>Y5217N159</cusip>
        <identifiers>
          <isin value="INE018A01030"/>
          <ticker value="LTORF"/>
        </identifiers>
        <balance>11360</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>500392.2</valUSD>
        <pctVal>0.2221334380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELTA ELECTRONIC TWD10</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>DELTA ELECTRONIC TWD10</title>
        <cusip>Y20263102</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
          <ticker value="DLTEF"/>
        </identifiers>
        <balance>28400</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>1757811.08</valUSD>
        <pctVal>0.7803251500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLD FIELDS LTD</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>GOLD FIELDS LTD</title>
        <cusip>S31755101</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
          <ticker value="GFIOF"/>
        </identifiers>
        <balance>22052</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>739698.39</valUSD>
        <pctVal>0.3283659227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG SECS. CO LTD</name>
        <lei>988400RBTJTHNUOHE716</lei>
        <title>SAMSUNG SECS. CO LTD</title>
        <cusip>Y7486Y106</cusip>
        <identifiers>
          <isin value="KR7016360000"/>
          <ticker value="SZZZF"/>
        </identifiers>
        <balance>3616</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>254448.37</valUSD>
        <pctVal>0.1129543810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK HYNIX INC</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK HYNIX INC</title>
        <cusip>Y8085F100</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
          <ticker value="HXSCF"/>
        </identifiers>
        <balance>4926</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>8691017.5</valUSD>
        <pctVal>3.8581048964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI MOTOR CO KRW5000</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>HYUNDAI MOTOR CO KRW5000</title>
        <cusip>Y38472109</cusip>
        <identifiers>
          <isin value="KR7005380001"/>
          <ticker value="HYMLF"/>
        </identifiers>
        <balance>1777</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>572160.8</valUSD>
        <pctVal>0.2539928592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL CONTAINER T</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>INTERNATIONAL CONTAINER T</title>
        <cusip>Y41157101</cusip>
        <identifiers>
          <isin value="PHY411571011"/>
          <ticker value="ICTEF"/>
        </identifiers>
        <balance>41620</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.37"/>
        <valUSD>607627.97</valUSD>
        <pctVal>0.2697373980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANWHA AEROSPACE CO LTD</name>
        <lei>9884001NSUA8FQKQWR25</lei>
        <title>HANWHA AEROSPACE CO LTD</title>
        <cusip>Y7470L102</cusip>
        <identifiers>
          <isin value="KR7012450003"/>
          <ticker value="SSASF"/>
        </identifiers>
        <balance>539</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>347184.53</valUSD>
        <pctVal>0.1541216935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIEYUAN ELEC. CO LTD</name>
        <lei>836800H6UQQUWN4PSZ32</lei>
        <title>SIEYUAN ELEC. CO LTD</title>
        <cusip>Y7688J105</cusip>
        <identifiers>
          <isin value="CNE000001KM8"/>
          <ticker value="002028"/>
        </identifiers>
        <balance>11900</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>305015.21</valUSD>
        <pctVal>0.1354019452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B3 SA - BRASIL BOLSA BALC</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 SA - BRASIL BOLSA BALC</title>
        <cusip>P1909G107</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
          <ticker value="BOLSF"/>
        </identifiers>
        <balance>102100</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>287176.65</valUSD>
        <pctVal>0.1274830754</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>VISTA ENERGY SAB DE C ADR</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>VISTA ENERGY SAB DE C ADR</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
          <ticker value="VIST"/>
        </identifiers>
        <balance>2270</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>144826</valUSD>
        <pctVal>0.0642909647</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>WIWYNN CORP</name>
        <lei>254900FV2R15PMKXFL69</lei>
        <title>WIWYNN CORP</title>
        <cusip>Y9673D101</cusip>
        <identifiers>
          <isin value="TW0006669005"/>
          <ticker value="6669"/>
        </identifiers>
        <balance>2570</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>377114.84</valUSD>
        <pctVal>0.1674083168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYOSUNG HEAVY INDS. CORP</name>
        <lei>988400IDLF9EQ95M0928</lei>
        <title>HYOSUNG HEAVY INDS. CORP</title>
        <cusip>Y3R1E4102</cusip>
        <identifiers>
          <isin value="KR7298040007"/>
          <ticker value="A298040"/>
        </identifiers>
        <balance>94</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>210927.25</valUSD>
        <pctVal>0.0936345435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANSOH PHARM. GRP. CO LTD</name>
        <lei>254900Q6MR00EBXTPF42</lei>
        <title>HANSOH PHARM. GRP. CO LTD</title>
        <cusip>G54958106</cusip>
        <identifiers>
          <isin value="KYG549581067"/>
          <ticker value="HNSPF"/>
        </identifiers>
        <balance>34100</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>129048.18</valUSD>
        <pctVal>0.0572868959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HITACHI ENERGY INDIA LTD</name>
        <lei>549300ASJQYQLII9F213</lei>
        <title>HITACHI ENERGY INDIA LTD</title>
        <cusip>Y000XZ109</cusip>
        <identifiers>
          <isin value="INE07Y701011"/>
          <ticker value="POWERINDIA"/>
        </identifiers>
        <balance>1982</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>736962.41</valUSD>
        <pctVal>0.3271513701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REMEGEN CO LTD</name>
        <lei>300300M9HCX4TFAD4I10</lei>
        <title>REMEGEN CO LTD</title>
        <cusip>Y7S9CK101</cusip>
        <identifiers>
          <isin value="CNE1000048G6"/>
          <ticker value="REGMF"/>
        </identifiers>
        <balance>9400</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>89445.87</valUSD>
        <pctVal>0.0397066913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAIDU INC</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>BAIDU INC</title>
        <cusip>G07034104</cusip>
        <identifiers>
          <isin value="KYG070341048"/>
          <ticker value="BAIDF"/>
        </identifiers>
        <balance>13800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>196511.61</valUSD>
        <pctVal>0.0872351718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NU HLDGS. LTD/CAYMAN ISLA</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU HLDGS. LTD/CAYMAN ISLA</title>
        <cusip>G6683N103</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
          <ticker value="NU"/>
        </identifiers>
        <balance>11025</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>147294</valUSD>
        <pctVal>0.0653865560</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>
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        <name>APR CORP/KOREA</name>
        <lei>N/A</lei>
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          <isin value="KR7278470000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED STATES TSY. 0.00%</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797UK13"/>
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        <curCd>USD</curCd>
        <valUSD>138476.63</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <balance>501846.81</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
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          <isin value="US6652784041"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HERO MOTOCORP LTD</name>
        <lei>335800Q49FBMZJTRLK49</lei>
        <title>HERO MOTOCORP LTD</title>
        <cusip>Y3194B108</cusip>
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          <isin value="INE158A01026"/>
          <ticker value="HRHDF"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TATA CONSULTANCY SERVS. L</name>
        <lei>335800ZJKU9GPQRE2U66</lei>
        <title>TATA CONSULTANCY SERVS. L</title>
        <cusip>Y85279100</cusip>
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          <isin value="INE467B01029"/>
          <ticker value="TACSF"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMMERCIAL INTERNATIONAL</name>
        <lei>213800FIIXJAMEVRIH48</lei>
        <title>COMMERCIAL INTERNATIONAL</title>
        <cusip>M25561107</cusip>
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          <isin value="EGS60121C018"/>
          <ticker value="CMGJF"/>
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        <balance>632607</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HON HAI PRECISION IND. CO</name>
        <lei>30030004CM3GSZXX7O56</lei>
        <title>HON HAI PRECISION IND. CO</title>
        <cusip>Y36861105</cusip>
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          <isin value="TW0002317005"/>
          <ticker value="HNHAF"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HYUNDAI MOTOR CO KRW5000</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>HYUNDAI MOTOR CO KRW5000</title>
        <cusip>Y38472109</cusip>
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          <isin value="KR7005380001"/>
          <ticker value="HYMLF"/>
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        <balance>11548</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAMSUNG ELECTRONICS CO KR</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO KR</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="SSNLF"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MERCADOLIBRE INC</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MERCADOLIBRE INC</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
          <ticker value="MELI"/>
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        <balance>1287</balance>
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        <curCd>USD</curCd>
        <valUSD>2184540.93</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BIDVEST GROUP LTD</name>
        <lei>5299002ARE4TRMIRGM72</lei>
        <title>BIDVEST GROUP LTD</title>
        <cusip>S1201R162</cusip>
        <identifiers>
          <isin value="ZAE000117321"/>
          <ticker value="BDVSF"/>
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        <balance>128448</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>RAIA DROGASIL SA</name>
        <lei>N/A</lei>
        <title>RAIA DROGASIL SA</title>
        <cusip>P7942C102</cusip>
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          <isin value="BRRADLACNOR0"/>
          <ticker value="RADL3"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>SAUDI BASIC INDS. CORP</name>
        <lei>213800ZCTFZZZJSK8645</lei>
        <title>SAUDI BASIC INDS. CORP</title>
        <cusip>M8T36U109</cusip>
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          <isin value="SA0007879121"/>
          <ticker value="2010"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BANK CENTRAL ASIA TBK PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>BANK CENTRAL ASIA TBK PT</title>
        <cusip>Y7123P138</cusip>
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          <isin value="ID1000109507"/>
          <ticker value="PBCRF"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>STANDARD BANK GRP. LTD</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>STANDARD BANK GRP. LTD</title>
        <cusip>S80605140</cusip>
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          <isin value="ZAE000109815"/>
          <ticker value="SBGOF"/>
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        <balance>88569</balance>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>VALTERRA PLATINUM LIMITED</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>VALTERRA PLATINUM LIMITED</title>
        <cusip>S9122P108</cusip>
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          <isin value="ZAE000013181"/>
          <ticker value="AGPPF"/>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBALWAFERS CO LTD</name>
        <lei>529900V6RTNF3U5EGX67</lei>
        <title>GLOBALWAFERS CO LTD</title>
        <cusip>Y2722U109</cusip>
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          <isin value="TW0006488000"/>
          <ticker value="6488"/>
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        <invCountry>TW</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EMAAR PROPS. PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>EMAAR PROPS. PJSC</title>
        <cusip>M4025S107</cusip>
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        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ASTRA INTL. TBK PT</name>
        <lei>529900L49TRJOMG4DK47</lei>
        <title>ASTRA INTL. TBK PT</title>
        <cusip>Y7117N172</cusip>
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          <isin value="ID1000122807"/>
          <ticker value="PTAIF"/>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ZIJIN MINING GRP. CO LTD</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>ZIJIN MINING GRP. CO LTD</title>
        <cusip>Y9892H115</cusip>
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          <isin value="CNE100000B24"/>
          <ticker value="601899"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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        <name>SHENZHEN INOVANCE TECH. C</name>
        <lei>N/A</lei>
        <title>SHENZHEN INOVANCE TECH. C</title>
        <cusip>Y7744Z101</cusip>
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          <isin value="CNE100000V46"/>
          <ticker value="300124"/>
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        <balance>116799</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>1146983.92</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASE TECH. HLDG. CO LTD</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE TECH. HLDG. CO LTD</title>
        <cusip>Y0249T100</cusip>
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          <isin value="TW0003711008"/>
          <ticker value="3711"/>
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        <valUSD>1916690.9</valUSD>
        <pctVal>0.8508548678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EUROBANK SA</name>
        <lei>213800KGF4EFNUQKAT69</lei>
        <title>EUROBANK SA</title>
        <cusip>X2379U106</cusip>
        <identifiers>
          <isin value="GRS829003003"/>
          <ticker value="EURBF"/>
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        <balance>254144</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1214471.3</valUSD>
        <pctVal>0.5391264796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JK CEMENT LTD</name>
        <lei>335800IECEF3EIDGF809</lei>
        <title>JK CEMENT LTD</title>
        <cusip>Y613A5100</cusip>
        <identifiers>
          <isin value="INE823G01014"/>
          <ticker value="JKCTF"/>
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        <balance>10516</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
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        <pctVal>0.2697243690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI ROTEM CO LTD</name>
        <lei>988400HB939UNHXTFY36</lei>
        <title>HYUNDAI ROTEM CO LTD</title>
        <cusip>Y3R36Z108</cusip>
        <identifiers>
          <isin value="KR7064350002"/>
          <ticker value="A064350"/>
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        <balance>5800</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
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        <pctVal>0.2875777745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TENCENT HOLDINGS LIMITED</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LIMITED</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="TCTZF"/>
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        <balance>62093</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>3421896.65</valUSD>
        <pctVal>1.5190437967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FOMENTO ECONOMICO MEX ADR</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>FOMENTO ECONOMICO MEX ADR</title>
        <cusip>344419106</cusip>
        <identifiers>
          <isin value="US3444191064"/>
          <ticker value="FMX"/>
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        <balance>7390</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>945181</valUSD>
        <pctVal>0.4195834888</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>
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      <invstOrSec>
        <name>TENARIS SA ADR</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>TENARIS SA ADR</title>
        <cusip>88031M109</cusip>
        <identifiers>
          <isin value="US88031M1099"/>
          <ticker value="TS"/>
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        <balance>11092</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>615495.08</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="399528.000000000000"/>
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      <invstOrSec>
        <name>YPF SA ADR</name>
        <lei>5493003N7447U18U5U53</lei>
        <title>YPF SA ADR</title>
        <cusip>984245100</cusip>
        <identifiers>
          <isin value="US9842451000"/>
          <ticker value="YPF"/>
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        <balance>13767</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>625985.49</valUSD>
        <pctVal>0.2778866438</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>
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      </invstOrSec>
      <invstOrSec>
        <name>EMEMORY TECHNOLOGY INC CO</name>
        <lei>N/A</lei>
        <title>EMEMORY TECHNOLOGY INC CO</title>
        <cusip>Y2289B114</cusip>
        <identifiers>
          <isin value="TW0003529004"/>
          <ticker value="3529"/>
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        <balance>6697</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>620495.84</valUSD>
        <pctVal>0.2754496857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HAIER SMART HOME CO LTD</name>
        <lei>3003002BYTNGNJTWSH07</lei>
        <title>HAIER SMART HOME CO LTD</title>
        <cusip>Y7166P102</cusip>
        <identifiers>
          <isin value="CNE000000CG9"/>
          <ticker value="600690"/>
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        <balance>394021</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>1187676</valUSD>
        <pctVal>0.5272315458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LUXSHARE PRECISION IND. C</name>
        <lei>300300QLLDUELXN16530</lei>
        <title>LUXSHARE PRECISION IND. C</title>
        <cusip>Y7744X106</cusip>
        <identifiers>
          <isin value="CNE100000TP3"/>
          <ticker value="002475"/>
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        <balance>152716</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>1611898.24</valUSD>
        <pctVal>0.7155517167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANY HEAVY IND. CO LTD</name>
        <lei>3003001FS86S7NYOHV89</lei>
        <title>SANY HEAVY IND. CO LTD</title>
        <cusip>Y75268105</cusip>
        <identifiers>
          <isin value="CNE000001F70"/>
          <ticker value="SHVYF"/>
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        <balance>308367</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>788095.94</valUSD>
        <pctVal>0.3498504985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALUMINUM CORP OF CHINA LT</name>
        <lei>529900TKZUWQLIQN6T48</lei>
        <title>ALUMINUM CORP OF CHINA LT</title>
        <cusip>Y0094N125</cusip>
        <identifiers>
          <isin value="CNE1000000T0"/>
          <ticker value="601600"/>
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        <balance>528575</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>639790.2</valUSD>
        <pctVal>0.2840148122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICICI BANK LTD</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI BANK LTD</title>
        <cusip>Y3860Z132</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
          <ticker value="ICICIBANK"/>
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        <balance>50771</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>739421.72</valUSD>
        <pctVal>0.3282431037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AL RAJHI BANK</name>
        <lei>558600BQZS4Y1DTU8589</lei>
        <title>AL RAJHI BANK</title>
        <cusip>M0R60D105</cusip>
        <identifiers>
          <isin value="SA0007879113"/>
          <ticker value="1120"/>
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        <balance>44510</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>781400.57</valUSD>
        <pctVal>0.3468782988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE BANK OF INDIA</name>
        <lei>5493001JZ37UBBZF6L49</lei>
        <title>STATE BANK OF INDIA</title>
        <cusip>Y8155P103</cusip>
        <identifiers>
          <isin value="INE062A01020"/>
          <ticker value="SBIN"/>
        </identifiers>
        <balance>117006</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1280047.29</valUSD>
        <pctVal>0.5682368856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHEMICAL WORKS OF GEDEON</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>CHEMICAL WORKS OF GEDEON</title>
        <cusip>X3124S107</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
          <ticker value="RGEDF"/>
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        <balance>30510</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="311.3513"/>
        <valUSD>1181310.26</valUSD>
        <pctVal>0.5244056750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US futures</name>
        <lei>N/A</lei>
        <title>FUT. ICUS MSCI EMG SEP26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="MESU6"/>
          <other otherDesc="NT_ID" value="9L3UZGU"/>
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        <balance>23</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2020895</valUSD>
        <pctVal>0.8971130129</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures US futures</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
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                <indexName>ICE MSCI Emerging Markets Index Futures</indexName>
                <indexIdentifier>MES</indexIdentifier>
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            <expDate>2026-09-18</expDate>
            <notionalAmt>2020895</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>13502.71</unrealizedAppr>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
        <cusip>665279105</cusip>
        <identifiers>
          <isin value="US6652791053"/>
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        <balance>790400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790400</valUSD>
        <pctVal>0.3508733138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
        <cusip>665279105</cusip>
        <identifiers>
          <isin value="US6652791053"/>
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        <balance>417600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>417600</valUSD>
        <pctVal>0.1853804350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="417600.000000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
