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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAMDA DEVELOPMENT SA</name>
        <lei>213800C7PQZVF38FYL54</lei>
        <title>LAMDA DEVELOPMENT SA EUR0.3</title>
        <cusip>X4740Y122</cusip>
        <identifiers>
          <ticker value="LMDFF"/>
          <other otherDesc="SEDOL Number" value="4248947"/>
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        <balance>48850</balance>
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        <curCd>USD</curCd>
        <valUSD>371799.99</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ICICI BANK LTD</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI BANK LTD ADR</title>
        <cusip>45104G104</cusip>
        <identifiers>
          <ticker value="IBN"/>
          <other otherDesc="SEDOL Number" value="2569286"/>
          <isin value="US45104G1040"/>
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        <balance>15000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>435450</valUSD>
        <pctVal>1.6572590136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INFOSYS LTD</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>INFOSYS LTD SPONSORED ADR</title>
        <cusip>456788108</cusip>
        <identifiers>
          <ticker value="INFY"/>
          <other otherDesc="SEDOL Number" value="2398822"/>
          <isin value="US4567881085"/>
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        <balance>61600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>646184</valUSD>
        <pctVal>2.4592817968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>REALTEK SEMICONDUCTOR CORP</name>
        <lei>5299002E7F36O00MYY75</lei>
        <title>REALTEK SEMICONDUCTOR CORP TWD10</title>
        <cusip>Y7220N101</cusip>
        <identifiers>
          <ticker value="RLTSF"/>
          <other otherDesc="SEDOL Number" value="6051422"/>
          <isin value="TW0002379005"/>
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        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>759899.43</valUSD>
        <pctVal>2.8920660921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AYALA LAND INC</name>
        <lei>254900EWT10TQ6DKTV34</lei>
        <title>AYALA LAND INC PHP1</title>
        <cusip>Y0488F100</cusip>
        <identifiers>
          <ticker value="AYAAF"/>
          <other otherDesc="SEDOL Number" value="6055112"/>
          <isin value="PHY0488F1004"/>
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        <balance>1088000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262510.6</valUSD>
        <pctVal>0.9990769503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHROMA ATE INC</name>
        <lei>N/A</lei>
        <title>CHROMA ATE INC TWD10</title>
        <cusip>Y1604M102</cusip>
        <identifiers>
          <ticker value="CRMJF"/>
          <other otherDesc="SEDOL Number" value="6212100"/>
          <isin value="TW0002360005"/>
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        <balance>2000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135763.67</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MEDCO ENERGI INTERNATIONAL TBK PT</name>
        <lei>254900YN7RH1JFLP4J36</lei>
        <title>MEDCO ENERGI INTERNATIONAL TBK PT IDR25.00</title>
        <cusip>Y7129J136</cusip>
        <identifiers>
          <ticker value="MEDC"/>
          <other otherDesc="SEDOL Number" value="6254511"/>
          <isin value="ID1000053705"/>
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        <balance>1272000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72586.57</valUSD>
        <pctVal>0.2762538693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHAROEN POKPHAND INDONESIA TBK PT</name>
        <lei>529900JL5SA37OU87X40</lei>
        <title>CHAROEN POKPHAND INDONESIA TBK PT IDR10</title>
        <cusip>Y71207164</cusip>
        <identifiers>
          <ticker value="PPOKF"/>
          <other otherDesc="SEDOL Number" value="6315344"/>
          <isin value="ID1000117708"/>
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        <balance>1328500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251469.77</valUSD>
        <pctVal>0.9570571661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SHINHAN FINANCIAL GROUP COMPANY LTD</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>SHINHAN FINANCIAL GROUP COMPANY LTD KRW5000</title>
        <cusip>Y7749X101</cusip>
        <identifiers>
          <ticker value="SFLGF"/>
          <other otherDesc="SEDOL Number" value="6397502"/>
          <isin value="KR7055550008"/>
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        <balance>8659</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536296.18</valUSD>
        <pctVal>2.0410648255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG SECURITIES COMPANY LTD</name>
        <lei>988400RBTJTHNUOHE716</lei>
        <title>SAMSUNG SECURITIES COMPANY LTD KRW5000</title>
        <cusip>Y7486Y106</cusip>
        <identifiers>
          <ticker value="SZZZF"/>
          <other otherDesc="SEDOL Number" value="6408448"/>
          <isin value="KR7016360000"/>
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        <balance>1660</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116441.9</valUSD>
        <pctVal>0.4431608413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DELTA ELECTRONICS (THAILAND) PCL</name>
        <lei>529900JKLVG9Y2SVWL93</lei>
        <title>DELTA ELECTRONICS (THAILAND) PCL THB0.1 (NVDR)</title>
        <cusip>Y20266121</cusip>
        <identifiers>
          <ticker value="DLEUF"/>
          <other otherDesc="SEDOL Number" value="6418931"/>
          <isin value="TH0528010R18"/>
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        <balance>16700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>163326.41</valUSD>
        <pctVal>0.6215964293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FAR EASTONE TELECOMMUNICATIONS COMPANY LTD</name>
        <lei>529900L7W7BWDLVZL253</lei>
        <title>FAR EASTONE TELECOMMUNICATIONS COMPANY LTD TWD10</title>
        <cusip>Y7540C108</cusip>
        <identifiers>
          <ticker value="FEOTF"/>
          <other otherDesc="SEDOL Number" value="6421854"/>
          <isin value="TW0004904008"/>
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        <balance>64776</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>213748.59</valUSD>
        <pctVal>0.8134958719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LEENO INDUSTRIAL INC</name>
        <lei>N/A</lei>
        <title>LEENO INDUSTRIAL INC KRW100</title>
        <cusip>Y5254W104</cusip>
        <identifiers>
          <ticker value="LEEOF"/>
          <other otherDesc="SEDOL Number" value="6430139"/>
          <isin value="KR7058470006"/>
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        <balance>3020</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164005.22</valUSD>
        <pctVal>0.6241798809</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>GEELY AUTOMOBILE HOLDINGS LTD</name>
        <lei>549300YS3T1KVQ2SNI84</lei>
        <title>GEELY AUTOMOBILE HOLDINGS LTD HKD0.02</title>
        <cusip>G3777B103</cusip>
        <identifiers>
          <ticker value="GELYF"/>
          <other otherDesc="SEDOL Number" value="6531827"/>
          <isin value="KYG3777B1032"/>
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        <balance>76000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>163379.8</valUSD>
        <pctVal>0.6217996238</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>
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      <invstOrSec>
        <name>FIRST FINANCIAL HOLDING COMPANY LTD</name>
        <lei>529900BC1U046Q2GUZ64</lei>
        <title>FIRST FINANCIAL HOLDING COMPANY LTD TWD10</title>
        <cusip>Y2518F100</cusip>
        <identifiers>
          <ticker value="FFHCF"/>
          <other otherDesc="SEDOL Number" value="6580119"/>
          <isin value="TW0002892007"/>
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        <balance>202000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>207903.83</valUSD>
        <pctVal>0.7912515702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRSTRAND LTD</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>FIRSTRAND LTD ZAR0.01</title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <ticker value="FANDF"/>
          <other otherDesc="SEDOL Number" value="6606996"/>
          <isin value="ZAE000066304"/>
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        <balance>132272</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>785380.9</valUSD>
        <pctVal>2.9890448401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PIXART IMAGING INC</name>
        <lei>N/A</lei>
        <title>PIXART IMAGING INC TWD10</title>
        <cusip>Y6986P102</cusip>
        <identifiers>
          <ticker value="PXIGF"/>
          <other otherDesc="SEDOL Number" value="6673365"/>
          <isin value="TW0003227005"/>
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        <balance>26000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>194468.89</valUSD>
        <pctVal>0.7401201534</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>
        <name>ZIJIN MINING GROUP CO LTD</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>ZIJIN MINING GROUP CO LTD 'H'CNY0.1</title>
        <cusip>Y9892H107</cusip>
        <identifiers>
          <ticker value="ZIJMF"/>
          <other otherDesc="SEDOL Number" value="6725299"/>
          <isin value="CNE100000502"/>
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        <balance>150748</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>526658.77</valUSD>
        <pctVal>2.0043862525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        <name>INTERNATIONAL GAMES SYSTEM COMPANY LTD</name>
        <lei>N/A</lei>
        <title>INTERNATIONAL GAMES SYSTEM COMPANY LTD TWD10</title>
        <cusip>Y41065114</cusip>
        <identifiers>
          <ticker value="ITMYF"/>
          <other otherDesc="SEDOL Number" value="6744807"/>
          <isin value="TW0003293007"/>
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        <balance>6000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148774.36</valUSD>
        <pctVal>0.5662134553</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>
        <name>SM PRIME HOLDINGS INC</name>
        <lei>254900SZK83MIAB8CU32</lei>
        <title>SM PRIME HOLDINGS INC ORD PHP1</title>
        <cusip>Y8076N112</cusip>
        <identifiers>
          <ticker value="SPHXF"/>
          <other otherDesc="SEDOL Number" value="6818843"/>
          <isin value="PHY8076N1120"/>
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        <balance>978400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>288702.97</valUSD>
        <pctVal>1.0987612798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WIPRO LTD</name>
        <lei>335800IFS1IJHESG8362</lei>
        <title>WIPRO LTD SPON ADR 1 SH</title>
        <cusip>97651M109</cusip>
        <identifiers>
          <ticker value="WIT"/>
          <other otherDesc="SEDOL Number" value="2646123"/>
          <isin value="US97651M1099"/>
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        <balance>76900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>173025</valUSD>
        <pctVal>0.6585078444</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ITAU UNIBANCO HOLDING SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
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          <ticker value="ITUB4"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KOH YOUNG TECHNOLOGY INC</name>
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          <ticker value="A098460"/>
          <other otherDesc="SEDOL Number" value="B39Q399"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>KB FINANCIAL GROUP INC</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
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          <ticker value="A105560"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BNK FINANCIAL GROUP INC</name>
        <lei>N/A</lei>
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        <cusip>Y0R7ZV102</cusip>
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          <ticker value="A138930"/>
          <other otherDesc="SEDOL Number" value="B3S98W7"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHINA HONGQIAO GROUP LTD</name>
        <lei>3003009Q4IBFSDE24571</lei>
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          <ticker value="CHHQF"/>
          <other otherDesc="SEDOL Number" value="B44ZV94"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PEGATRON CORP</name>
        <lei>529900M87JQS8TUO0L66</lei>
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        <cusip>Y6784J100</cusip>
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          <ticker value="PGTRF"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHOW TAI FOOK JEWELLERY GROUP LTD</name>
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        <title>CHOW TAI FOOK JEWELLERY GROUP LTD HKD1</title>
        <cusip>G21146108</cusip>
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          <ticker value="CJEWF"/>
          <other otherDesc="SEDOL Number" value="B4R39F7"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AIRTAC INTERNATIONAL GROUP</name>
        <lei>N/A</lei>
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        <cusip>G01408106</cusip>
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          <ticker value="ATCXF"/>
          <other otherDesc="SEDOL Number" value="B52J816"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PGE POLSKA GRUPA ENERGETYCZNA SA</name>
        <lei>259400MP9VXR0E69MJ89</lei>
        <title>PGE POLSKA GRUPA ENERGETYCZNA SA PLN8.55</title>
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          <ticker value="PPOEF"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>PL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 07/30/26</title>
        <cusip>912797TQ0</cusip>
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          <ticker value="B"/>
          <other otherDesc="SEDOL Number" value="BWQLSB7"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>897393.63</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>
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      <invstOrSec>
        <name>SK CHEMICALS CO LTD</name>
        <lei>9884001TC6YQYHDP1F43</lei>
        <title>SK CHEMICALS CO LTD KRW5000</title>
        <cusip>Y80661138</cusip>
        <identifiers>
          <ticker value="A285130"/>
          <other otherDesc="SEDOL Number" value="BF2RZ42"/>
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        <curCd>USD</curCd>
        <valUSD>127522.98</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>SHANDONG GOLD MINING COMPANY LTD</name>
        <lei>300300KC2K8BC07OSV77</lei>
        <title>SHANDONG GOLD MINING COMPANY LTD 'H' CNY1</title>
        <cusip>Y76831125</cusip>
        <identifiers>
          <ticker value="SDGMF"/>
          <other otherDesc="SEDOL Number" value="BFD2096"/>
          <isin value="CNE1000036N7"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CANSINO BIOLOGICS INC</name>
        <lei>254900SPBQ0ZVM8QC931</lei>
        <title>CANSINO BIOLOGICS INC CNY1 H</title>
        <cusip>Y1099N102</cusip>
        <identifiers>
          <ticker value="CASBF"/>
          <other otherDesc="SEDOL Number" value="BJKDJS2"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NETEASE INC</name>
        <lei>5299004AF4DSJDB0PA32</lei>
        <title>NETEASE INC USD0.0001</title>
        <cusip>G6427A102</cusip>
        <identifiers>
          <ticker value="NETTF"/>
          <other otherDesc="SEDOL Number" value="BM93SF4"/>
          <isin value="KYG6427A1022"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SK SQUARE CO LTD</name>
        <lei>N/A</lei>
        <title>SK SQUARE CO LTD KRW100</title>
        <cusip>Y8T6X4107</cusip>
        <identifiers>
          <ticker value="SKSQF"/>
          <other otherDesc="SEDOL Number" value="BMG3GS6"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASTOR ENERJI AS</name>
        <lei>78900083L17O47FYY994</lei>
        <title>ASTOR ENERJI AS TRY1</title>
        <cusip>M1505L115</cusip>
        <identifiers>
          <ticker value="ASTOR"/>
          <other otherDesc="SEDOL Number" value="BMHB9P7"/>
          <isin value="TREASTR00013"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>TR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MOTIVA INFRAESTRUTURA DE MOBILIDADE SA</name>
        <lei>254900H4EUL83CCQ6781</lei>
        <title>MOTIVA INFRAESTRUTURA DE MOBILIDADE SA COM NPV</title>
        <cusip>P6S8NQ100</cusip>
        <identifiers>
          <ticker value="MOTV3"/>
          <other otherDesc="SEDOL Number" value="BV8BRB1"/>
          <isin value="BRMOTVACNOR7"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>TENCENT HOLDINGS LTD</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD HKD0.00002</title>
        <cusip>G87572163</cusip>
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          <ticker value="TCTZF"/>
          <other otherDesc="SEDOL Number" value="BMMV2K8"/>
          <isin value="KYG875721634"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI Emerging Markets Index Futures - ICUS - Sep26</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>12</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <pctVal>4.0128160724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>AIROHA TECHNOLOGY CORP</name>
        <lei>9845004C0H914E3D6B09</lei>
        <title>AIROHA TECHNOLOGY CORP TWD10</title>
        <cusip>Y002AZ118</cusip>
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          <ticker value="6526"/>
          <other otherDesc="SEDOL Number" value="BWXT8Y7"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>FUYAO GLASS INDUSTRY GROUP CO LTD</name>
        <lei>549300AS5CSLWETN0P64</lei>
        <title>FUYAO GLASS INDUSTRY GROUP CO LTD 'H' CNY1</title>
        <cusip>Y2680G100</cusip>
        <identifiers>
          <ticker value="FIGIF"/>
          <other otherDesc="SEDOL Number" value="BWGCFG4"/>
          <isin value="CNE100001TR7"/>
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        <curCd>USD</curCd>
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        <pctVal>0.5267264287</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>JD LOGISTICS INC</name>
        <lei>655600LWTFVMV3E2A890</lei>
        <title>JD LOGISTICS INC USD0.000025</title>
        <cusip>G5074S101</cusip>
        <identifiers>
          <ticker value="JDLGF"/>
          <other otherDesc="SEDOL Number" value="BNMBPD9"/>
          <isin value="KYG5074S1012"/>
        </identifiers>
        <balance>195400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>292745.09</valUSD>
        <pctVal>1.1141449973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>SCM Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Gregory Pusch</ncom:signature>
      <ncom:signerName>Gregory Pusch</ncom:signerName>
      <ncom:title>General Counsel and CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
