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        <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>IFCI LIMITED</name>
        <lei>3358007NRXJW5PA61H06</lei>
        <title>IFCI LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE039A01010"/>
          <other otherDesc="Internal" value="6121983"/>
        </identifiers>
        <balance>1272392.00000000</balance>
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        <valUSD>1196131.13000000</valUSD>
        <pctVal>0.154454698011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JSW Dulux Limited</name>
        <lei>335800Z6FCJYII12VJ88</lei>
        <title>JSW DULUX LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE133A01011"/>
          <other otherDesc="Internal" value="6124896"/>
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        <balance>33356.00000000</balance>
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        <valUSD>1108414.51000000</valUSD>
        <pctVal>0.143127976623</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>THE KARNATAKA BANK LIMITED</name>
        <lei>335800G1GTTVASBXVW10</lei>
        <title>KARNATAKA BANK LTD THE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE614B01018"/>
          <other otherDesc="Internal" value="6130064"/>
        </identifiers>
        <balance>397339.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <pctVal>0.180326223518</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>JK PAPER LIMITED</name>
        <lei>335800JW9BQEHI6ASI59</lei>
        <title>JK PAPER LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE789E01012"/>
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        <balance>145282.00000000</balance>
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        <pctVal>0.078012781903</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>Procter &amp; Gamble Health Ltd</name>
        <lei>3358008EZOXHCL1OF384</lei>
        <title>PROCTER GAMBLE HEALTH LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE199A01012"/>
          <other otherDesc="Internal" value="6135843"/>
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        <balance>15971.00000000</balance>
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        <valUSD>966607.45000000</valUSD>
        <pctVal>0.124816634264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INGERSOLL-RAND (INDIA) LIMITED</name>
        <lei>335800JL4FPXRZBVSV48</lei>
        <title>INGERSOLL RAND INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE177A01018"/>
          <other otherDesc="Internal" value="6135906"/>
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        <balance>15481.00000000</balance>
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        <pctVal>0.101780170335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ATUL LIMITED</name>
        <lei>335800RE4LWLLDL2OQ62</lei>
        <title>ATUL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE100A01010"/>
          <other otherDesc="Internal" value="6139759"/>
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        <balance>28006.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ESAB India Ltd</name>
        <lei>3358001SJHTOXOICND66</lei>
        <title>ESAB INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE284A01012"/>
          <other otherDesc="Internal" value="6139793"/>
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        <balance>8254.00000000</balance>
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        <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>GARWARE HI-TECH FILMS LIMITED</name>
        <lei>335800D8QOIKU38BPP83</lei>
        <title>GARWARE HI TECH FILMS LTD</title>
        <cusip>Y26826134</cusip>
        <identifiers>
          <isin value="INE291A01017"/>
          <other otherDesc="Internal" value="6139878"/>
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        <balance>17426.00000000</balance>
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        <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>Garware Technical Fibres Ltd</name>
        <lei>335800H5C4ZE32ECG861</lei>
        <title>GARWARE TECHNICAL FIBRES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE276A01018"/>
          <other otherDesc="Internal" value="6139889"/>
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        <balance>89162.00000000</balance>
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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>GILLETTE INDIA LIMITED</name>
        <lei>3358002S2XZDSQKDGX30</lei>
        <title>GILLETTE INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE322A01010"/>
          <other otherDesc="Internal" value="6139931"/>
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        <balance>12245.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>USHA MARTIN LIMITED</name>
        <lei>33580037BPBHOK655A23</lei>
        <title>USHA MARTIN LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE228A01035"/>
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        <balance>321077.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TIMKEN INDIA LIMITED</name>
        <lei>335800VYJD6YXMCODK97</lei>
        <title>TIMKEN INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE325A01013"/>
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        <balance>75527.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE INDIA CEMENTS LIMITED</name>
        <lei>335800NXO131RZADZW42</lei>
        <title>INDIA CEMENTS LTD THE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE383A01012"/>
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        <balance>142499.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <pctVal>0.071560742665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BASF INDIA LIMITED</name>
        <lei>54930026ERY2J02SKA69</lei>
        <title>BASF INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE373A01013"/>
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        <balance>20909.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BIRLA CORPORATION LIMITED</name>
        <lei>335800FXJEORKO4ZHT12</lei>
        <title>BIRLA CORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE340A01012"/>
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        <balance>55883.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACC LIMITED</name>
        <lei>335800569A6H12LH4677</lei>
        <title>ACC LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE012A01025"/>
          <other otherDesc="Internal" value="6155915"/>
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        <balance>118968.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>APOLLO TYRES LIMITED.</name>
        <lei>335800W2PJ4XBSHQYC34</lei>
        <title>APOLLO TYRES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE438A01022"/>
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        <balance>609032.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ZEE ENTERTAINMENT ENTERPRISES LIMITED</name>
        <lei>254900EQIYPXZEO10B94</lei>
        <title>ZEE ENTERTAINMENT ENTERPRISES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>1621066.00000000</balance>
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        <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>HFCL LIMITED</name>
        <lei>335800SR486KOF2LVK69</lei>
        <title>HFCL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE548A01028"/>
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        <balance>1874741.00000000</balance>
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        <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 ELXSI LIMITED</name>
        <lei>335800OWLDKWXSI48N33</lei>
        <title>TATA ELXSI LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE670A01012"/>
          <other otherDesc="Internal" value="6211204"/>
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        <balance>59737.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MAHINDRA LIFESPACE DEVELOPERS LIMITED</name>
        <lei>335800C4GAEGPH1E9B03</lei>
        <title>MAHINDRA LIFESPACE DEVELOPERS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE813A01018"/>
          <other otherDesc="Internal" value="6238258"/>
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        <balance>205990.00000000</balance>
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        <valUSD>791334.88000000</valUSD>
        <pctVal>0.102183938575</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>ELGI EQUIPMENTS LIMITED</name>
        <lei>335800SXTB7FFNWAF558</lei>
        <title>ELGI EQUIPMENTS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE285A01027"/>
          <other otherDesc="Internal" value="6271189"/>
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        <balance>369328.00000000</balance>
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        <valUSD>2430308.38000000</valUSD>
        <pctVal>0.313822236953</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>KIRLOSKAR FERROUS INDUSTRIES LTD</name>
        <lei>335800I46D67F2PR5C23</lei>
        <title>KIRLOSKAR FERROUS INDUSTRIES LTD</title>
        <cusip>Y4807J132</cusip>
        <identifiers>
          <isin value="INE884B01025"/>
          <other otherDesc="Internal" value="6289427"/>
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        <balance>123958.00000000</balance>
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        <valUSD>588916.49000000</valUSD>
        <pctVal>0.076045942067</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>Sonata Software Ltd</name>
        <lei>335800G5IMSVQ5JFBB25</lei>
        <title>SONATA SOFTWARE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE269A01021"/>
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        <balance>360314.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DYNAMATIC TECHNOLOGIES LIMITED</name>
        <lei>335800H7W32PGAATNL88</lei>
        <title>DYNAMATIC TECHNOLOGIES LTD</title>
        <cusip>Y21859114</cusip>
        <identifiers>
          <isin value="INE221B01012"/>
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        <balance>7123.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WHIRLPOOL OF INDIA LIMITED</name>
        <lei>335800XP84MJSVAKMW93</lei>
        <title>WHIRLPOOL OF INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE716A01013"/>
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        <balance>159718.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MASTEK LIMITED</name>
        <lei>3358008UWPU8IOJ5I740</lei>
        <title>MASTEK LTD</title>
        <cusip>Y5897C143</cusip>
        <identifiers>
          <isin value="INE759A01021"/>
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        <balance>33225.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RATNAMANI METALS AND TUBES LIMITED</name>
        <lei>335800814OWZ2ALCNM51</lei>
        <title>RATNAMANI METALS TUBES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE703B01027"/>
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        <balance>56228.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY UNION BANK LIMITED</name>
        <lei>33580024M7FWA847JI64</lei>
        <title>CITY UNION BANK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE491A01021"/>
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        <balance>1030935.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEULAND LABORATORIES LTD.</name>
        <lei>335800AVHZURTYQ17N08</lei>
        <title>NEULAND LABORATORIES LTD</title>
        <cusip>Y6272R119</cusip>
        <identifiers>
          <isin value="INE794A01010"/>
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        <balance>16274.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TATA TELESERVICES (MAHARASHTRA) LIMITED</name>
        <lei>3358003IB42VST99EI84</lei>
        <title>TATA TELESERVICES MAHARASHTRA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE517B01013"/>
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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>MARKSANS PHARMA LIMITED</name>
        <lei>335800YXQPMPSAC51K30</lei>
        <title>MARKSANS PHARMA LTD</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JM FINANCIAL LIMITED</name>
        <lei>254900XWK81ULQY0IE29</lei>
        <title>JM FINANCIAL LTD</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CEAT LIMITED</name>
        <lei>3358007DPAGLLYGSGB80</lei>
        <title>CEAT LTD</title>
        <cusip>N/A</cusip>
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        <balance>42568.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE SOUTH INDIAN BANK LIMITED</name>
        <lei>3358003CCMTPZUJOKC45</lei>
        <title>SOUTH INDIAN BANK LTD THE</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LTD</name>
        <lei>335800L8H93YOMVGIS05</lei>
        <title>DEEPAK FERTILISERS PETROCHEMICALS CORP LTD</title>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Engineers India Ltd</name>
        <lei>335800D8QCOQANG91D62</lei>
        <title>ENGINEERS INDIA LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NLC INDIA LIMITED</name>
        <lei>335800ZUJIL59GOZUW75</lei>
        <title>NLC INDIA LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GENUS POWER INFRASTRUCTURES LIMITED</name>
        <lei>335800XEI1BL7GACEX81</lei>
        <title>GENUS POWER INFRASTRUCTURES LTD</title>
        <cusip>Y2698D123</cusip>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FORCE MOTORS LIMITED</name>
        <lei>33580016Z4KICZI73L36</lei>
        <title>FORCE MOTORS LTD</title>
        <cusip>N/A</cusip>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SKF India Ltd</name>
        <lei>549300CVYOU2WDXEH441</lei>
        <title>SKF INDIA LTD</title>
        <cusip>N/A</cusip>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tilaknagar Industries Limited</name>
        <lei>894500IYPP2CKQNUR875</lei>
        <title>TILAKNAGAR INDUSTRIES LTD</title>
        <cusip>Y88381119</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SHAKTI PUMPS (INDIA) LIMITED</name>
        <lei>335800R6YAMINK91XI22</lei>
        <title>SHAKTI PUMPS INDIA LTD</title>
        <cusip>Y7683A117</cusip>
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        <balance>119068.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Olectra Greentech Ltd</name>
        <lei>33580059KKYEUGKEQH74</lei>
        <title>OLECTRA GREENTECH LTD</title>
        <cusip>Y39315125</cusip>
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          <isin value="INE260D01016"/>
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        <balance>79184.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ASAHI INDIA GLASS LIMITED</name>
        <lei>3358007HF9GBFAD6EH12</lei>
        <title>ASAHI INDIA GLASS LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE439A01020"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maharashtra Scooters Ltd</name>
        <lei>335800ROTYSJXSJL9M31</lei>
        <title>MAHARASHTRA SCOOTERS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE288A01013"/>
          <other otherDesc="Internal" value="6567684"/>
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        <balance>5875.00000000</balance>
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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>MANAPPURAM FINANCE LIMITED</name>
        <lei>335800JL5WTUSKOSPN77</lei>
        <title>MANAPPURAM FINANCE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE522D01027"/>
          <other otherDesc="Internal" value="6570400"/>
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        <balance>1074440.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STRIDES PHARMA SCIENCE LIMITED</name>
        <lei>335800WHFYXUCHR9DD10</lei>
        <title>STRIDES PHARMA SCIENCE LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE939A01011"/>
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        <balance>125749.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE RAMCO CEMENTS LIMITED</name>
        <lei>3358003MPDJN515PDG51</lei>
        <title>RAMCO CEMENTS LTD THE</title>
        <cusip>N/A</cusip>
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          <isin value="INE331A01037"/>
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        <balance>211697.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLENMARK PHARMACEUTICALS LIMITED</name>
        <lei>335800WKECZXIIT9GK20</lei>
        <title>GLENMARK PHARMACEUTICALS LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE935A01035"/>
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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>BAYER CROPSCIENCE LIMITED</name>
        <lei>529900XEDZLQSXJY7F33</lei>
        <title>BAYER CROPSCIENCE LTD INDIA</title>
        <cusip>N/A</cusip>
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          <isin value="INE462A01022"/>
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        <balance>23450.00000000</balance>
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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>SUNDRAM FASTENERS LIMITED</name>
        <lei>3358003EQ1YWXUE2HH94</lei>
        <title>SUNDRAM FASTENERS LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE387A01021"/>
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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>EMAMI LIMITED</name>
        <lei>335800CCQHJCDEUS7G90</lei>
        <title>EMAMI LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE548C01032"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BIOCON LIMITED</name>
        <lei>335800NK3L7QCHLOC198</lei>
        <title>BIOCON LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE376G01013"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HONEYWELL AUTOMATION INDIA LIMITED</name>
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        <title>HONEYWELL AUTOMATION INDIA LTD</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SUPRAJIT ENGINEERING LIMITED</name>
        <lei>335800VMF199CMOTOR83</lei>
        <title>SUPRAJIT ENGINEERING LTD</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PTC INDIA LIMITED</name>
        <lei>335800A6CY6EXEXS5619</lei>
        <title>PTC INDIA LTD</title>
        <cusip>N/A</cusip>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WOCKHARDT LIMITED</name>
        <lei>3358001OC2OX7OZAHZ33</lei>
        <title>WOCKHARDT LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>APAR INDUSTRIES LIMITED</name>
        <lei>335800UXT2HV4V3ZR581</lei>
        <title>APAR INDUSTRIES LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HINDUSTAN COPPER LTD</name>
        <lei>33580013OQMTB8N3IV37</lei>
        <title>HINDUSTAN COPPER LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>KALPATARU PROJECTS INTERNATIONAL LIMITED</name>
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        <title>KALPATARU PROJECTS INTERNATIONAL LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CERA SANITARYWARE LIMITED</name>
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        <title>CERA SANITARYWARE LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>KRBL LIMITED</name>
        <lei>3358009OO1W5QCPVMV73</lei>
        <title>KRBL LTD</title>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HIMADRI SPECIALITY CHEMICAL LIMITED</name>
        <lei>335800KCGZ8C7VJJ9C45</lei>
        <title>HIMADRI SPECIALITY CHEMICAL LTD</title>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HBL Engineering Ltd</name>
        <lei>335800TCS594SBXTZH80</lei>
        <title>HBL ENGINEERING LTD</title>
        <cusip>N/A</cusip>
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        <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>Banco Products (India) Ltd</name>
        <lei>984500EA1488573FP408</lei>
        <title>BANCO PRODUCTS INDIA LTD</title>
        <cusip>Y0567P136</cusip>
        <identifiers>
          <isin value="INE213C01025"/>
          <other otherDesc="Internal" value="B03G1S9"/>
        </identifiers>
        <balance>92036.00000000</balance>
        <units>NS</units>
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        <valUSD>604082.45000000</valUSD>
        <pctVal>0.078004300739</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>CHOICE INTERNATIONAL LIMITED</name>
        <lei>3358007AEUMRQKOAIW39</lei>
        <title>CHOICE INTERNATIONAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE102B01014"/>
          <other otherDesc="Internal" value="B03G3R2"/>
        </identifiers>
        <balance>119133.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>975546.81000000</valUSD>
        <pctVal>0.125970961005</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>CENTURY PLYBOARDS (INDIA) LTD.</name>
        <lei>335800VGFE3IXOJPGY57</lei>
        <title>CENTURY PLYBOARDS INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE348B01021"/>
          <other otherDesc="Internal" value="B03KTQ5"/>
        </identifiers>
        <balance>119000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>945780.44000000</valUSD>
        <pctVal>0.122127272320</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>Genus Prime Infra Ltd</name>
        <lei>8945009WWN5TS4FA7S44</lei>
        <title>GENUS PRIME INFRA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE256D01014"/>
          <other otherDesc="Internal" value="B03LRJ7"/>
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        <balance>29552.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>12580.70000000</valUSD>
        <pctVal>0.001624527754</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>WELSPUN ENTERPRISES LIMITED.</name>
        <lei>335800WJGPW5M72BUE03</lei>
        <title>WELSPUN ENTERPRISES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE625G01013"/>
          <other otherDesc="Internal" value="B03QWC0"/>
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        <balance>79159.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>569157.54000000</valUSD>
        <pctVal>0.073494497180</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>KOVAI MEDICAL CENTER AND HOSPITAL LIMITED</name>
        <lei>98450057E2DE8FE61453</lei>
        <title>KOVAI MEDICAL CENTER AND HOSPITAL LTD</title>
        <cusip>Y49654109</cusip>
        <identifiers>
          <isin value="INE177F01017"/>
          <other otherDesc="Internal" value="B054192"/>
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        <balance>8558.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>545907.41000000</valUSD>
        <pctVal>0.070492241225</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>TRIVENI ENGINEERING AND INDUSTRIES LIMITED</name>
        <lei>335800FKS9LS8OYORP03</lei>
        <title>TRIVENI ENGINEERING INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE256C01024"/>
          <other otherDesc="Internal" value="B05N274"/>
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        <balance>148710.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>461481.15000000</valUSD>
        <pctVal>0.059590399307</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>TRIVENI POWER TRANSMISSION LTD</name>
        <lei>335800FKS9LS8OYORP03</lei>
        <title>TRIVENI POWER TRANSMISSION LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE2WKE01011"/>
          <other otherDesc="Internal" value="B05N27N"/>
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        <balance>49800.33000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>284969.48000000</valUSD>
        <pctVal>0.036797700412</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>BALRAMPUR CHINI MILLS LTD</name>
        <lei>335800C7EYNUHLDUDY84</lei>
        <title>BALRAMPUR CHINI MILLS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE119A01028"/>
          <other otherDesc="Internal" value="B06KS32"/>
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        <balance>233761.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1703205.76000000</valUSD>
        <pctVal>0.219932518027</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>JAIPRAKASH POWER VENTURES LIMITED</name>
        <lei>335800PCQ613KFXZYQ56</lei>
        <title>JAIPRAKASH POWER VENTURES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE351F01018"/>
          <other otherDesc="Internal" value="B0703M5"/>
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        <balance>7207953.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1243092.53000000</valUSD>
        <pctVal>0.160518756267</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>WELSPUN CORP LIMITED</name>
        <lei>335800XKRIPYYRZNRQ31</lei>
        <title>WELSPUN CORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE191B01025"/>
          <other otherDesc="Internal" value="B07PYG1"/>
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        <balance>196749.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <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>IIFL FINANCE LIMITED</name>
        <lei>335800CZ46UJRS34JR78</lei>
        <title>IIFL FINANCE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE530B01024"/>
          <other otherDesc="Internal" value="B0838V7"/>
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        <balance>453147.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <pctVal>0.396930528933</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>E.I.D PARRY (INDIA) LIMITED</name>
        <lei>3358004ZRHS61EF74X68</lei>
        <title>EID PARRY INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE126A01031"/>
          <other otherDesc="Internal" value="B083S06"/>
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        <balance>186926.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1568350.62000000</valUSD>
        <pctVal>0.202518867130</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>POONAWALLA FINCORP LIMITED</name>
        <lei>335800JFD5CDCM4KVL41</lei>
        <title>POONAWALLA FINCORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE511C01022"/>
          <other otherDesc="Internal" value="B084VN3"/>
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        <balance>652406.00000000</balance>
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        <valUSD>3174636.95000000</valUSD>
        <pctVal>0.409936318108</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>ANANT RAJ LIMITED</name>
        <lei>335800J1QMHJ15K7PF47</lei>
        <title>ANANT RAJ LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE242C01024"/>
          <other otherDesc="Internal" value="B0BP4L2"/>
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        <balance>265078.00000000</balance>
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        <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>JSW HOLDINGS LIMITED</name>
        <lei>9845006RA7A0B1490132</lei>
        <title>JSW HOLDINGS LTD INDIA</title>
        <cusip>Y4447S104</cusip>
        <identifiers>
          <isin value="INE824G01012"/>
          <other otherDesc="Internal" value="B0BV6C5"/>
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        <balance>7135.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AURIONPRO SOLUTIONS LIMITED</name>
        <lei>335800MR487397CQOL11</lei>
        <title>AURIONPRO SOLUTIONS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE132H01018"/>
          <other otherDesc="Internal" value="B0C5XF8"/>
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        <balance>15102.00000000</balance>
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        <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>J. K. CEMENT LIMITED.</name>
        <lei>335800IECEF3EIDGF809</lei>
        <title>JK CEMENT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE823G01014"/>
          <other otherDesc="Internal" value="B0CJ800"/>
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        <balance>73530.00000000</balance>
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        <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>KIRLOSKAR BROTHERS LIMITED</name>
        <lei>335800ER8I3MX42RBR71</lei>
        <title>KIRLOSKAR BROTHERS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE732A01036"/>
          <other otherDesc="Internal" value="B0F4S35"/>
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        <balance>49665.00000000</balance>
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        <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>PRAJ INDUSTRIES LIMITED</name>
        <lei>335800REA5D98T7WI642</lei>
        <title>PRAJ INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE074A01025"/>
          <other otherDesc="Internal" value="B0FHS89"/>
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        <balance>256127.00000000</balance>
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        <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>NCC LIMITED</name>
        <lei>3358004NHG46U9TEGO83</lei>
        <title>NCC LTD INDIA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE868B01028"/>
          <other otherDesc="Internal" value="B0FXGP0"/>
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        <balance>822945.00000000</balance>
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        <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>ASTRA MICROWAVE PRODUCTS LIMITED</name>
        <lei>3358006ZA3N8KZ1R6P76</lei>
        <title>ASTRA MICROWAVE PRODUCTS LTD</title>
        <cusip>Y4066G118</cusip>
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          <isin value="INE386C01029"/>
          <other otherDesc="Internal" value="B0LLBW0"/>
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        <balance>99567.00000000</balance>
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        <valUSD>1741885.65000000</valUSD>
        <pctVal>0.224927196770</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>DCM SHRIRAM LIMITED</name>
        <lei>335800SU1CJ59TE5RJ45</lei>
        <title>DCM SHRIRAM LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE499A01024"/>
          <other otherDesc="Internal" value="B0LR6C3"/>
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        <balance>50649.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>540652.99000000</valUSD>
        <pctVal>0.069813745504</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>PVR INOX LIMITED</name>
        <lei>335800NR78RUVFDE4L48</lei>
        <title>PVR INOX LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE191H01014"/>
          <other otherDesc="Internal" value="B0LX4M7"/>
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        <balance>146791.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1860696.85000000</valUSD>
        <pctVal>0.240269116695</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>HINDUSTAN CONSTRUCTION COMPANY LIMITED</name>
        <lei>894500JJNR2BBOH8QX15</lei>
        <title>HINDUSTAN CONSTRUCTION CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE549A01026"/>
          <other otherDesc="Internal" value="B0NSG79"/>
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        <balance>4001296.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>999098.44000000</valUSD>
        <pctVal>0.129012149222</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>AIA Engineering Ltd</name>
        <lei>3358009DFG4JFX1O8H85</lei>
        <title>AIA ENGINEERING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE212H01026"/>
          <other otherDesc="Internal" value="B0QDXM5"/>
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        <balance>83903.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3748991.83000000</valUSD>
        <pctVal>0.484101940352</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>GABRIEL INDIA LIMITED</name>
        <lei>335800N5IVWLLVVTL509</lei>
        <title>GABRIEL INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE524A01029"/>
          <other otherDesc="Internal" value="B0V4MC6"/>
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        <balance>136602.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2063383.95000000</valUSD>
        <pctVal>0.266441811340</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>AARTI INDUSTRIES LTD</name>
        <lei>335800JBE5SD89NHB831</lei>
        <title>AARTI INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE769A01020"/>
          <other otherDesc="Internal" value="B0VX289"/>
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        <balance>382553.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2104887.11000000</valUSD>
        <pctVal>0.271801054891</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>RADICO KHAITAN LIMITED</name>
        <lei>335800P7T5DW332M7E19</lei>
        <title>RADICO KHAITAN LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE944F01028"/>
          <other otherDesc="Internal" value="B0VY3T0"/>
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        <balance>156465.00000000</balance>
        <units>NS</units>
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        <valUSD>7364589.12000000</valUSD>
        <pctVal>0.950978834992</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>KEC INTERNATIONAL LIMITED</name>
        <lei>335800UCWKGDJBU7ZT31</lei>
        <title>KEC INTERNATIONAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE389H01022"/>
          <other otherDesc="Internal" value="B0YJJ27"/>
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        <balance>279771.00000000</balance>
        <units>NS</units>
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        <valUSD>1222355.14000000</valUSD>
        <pctVal>0.157840966826</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>JUBILANT PHARMOVA LIMITED</name>
        <lei>335800C6LDKWF4HQH833</lei>
        <title>JUBILANT PHARMOVA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE700A01033"/>
          <other otherDesc="Internal" value="B10SSN9"/>
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        <balance>133836.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1239371.56000000</valUSD>
        <pctVal>0.160038272746</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>THERMAX LIMITED.</name>
        <lei>33580013S142QYY9TR81</lei>
        <title>THERMAX LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE152A01029"/>
          <other otherDesc="Internal" value="B10SSP1"/>
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        <balance>82504.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ashapura Minechem Ltd</name>
        <lei>335800BSI9EHP97MPU18</lei>
        <title>ASHAPURA MINECHEM LTD</title>
        <cusip>Y0255P133</cusip>
        <identifiers>
          <isin value="INE348A01023"/>
          <other otherDesc="Internal" value="B11W6D6"/>
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        <balance>102450.00000000</balance>
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        <pctVal>0.078331497031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sun Tv Network Ltd</name>
        <lei>335800IW6TQ3AJJLEO48</lei>
        <title>SUN TV NETWORK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE424H01027"/>
          <other otherDesc="Internal" value="B128WL3"/>
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        <balance>168304.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JK LAKSHMI CEMENT LIMITED</name>
        <lei>3358006QYGRAB8GVCW68</lei>
        <title>JK LAKSHMI CEMENT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE786A01032"/>
          <other otherDesc="Internal" value="B12G4M2"/>
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        <balance>133156.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAHARASHTRA SEAMLESS LIMITED</name>
        <lei>3358005CN9WUZJFMHV66</lei>
        <title>MAHARASHTRA SEAMLESS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE271B01025"/>
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        <balance>71972.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACTION CONSTRUCTION EQUIPMENT LIMITED</name>
        <lei>335800E2SPJUKN6OTB20</lei>
        <title>ACTION CONSTRUCTION EQUIPMENT LTD</title>
        <cusip>Y0010V102</cusip>
        <identifiers>
          <isin value="INE731H01025"/>
          <other otherDesc="Internal" value="B131PK1"/>
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        <balance>80798.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Voltamp Transformers Ltd</name>
        <lei>335800TOSPIKGI35EB96</lei>
        <title>VOLTAMP TRANSFORMERS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE540H01012"/>
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        <balance>14914.00000000</balance>
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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>Grindwell Norton Ltd</name>
        <lei>335800UEJOWB4XFNR526</lei>
        <title>GRINDWELL NORTON LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE536A01023"/>
          <other otherDesc="Internal" value="B156WQ9"/>
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        <balance>93584.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EPL LIMITED</name>
        <lei>335800SHKQVLNEGB2W80</lei>
        <title>EPL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE255A01020"/>
          <other otherDesc="Internal" value="B15T3F4"/>
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        <balance>288806.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIE AUTOMOTIVE INDIA LIMITED</name>
        <lei>335800NSDTMUFCMTUP82</lei>
        <title>CIE AUTOMOTIVE INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE536H01010"/>
          <other otherDesc="Internal" value="B16NQ89"/>
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        <balance>278646.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASTRAZENECA PHARMA INDIA LIMITED</name>
        <lei>335800N8M7W5JDTAHR68</lei>
        <title>ASTRAZENECA PHARMA INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE203A01020"/>
          <other otherDesc="Internal" value="B170D88"/>
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        <balance>9114.00000000</balance>
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        <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>CYIENT LIMITED</name>
        <lei>335800MJOXTUJ22Y4T72</lei>
        <title>CYIENT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE136B01020"/>
          <other otherDesc="Internal" value="B19HGC2"/>
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        <balance>169667.00000000</balance>
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        <valUSD>2090240.00000000</valUSD>
        <pctVal>0.269909694575</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>ICRA LIMITED</name>
        <lei>984500603B8AAE411B62</lei>
        <title>ICRA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE725G01011"/>
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        <balance>1801.00000000</balance>
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        <valUSD>92985.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SOBHA LIMITED</name>
        <lei>3358009VFP3MXXLJDN54</lei>
        <title>SOBHA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE671H01015"/>
          <other otherDesc="Internal" value="B1BL581"/>
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        <balance>91727.00000000</balance>
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        <valUSD>1209446.71000000</valUSD>
        <pctVal>0.156174119766</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>
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      </invstOrSec>
      <invstOrSec>
        <name>EIH LIMITED</name>
        <lei>3358004YVEN5OJGKKS69</lei>
        <title>EIH LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE230A01023"/>
          <other otherDesc="Internal" value="B1CSBH2"/>
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        <balance>402243.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</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>EXIDE INDUSTRIES LIMITED</name>
        <lei>335800X6SNGIZCBA9V34</lei>
        <title>EXIDE INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE302A01020"/>
          <other otherDesc="Internal" value="B1D3ZC9"/>
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        <balance>769483.00000000</balance>
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        <valUSD>3554717.46000000</valUSD>
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        <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>BLUE STAR LIMITED</name>
        <lei>335800CWJUVEKQ1TE879</lei>
        <title>BLUE STAR LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE472A01039"/>
          <other otherDesc="Internal" value="B1FDHG5"/>
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        <balance>260948.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>4007028.00000000</valUSD>
        <pctVal>0.517421781056</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>THE GREAT EASTERN SHIPPING COMPANY LIMITED</name>
        <lei>335800GJP7MSMX3Z3727</lei>
        <title>GREAT EASTERN SHIPPING CO LTD THE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE017A01032"/>
          <other otherDesc="Internal" value="B1GKL41"/>
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        <balance>205260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2803653.96000000</valUSD>
        <pctVal>0.362031816460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</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>TRANSPORT CORPORATION OF INDIA LIMITED</name>
        <lei>3358002IVSDZYKSWCL91</lei>
        <title>TRANSPORT CORP OF INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE688A01022"/>
          <other otherDesc="Internal" value="B1JMNW6"/>
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        <balance>45634.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>416156.67000000</valUSD>
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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>
        <name>NETWORK18 MEDIA &amp; INVESTMENTS LIMITED</name>
        <lei>335800XDXM9BY4X3PA82</lei>
        <title>NETWORK18 MEDIA INVESTMENTS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE870H01013"/>
          <other otherDesc="Internal" value="B1JRSG0"/>
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        <balance>1170585.00000000</balance>
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        <valUSD>334481.48000000</valUSD>
        <pctVal>0.043191113990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Firstsource Solutions Limited</name>
        <lei>335800UFBBNPDIZWQX32</lei>
        <title>FIRSTSOURCE SOLUTIONS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE684F01012"/>
          <other otherDesc="Internal" value="B1KKXG3"/>
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        <balance>588685.00000000</balance>
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        <valUSD>1634137.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LMW LIMITED</name>
        <lei>335800YPWF9BRC6VMR31</lei>
        <title>LMW LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE269B01029"/>
          <other otherDesc="Internal" value="B1KMXJ2"/>
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        <balance>7404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GRAPHITE INDIA LIMITED</name>
        <lei>335800VMGC17U49YJX23</lei>
        <title>GRAPHITE INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE371A01025"/>
          <other otherDesc="Internal" value="B1KMXR0"/>
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        <balance>146765.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KEI INDUSTRIES LIMITED</name>
        <lei>335800UDWBC2AWPU7M56</lei>
        <title>KEI INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE878B01027"/>
          <other otherDesc="Internal" value="B1L9PJ6"/>
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        <balance>132019.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FINOLEX CABLES LIMITED</name>
        <lei>335800KAEKSMUCIH3795</lei>
        <title>FINOLEX CABLES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE235A01022"/>
          <other otherDesc="Internal" value="B1LDTB8"/>
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        <balance>136595.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1786815.42000000</valUSD>
        <pctVal>0.230728913557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TANLA PLATFORMS LIMITED</name>
        <lei>335800WPW7BCANYPB766</lei>
        <title>TANLA PLATFORMS LTD</title>
        <cusip>Y8490U106</cusip>
        <identifiers>
          <isin value="INE483C01032"/>
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        <balance>128007.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BIRLASOFT LIMITED</name>
        <lei>335800287UMX47DWBF82</lei>
        <title>BIRLASOFT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE836A01035"/>
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        <balance>351697.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REDINGTON LIMITED</name>
        <lei>335800DTFNX7F2LM5227</lei>
        <title>REDINGTON LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE891D01026"/>
          <other otherDesc="Internal" value="B1R3S15"/>
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        <balance>1241175.00000000</balance>
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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>Ahluwalia Contracts (India) Ltd</name>
        <lei>335800PJEX4PHO9BJP03</lei>
        <title>AHLUWALIA CONTRACTS INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE758C01029"/>
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        <balance>64640.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAX FINANCIAL SERVICES LIMITED</name>
        <lei>335800Y9FX8XGFB64S40</lei>
        <title>MAX FINANCIAL SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE180A01020"/>
          <other otherDesc="Internal" value="B1TJG95"/>
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        <balance>548701.00000000</balance>
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        <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>TIME TECHNOPLAST LIMITED</name>
        <lei>335800CUG2DKZU3BVX77</lei>
        <title>TIME TECHNOPLAST LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE508G01029"/>
          <other otherDesc="Internal" value="B1XF611"/>
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        <balance>502335.00000000</balance>
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        <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>MOTILAL OSWAL FINANCIAL SERVICES LIMITED</name>
        <lei>3358004GYYY6FUXX1P93</lei>
        <title>MOTILAL OSWAL FINANCIAL SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE338I01027"/>
          <other otherDesc="Internal" value="B233M14"/>
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        <balance>320642.00000000</balance>
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        <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>EDELWEISS FINANCIAL SERVICES LIMITED</name>
        <lei>335800GA1YN8NAGS8V55</lei>
        <title>EDELWEISS FINANCIAL SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE532F01054"/>
          <other otherDesc="Internal" value="B291KM9"/>
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        <balance>1166120.00000000</balance>
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        <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>RELIGARE ENTERPRISES LIMITED</name>
        <lei>3358001IWPUVFXZPWL49</lei>
        <title>RELIGARE ENTERPRISES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE621H01010"/>
          <other otherDesc="Internal" value="B292TZ8"/>
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        <balance>207806.00000000</balance>
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        <valUSD>528906.95000000</valUSD>
        <pctVal>0.068296996198</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>JYOTHY LABS LIMITED</name>
        <lei>335800CW6V6ALNNMCH73</lei>
        <title>JYOTHY LABS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE668F01031"/>
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        </identifiers>
        <balance>289609.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>618047.86000000</valUSD>
        <pctVal>0.079807634111</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>eClerx Services Limited</name>
        <lei>335800AL5EIRPWHMSY54</lei>
        <title>ECLERX SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE738I01010"/>
          <other otherDesc="Internal" value="B29NPW0"/>
        </identifiers>
        <balance>80520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1670520.02000000</valUSD>
        <pctVal>0.215711855280</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>BRIGADE ENTERPRISES LIMITED</name>
        <lei>335800QDUUQVHS6II245</lei>
        <title>BRIGADE ENTERPRISES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE791I01019"/>
          <other otherDesc="Internal" value="B29ZGD4"/>
        </identifiers>
        <balance>343824.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2365230.30000000</valUSD>
        <pctVal>0.305418797781</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>RELIANCE POWER LIMITED</name>
        <lei>335800D1QMGOF93XZU85</lei>
        <title>RELIANCE POWER LTD</title>
        <cusip>Y7236V105</cusip>
        <identifiers>
          <isin value="INE614G01033"/>
          <other otherDesc="Internal" value="B2NP5J9"/>
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        <balance>5519524.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1277984.10000000</valUSD>
        <pctVal>0.165024254680</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>THE SANDUR MANGANESE AND IRON ORES LIMITED</name>
        <lei>254900NF50X4VKSUO257</lei>
        <title>SANDUR MANGANESE IRON ORES LTD THE</title>
        <cusip>Y7499H116</cusip>
        <identifiers>
          <isin value="INE149K01016"/>
          <other otherDesc="Internal" value="B2PFFZ3"/>
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        <balance>234929.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>498484.58000000</valUSD>
        <pctVal>0.064368599174</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>RITES Ltd</name>
        <lei>335800XHDR1JZPGIK772</lei>
        <title>RITES LTD</title>
        <cusip>Y73019104</cusip>
        <identifiers>
          <isin value="INE320J01015"/>
          <other otherDesc="Internal" value="B2QRR85"/>
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        <balance>220813.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>505764.76000000</valUSD>
        <pctVal>0.065308678380</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>ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED</name>
        <lei>335800KU23EQUYDXZ456</lei>
        <title>ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE342J01019"/>
          <other otherDesc="Internal" value="B3DGKJ4"/>
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        <balance>97097.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2585493.36000000</valUSD>
        <pctVal>0.333861050943</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>Valor Estate Ltd</name>
        <lei>335800F65F1ZTPL3TT09</lei>
        <title>VALOR ESTATE LTD</title>
        <cusip>Y202CY107</cusip>
        <identifiers>
          <isin value="INE879I01012"/>
          <other otherDesc="Internal" value="B3P3PC1"/>
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        <balance>349030.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>379912.71000000</valUSD>
        <pctVal>0.049057583589</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>SJVN Limited</name>
        <lei>335800WHWSIB8LQQMH94</lei>
        <title>SJVN LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE002L01015"/>
          <other otherDesc="Internal" value="B3Y50F6"/>
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        <balance>1230798.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>835730.36000000</valUSD>
        <pctVal>0.107916663261</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>RATTANINDIA POWER LIMITED</name>
        <lei>3358008RV9J223FDR402</lei>
        <title>RATTANINDIA POWER LTD</title>
        <cusip>Y3912D105</cusip>
        <identifiers>
          <isin value="INE399K01017"/>
          <other otherDesc="Internal" value="B42PZ38"/>
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        <balance>1151808.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>90654.68000000</valUSD>
        <pctVal>0.011706108863</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>Jupiter Wagons Ltd</name>
        <lei>335800PX9J5F9GCI2X33</lei>
        <title>JUPITER WAGONS LTD</title>
        <cusip>Y1691D106</cusip>
        <identifiers>
          <isin value="INE209L01016"/>
          <other otherDesc="Internal" value="B44LG20"/>
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        <balance>192871.00000000</balance>
        <units>NS</units>
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        <valUSD>486224.99000000</valUSD>
        <pctVal>0.062785535893</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>Galaxy Surfactants Ltd</name>
        <lei>335800SORP4DOEAXB673</lei>
        <title>GALAXY SURFACTANTS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE600K01018"/>
          <other otherDesc="Internal" value="B45SRY9"/>
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        <balance>20531.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>486542.50000000</valUSD>
        <pctVal>0.062826535504</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>
        <name>CRISIL LIMITED</name>
        <lei>335800XLQ1LWF1M6KM87</lei>
        <title>CRISIL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE007A01025"/>
          <other otherDesc="Internal" value="B45Z353"/>
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        <balance>36723.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1858705.36000000</valUSD>
        <pctVal>0.240011958446</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>Moil Ltd</name>
        <lei>335800KIMZB1TBYBFI12</lei>
        <title>MOIL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE490G01020"/>
          <other otherDesc="Internal" value="B4NRBT1"/>
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        <balance>131254.00000000</balance>
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        <pctVal>0.044033225936</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>GUJARAT PIPAVAV PORT LIMITED</name>
        <lei>335800Y6JBMRA4Y8TA95</lei>
        <title>GUJARAT PIPAVAV PORT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE517F01014"/>
          <other otherDesc="Internal" value="B53NR43"/>
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        <balance>570266.00000000</balance>
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        <pctVal>0.129501853815</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>Triveni Turbine Ltd</name>
        <lei>335800CN8OF2ECX4NK89</lei>
        <title>TRIVENI TURBINE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE152M01016"/>
          <other otherDesc="Internal" value="B567V73"/>
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        <balance>302544.00000000</balance>
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        <pctVal>0.237122072752</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>RALLIS INDIA LIMITED</name>
        <lei>335800HI7I928BFJB442</lei>
        <title>RALLIS INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE613A01020"/>
          <other otherDesc="Internal" value="B60CMV2"/>
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        <balance>164489.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Thangamayil Jewellery Ltd</name>
        <lei>335800NK8SU8YY8XAS29</lei>
        <title>THANGA MAYIL JEWELLERY LTD</title>
        <cusip>Y87281104</cusip>
        <identifiers>
          <isin value="INE085J01014"/>
          <other otherDesc="Internal" value="B61J988"/>
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        <balance>23262.00000000</balance>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VA TECH WABAG LIMITED</name>
        <lei>335800GM4KXSX7LLLI83</lei>
        <title>VA TECH WABAG LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE956G01038"/>
          <other otherDesc="Internal" value="B63WX27"/>
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        <balance>89936.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KIRLOSKAR OIL ENGINES LIMITED</name>
        <lei>33580018J5C7B1UQSN26</lei>
        <title>KIRLOSKAR OIL ENGINES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE146L01010"/>
          <other otherDesc="Internal" value="B687WY2"/>
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        <balance>170364.00000000</balance>
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        <valUSD>3752585.32000000</valUSD>
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        <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>ALEMBIC PHARMACEUTICALS LIMITED</name>
        <lei>335800PM173KNG818V30</lei>
        <title>ALEMBIC PHARMACEUTICALS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE901L01018"/>
          <other otherDesc="Internal" value="B691276"/>
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        <balance>96518.00000000</balance>
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        <valUSD>846239.49000000</valUSD>
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        <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>CARBORUNDUM UNIVERSAL LIMITED</name>
        <lei>335800T32DYFKLROEO23</lei>
        <title>CARBORUNDUM UNIVERSAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE120A01034"/>
          <other otherDesc="Internal" value="B6X5768"/>
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        <balance>243563.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2827947.06000000</valUSD>
        <pctVal>0.365168749636</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>GUJARAT STATE FERTILIZERS &amp; CHEMICALS LIMITED</name>
        <lei>335800KZ8757J7YPWG63</lei>
        <title>GUJARAT STATE FERTILIZERS CHEMICALS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE026A01025"/>
          <other otherDesc="Internal" value="B71NQN1"/>
        </identifiers>
        <balance>469915.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>779626.29000000</valUSD>
        <pctVal>0.100672025134</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>RHI Magnesita India Ltd</name>
        <lei>529900FVDEOVQTYATK48</lei>
        <title>RHI MAGNESITA INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE743M01012"/>
          <other otherDesc="Internal" value="B71PG48"/>
        </identifiers>
        <balance>132870.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>518066.39000000</valUSD>
        <pctVal>0.066897170226</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>Schneider Electric Infrastructure Ltd</name>
        <lei>335800RG2MGPWVQQG739</lei>
        <title>SCHNEIDER ELECTRIC INFRASTRUCTURE LTD</title>
        <cusip>Y753BH107</cusip>
        <identifiers>
          <isin value="INE839M01018"/>
          <other otherDesc="Internal" value="B73XF87"/>
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        <balance>107447.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1372810.91000000</valUSD>
        <pctVal>0.177269104709</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>THE BOMBAY BURMAH TRADING CORPORATION LIMITED</name>
        <lei>335800K6WP5J66TDPR51</lei>
        <title>BOMBAY BURMAH TRADING CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE050A01025"/>
          <other otherDesc="Internal" value="B7F8TD3"/>
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        <balance>34381.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>542356.49000000</valUSD>
        <pctVal>0.070033716016</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 HOLDINGS LIMITED</name>
        <lei>335800KOYGZCAEBGUM30</lei>
        <title>TVS HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE105A01035"/>
          <other otherDesc="Internal" value="B84NYN1"/>
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        <balance>9758.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1355968.66000000</valUSD>
        <pctVal>0.175094289112</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>ADITYA BIRLA FASHION AND RETAIL LIMITED</name>
        <lei>335800HSKHHOD8FD3O29</lei>
        <title>ADITYA BIRLA FASHION AND RETAIL LTD</title>
        <cusip>Y6862N106</cusip>
        <identifiers>
          <isin value="INE647O01011"/>
          <other otherDesc="Internal" value="B86PGH3"/>
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        <balance>1008971.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>551400.81000000</valUSD>
        <pctVal>0.071201596092</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>AMARA RAJA ENERGY &amp; MOBILITY LIMITED</name>
        <lei>335800PV7RRC72PLCG19</lei>
        <title>AMARA RAJA ENERGY MOBILITY LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE885A01032"/>
          <other otherDesc="Internal" value="B8BGVX2"/>
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        <balance>224608.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2103521.83000000</valUSD>
        <pctVal>0.271624758242</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>Gravita India Ltd</name>
        <lei>335800PL6PSIRCLKWV57</lei>
        <title>GRAVITA INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE024L01027"/>
          <other otherDesc="Internal" value="B8F4NZ8"/>
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        <balance>63243.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1193957.70000000</valUSD>
        <pctVal>0.154174046111</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>MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED</name>
        <lei>3358004E2XAMX9DYZM69</lei>
        <title>MAHINDRA MAHINDRA FINANCIAL SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE774D01024"/>
          <other otherDesc="Internal" value="B8F8822"/>
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        <balance>1029905.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>4030865.82000000</valUSD>
        <pctVal>0.520499924578</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>V-Mart Retail Limited</name>
        <lei>335800OHCXA87CL31713</lei>
        <title>V MART RETAIL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE665J01013"/>
          <other otherDesc="Internal" value="B8XF8R0"/>
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        <balance>83491.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>742995.95000000</valUSD>
        <pctVal>0.095942001844</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>SAMMAAN CAPITAL LIMITED</name>
        <lei>335800A2A3G53ZQZTQ21</lei>
        <title>SAMMAAN CAPITAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE148I01020"/>
          <other otherDesc="Internal" value="B98CG57"/>
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        <balance>1358028.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2084726.01000000</valUSD>
        <pctVal>0.269197680951</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>WESTLIFE FOODWORLD LIMITED</name>
        <lei>N/A</lei>
        <title>WESTLIFE FOODWORLD LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE274F01020"/>
          <other otherDesc="Internal" value="BBJKFV3"/>
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        <balance>124394.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>746510.28000000</valUSD>
        <pctVal>0.096395802239</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>MAHANAGAR GAS LIMITED</name>
        <lei>3358001GYZI2KS7FHN90</lei>
        <title>MAHANAGAR GAS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE002S01010"/>
          <other otherDesc="Internal" value="BD04046"/>
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        <balance>103509.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1161999.88000000</valUSD>
        <pctVal>0.150047378630</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>NARAYANA HRUDAYALAYA LIMITED</name>
        <lei>3358005539O9QRRIAM19</lei>
        <title>NARAYANA HRUDAYALAYA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE410P01011"/>
          <other otherDesc="Internal" value="BD0CSH9"/>
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        <balance>129821.00000000</balance>
        <units>NS</units>
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        <valUSD>2599495.97000000</valUSD>
        <pctVal>0.335669187898</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>V GUARD INDUSTRIES LIMITED</name>
        <lei>335800RBKKI8JBTJ7695</lei>
        <title>V GUARD INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE951I01027"/>
          <other otherDesc="Internal" value="BD0F6Q3"/>
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        <balance>412773.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <pctVal>0.193691369746</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>AAVAS FINANCIERS LIMITED</name>
        <lei>335800TMNAGA7MPDP384</lei>
        <title>AAVAS FINANCIERS LTD</title>
        <cusip>Y0R7TT104</cusip>
        <identifiers>
          <isin value="INE216P01012"/>
          <other otherDesc="Internal" value="BD102C5"/>
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        <balance>85038.00000000</balance>
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        <pctVal>0.145232037513</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>VARROC ENGINEERING LIMITED</name>
        <lei>335800FNOMF13H8K8484</lei>
        <title>VARROC ENGINEERING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE665L01035"/>
          <other otherDesc="Internal" value="BD2Z241"/>
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        <balance>75570.00000000</balance>
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        <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>CCL PRODUCTS (INDIA) LIMITED</name>
        <lei>3358004YMWO3ILPLLM24</lei>
        <title>CCL PRODUCTS INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE421D01022"/>
          <other otherDesc="Internal" value="BD3B130"/>
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        <balance>140593.00000000</balance>
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        <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>PRICOL LIMITED</name>
        <lei>335800N23TD8QNM5O312</lei>
        <title>PRICOL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE726V01018"/>
          <other otherDesc="Internal" value="BD5BW02"/>
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        <balance>156568.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PNB HOUSING FINANCE LIMITED</name>
        <lei>335800K81SPQDQ21HJ97</lei>
        <title>PNB HOUSING FINANCE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE572E01012"/>
          <other otherDesc="Internal" value="BD6FGZ6"/>
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        <balance>386119.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</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>LT FOODS LIMITED</name>
        <lei>3358008WEECK49DUO516</lei>
        <title>LT FOODS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE818H01020"/>
          <other otherDesc="Internal" value="BD7Y7L5"/>
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        <balance>278269.00000000</balance>
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        <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>CROMPTON GREAVES CONSUMER ELECTRICALS LIMITED</name>
        <lei>335800DIIEEWMH3UDH51</lei>
        <title>CROMPTON GREAVES CONSUMER ELECTRICALS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE299U01018"/>
          <other otherDesc="Internal" value="BD87BS8"/>
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        <balance>1337674.00000000</balance>
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        <valUSD>3308653.38000000</valUSD>
        <pctVal>0.427241667584</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>SHEELA FOAM LIMITED</name>
        <lei>3358009OJCM3IHW2T747</lei>
        <title>SHEELA FOAM LTD</title>
        <cusip>Y77162108</cusip>
        <identifiers>
          <isin value="INE916U01025"/>
          <other otherDesc="Internal" value="BD8DJG0"/>
        </identifiers>
        <balance>72955.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>490796.30000000</valUSD>
        <pctVal>0.063375822600</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>INDO COUNT INDUSTRIES LIMITED</name>
        <lei>335800K2IZ3N44GS9379</lei>
        <title>INDO COUNT INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE483B01026"/>
          <other otherDesc="Internal" value="BD9FVN6"/>
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        <balance>149095.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>733391.69000000</valUSD>
        <pctVal>0.094701817519</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>Indraprastha Gas Limited</name>
        <lei>33580033VPD8D168H736</lei>
        <title>INDRAPRASTHA GAS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE203G01027"/>
          <other otherDesc="Internal" value="BD9PXD0"/>
        </identifiers>
        <balance>1184374.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1870703.42000000</valUSD>
        <pctVal>0.241561250733</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>Kajaria Ceramics Ltd</name>
        <lei>3358007XN6AXJ1V67M07</lei>
        <title>KAJARIA CERAMICS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE217B01036"/>
          <other otherDesc="Internal" value="BDB5J63"/>
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        <balance>168151.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2196355.74000000</valUSD>
        <pctVal>0.283612267951</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>AMBER ENTERPRISES INDIA LIMITED</name>
        <lei>3358009JZU4XT3666G06</lei>
        <title>AMBER ENTERPRISES INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE371P01015"/>
          <other otherDesc="Internal" value="BDDX4S2"/>
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        <balance>44990.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3597916.98000000</valUSD>
        <pctVal>0.464593861556</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>TECHNO ELECTRIC &amp; ENGINEERING COMPANY LIMITED</name>
        <lei>33580085UVBJWYBSQ267</lei>
        <title>TECHNO ELECTRIC ENGINEERING CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE285K01026"/>
          <other otherDesc="Internal" value="BDFFZP0"/>
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        <balance>104837.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1079196.85000000</valUSD>
        <pctVal>0.139355142074</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>CSB BANK LIMITED</name>
        <lei>335800R8M2WRZKDHJC88</lei>
        <title>CSB BANK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE679A01013"/>
          <other otherDesc="Internal" value="BDFLWK2"/>
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        <balance>92682.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>333886.84000000</valUSD>
        <pctVal>0.043114328980</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>ARVIND FASHIONS LIMITED</name>
        <lei>335800YB14A1HMDAPJ19</lei>
        <title>ARVIND FASHIONS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE955V01021"/>
          <other otherDesc="Internal" value="BDFSBX9"/>
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        <balance>171971.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>816473.75000000</valUSD>
        <pctVal>0.105430084818</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>AVANTI FEEDS LIMITED</name>
        <lei>335800USE8T3G88KN868</lei>
        <title>AVANTI FEEDS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE871C01038"/>
          <other otherDesc="Internal" value="BDFXQ84"/>
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        <balance>87664.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>758209.28000000</valUSD>
        <pctVal>0.097906477337</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>NBCC (INDIA) LIMITED</name>
        <lei>3358007GX3F7PDUPVI11</lei>
        <title>NBCC INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE095N01031"/>
          <other otherDesc="Internal" value="BDT5493"/>
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        <balance>1857200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1677949.22000000</valUSD>
        <pctVal>0.216671177225</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>AVENUESAI LIMITED</name>
        <lei>254900TMP0656LN8IW04</lei>
        <title>AVENUESAI LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE483S01020"/>
          <other otherDesc="Internal" value="BF07072"/>
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        <balance>2981699.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>470004.01000000</valUSD>
        <pctVal>0.060690944000</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>SAFARI INDUSTRIES (INDIA) LIMITED</name>
        <lei>335800CISBEEGU1I8X22</lei>
        <title>SAFARI INDUSTRIES INDIA LTD</title>
        <cusip>Y7387Q145</cusip>
        <identifiers>
          <isin value="INE429E01023"/>
          <other otherDesc="Internal" value="BF0GLM1"/>
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        <balance>45524.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>722087.49000000</valUSD>
        <pctVal>0.093242122379</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>CAN FIN HOMES LIMITED</name>
        <lei>335800EJ9Y3XDP5ZDH81</lei>
        <title>CAN FIN HOMES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE477A01020"/>
          <other otherDesc="Internal" value="BF0VND1"/>
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        <balance>171373.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1430464.33000000</valUSD>
        <pctVal>0.184713808180</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>NAVIN FLUORINE INTERNATIONAL LIMITED</name>
        <lei>335800OVIUAAKYG44C59</lei>
        <title>NAVIN FLUORINE INTERNATIONAL LTD</title>
        <cusip>Y62120137</cusip>
        <identifiers>
          <isin value="INE048G01026"/>
          <other otherDesc="Internal" value="BF1BKG2"/>
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        <balance>70633.00000000</balance>
        <units>NS</units>
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        <valUSD>6428919.31000000</valUSD>
        <pctVal>0.830157133828</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>TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED</name>
        <lei>335800CLAIFWDACD5H92</lei>
        <title>TRANSFORMERS RECTIFIERS INDIA LTD</title>
        <cusip>Y8T395116</cusip>
        <identifiers>
          <isin value="INE763I01026"/>
          <other otherDesc="Internal" value="BF1QMS3"/>
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        <balance>225364.00000000</balance>
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        <pctVal>0.095660810187</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>MAS FINANCIAL SERVICES LIMITED</name>
        <lei>335800XTN7OKZBXR4P70</lei>
        <title>MAS FINANCIAL SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE348L01012"/>
          <other otherDesc="Internal" value="BF1QNZ7"/>
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        <balance>32436.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tejas Networks Ltd</name>
        <lei>3358007ZVJL9TOWAUH94</lei>
        <title>TEJAS NETWORKS LTD</title>
        <cusip>Y8T61P105</cusip>
        <identifiers>
          <isin value="INE010J01012"/>
          <other otherDesc="Internal" value="BF1XGY8"/>
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        <balance>167169.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED</name>
        <lei>335800ZQXV958RZSRU89</lei>
        <title>NIPPON LIFE INDIA ASSET MANAGEMENT LTD</title>
        <cusip>Y7270W100</cusip>
        <identifiers>
          <isin value="INE298J01013"/>
          <other otherDesc="Internal" value="BF29PR1"/>
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        <balance>328407.00000000</balance>
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        <pctVal>0.521286088990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LEMON TREE HOTELS LIMITED</name>
        <lei>335800QFBWIUBBCRJN72</lei>
        <title>LEMON TREE HOTELS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE970X01018"/>
          <other otherDesc="Internal" value="BF2LSQ7"/>
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        <balance>1020587.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LUMAX AUTO TECHNOLOGIES LIMITED</name>
        <lei>335800RSWZACIRXEB242</lei>
        <title>LUMAX AUTO TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE872H01027"/>
          <other otherDesc="Internal" value="BF2WW02"/>
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        <balance>60955.00000000</balance>
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        <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>CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED</name>
        <lei>335800YRV56TH7RQVH27</lei>
        <title>CENTRAL DEPOSITORY SERVICES INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE736A01011"/>
          <other otherDesc="Internal" value="BF47216"/>
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        <balance>218237.00000000</balance>
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        <valUSD>3209490.28000000</valUSD>
        <pctVal>0.414436878644</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>CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED</name>
        <lei>335800WAHI1O38BILX22</lei>
        <title>CHOLAMANDALAM FINANCIAL HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE149A01033"/>
          <other otherDesc="Internal" value="BF93XC7"/>
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        <balance>200060.00000000</balance>
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        <valUSD>3118065.65000000</valUSD>
        <pctVal>0.402631347241</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Nesco Ltd</name>
        <lei>98450089BC981FEO9C12</lei>
        <title>NESCO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE317F01035"/>
          <other otherDesc="Internal" value="BF93XL6"/>
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        <balance>45315.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>494985.99000000</valUSD>
        <pctVal>0.063916831263</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>BOROSIL RENEWABLES LIMITED</name>
        <lei>984500FB99E48CBAC192</lei>
        <title>BOROSIL RENEWABLES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE666D01022"/>
          <other otherDesc="Internal" value="BF93XP0"/>
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        <balance>94928.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>500432.13000000</valUSD>
        <pctVal>0.064620083513</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>MISHRA DHATU NIGAM LIMITED</name>
        <lei>335800G1ZDM8GIT6DS63</lei>
        <title>MISHRA DHATU NIGAM LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE099Z01011"/>
          <other otherDesc="Internal" value="BFMNFV7"/>
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        <balance>100442.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>436311.45000000</valUSD>
        <pctVal>0.056340272030</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>KPIT Technologies Ltd</name>
        <lei>3358009MOTWWU66WMV49</lei>
        <title>KPIT TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE04I401011"/>
          <other otherDesc="Internal" value="BFMX0X4"/>
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        <balance>321311.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1972372.88000000</valUSD>
        <pctVal>0.254689682347</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>Garden Reach Shipbuilders &amp; Engineers Ltd</name>
        <lei>3358005FGUY6TG2A8459</lei>
        <title>GARDEN REACH SHIPBUILDERS ENGINEERS LTD</title>
        <cusip>Y2R8XK102</cusip>
        <identifiers>
          <isin value="INE382Z01011"/>
          <other otherDesc="Internal" value="BFXQ0K9"/>
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        <balance>59121.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1590836.81000000</valUSD>
        <pctVal>0.205422476608</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>TSF Investments Ltd</name>
        <lei>335800IYX71GURNNUN97</lei>
        <title>TSF INVESTMENTS LTD</title>
        <cusip>Y8210G155</cusip>
        <identifiers>
          <isin value="INE202Z01029"/>
          <other otherDesc="Internal" value="BFYYMY0"/>
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        <balance>166923.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>702761.80000000</valUSD>
        <pctVal>0.090746623735</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>ZENSAR TECHNOLOGIES LIMITED</name>
        <lei>335800SK9CAQHM1TJC97</lei>
        <title>ZENSAR TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE520A01027"/>
          <other otherDesc="Internal" value="BFYZ6V8"/>
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        <balance>243039.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1173660.57000000</valUSD>
        <pctVal>0.151553106812</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>Newgen Software Technologies Ltd</name>
        <lei>335800WRTIML8UTR8X82</lei>
        <title>NEWGEN SOFTWARE TECHNOLOGIES LTD</title>
        <cusip>Y6S19P103</cusip>
        <identifiers>
          <isin value="INE619B01017"/>
          <other otherDesc="Internal" value="BG06NL1"/>
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        <balance>137548.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>762546.38000000</valUSD>
        <pctVal>0.098466520842</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>CONTAINER CORPORATION OF INDIA LIMITED</name>
        <lei>335800T2XH4HLGGQSJ32</lei>
        <title>CONTAINER CORP OF INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE111A01025"/>
          <other otherDesc="Internal" value="BG0ZVG9"/>
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        <balance>568056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3050650.94000000</valUSD>
        <pctVal>0.393926182386</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>BANDHAN BANK LIMITED</name>
        <lei>335800Q13QAC32IOCH33</lei>
        <title>BANDHAN BANK LTD</title>
        <cusip>Y0567Q100</cusip>
        <identifiers>
          <isin value="INE545U01014"/>
          <other otherDesc="Internal" value="BG1SV45"/>
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        <balance>1682172.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2884681.20000000</valUSD>
        <pctVal>0.372494747799</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>
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      <invstOrSec>
        <name>Fine Organic Industries Ltd</name>
        <lei>335800TTFT4VQ3O2OJ88</lei>
        <title>FINE ORGANIC INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE686Y01026"/>
          <other otherDesc="Internal" value="BG5KMJ9"/>
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        <balance>15743.00000000</balance>
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        <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>
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      <invstOrSec>
        <name>Indian Energy Exchange Ltd</name>
        <lei>335800JRG8ZOKN1KAE97</lei>
        <title>INDIAN ENERGY EXCHANGE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE022Q01020"/>
          <other otherDesc="Internal" value="BGLRNT1"/>
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        <balance>916810.00000000</balance>
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        <pctVal>0.149709788780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CHALET HOTELS LIMITED</name>
        <lei>335800Q9XDG5J8BS1M67</lei>
        <title>CHALET HOTELS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE427F01016"/>
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        <balance>151938.00000000</balance>
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        <pctVal>0.186122726094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GUJARAT ENERGY LIMITED</name>
        <lei>335800BGVH85CIFRKY95</lei>
        <title>GUJARAT ENERGY LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE844O01030"/>
          <other otherDesc="Internal" value="BGS92Z9"/>
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        <balance>701535.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>GSPL TRANSMISSION LTD</name>
        <lei>3358005GCJAAZ1F41E09</lei>
        <title>GSPL TRANSMISSION LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE1TUG01013"/>
          <other otherDesc="Internal" value="BGS92ZN"/>
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        <balance>215300.00000000</balance>
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        <pctVal>0.043819166929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>RELAXO FOOTWEARS LIMITED</name>
        <lei>335800WKVV9SXNBPBQ04</lei>
        <title>RELAXO FOOTWEARS LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE131B01039"/>
          <other otherDesc="Internal" value="BGSCL06"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>METROPOLIS HEALTHCARE LIMITED</name>
        <lei>335800SD5OOGR1D97215</lei>
        <title>METROPOLIS HEALTHCARE LTD</title>
        <cusip>Y59774110</cusip>
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          <isin value="INE112L01020"/>
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        <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>UJJIVAN SMALL FINANCE BANK LIMITED</name>
        <lei>335800D9P5CCZUX4X552</lei>
        <title>UJJIVAN SMALL FINANCE BANK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE551W01018"/>
          <other otherDesc="Internal" value="BJBCKK7"/>
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        <balance>2036485.00000000</balance>
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        <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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        <name>EMBASSY OFFICE PARKS REIT</name>
        <lei>335800O555A557E43Z08</lei>
        <title>EMBASSY OFFICE PARKS REIT</title>
        <cusip>Y2R9YR104</cusip>
        <identifiers>
          <isin value="INE041025011"/>
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        <balance>1807974.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>SWAN CORP LIMITED</name>
        <lei>33580075WRDUE6T2RJ43</lei>
        <title>SWAN CORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE665A01038"/>
          <other otherDesc="Internal" value="BJS6GL5"/>
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        <balance>235318.00000000</balance>
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        <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>ISGEC HEAVY ENGINEERING LIMITED</name>
        <lei>3358006TIMBO8LT28Z83</lei>
        <title>ISGEC HEAVY ENGINEERING LTD</title>
        <cusip>Y4R7CG102</cusip>
        <identifiers>
          <isin value="INE858B01029"/>
          <other otherDesc="Internal" value="BJXFHW5"/>
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        <balance>55177.00000000</balance>
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        <valUSD>457860.28000000</valUSD>
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        <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>Gujarat Fluorochemicals Ltd</name>
        <lei>335800AQPB19VEXI8M93</lei>
        <title>GUJARAT FLUOROCHEMICALS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE09N301011"/>
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        <balance>58505.00000000</balance>
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        <valUSD>2879258.73000000</valUSD>
        <pctVal>0.371794552022</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>
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      <invstOrSec>
        <name>IIFL Capital Services Limited</name>
        <lei>335800DFGY67CJENRH26</lei>
        <title>IIFL CAPITAL SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE489L01022"/>
          <other otherDesc="Internal" value="BK8LVP6"/>
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        <balance>248886.00000000</balance>
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        <valUSD>880347.04000000</valUSD>
        <pctVal>0.113677951185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IndiaMART InterMESH Limited</name>
        <lei>335800VCSXC76EXLSH68</lei>
        <title>INDIAMART INTERMESH LTD</title>
        <cusip>Y39213106</cusip>
        <identifiers>
          <isin value="INE933S01016"/>
          <other otherDesc="Internal" value="BKDX4P8"/>
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        <balance>63059.00000000</balance>
        <units>NS</units>
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        <valUSD>1161236.58000000</valUSD>
        <pctVal>0.149948814795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VINATI ORGANICS LIMITED</name>
        <lei>254900Q2IRNXURG92U10</lei>
        <title>VINATI ORGANICS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE410B01037"/>
          <other otherDesc="Internal" value="BKKKN11"/>
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        <balance>53033.00000000</balance>
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        <valUSD>740263.30000000</valUSD>
        <pctVal>0.095589138667</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>NUVOCO VISTAS CORPORATION LIMITED</name>
        <lei>529900H865LY390TCZ45</lei>
        <title>NUVOCO VISTAS CORP LTD</title>
        <cusip>Y5S75W101</cusip>
        <identifiers>
          <isin value="INE118D01016"/>
          <other otherDesc="Internal" value="BKPR4Y7"/>
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        <balance>229013.00000000</balance>
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        <valUSD>766158.66000000</valUSD>
        <pctVal>0.098932969380</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>CASTROL INDIA LIMITED</name>
        <lei>335800KCNMKXQFPJ5Q28</lei>
        <title>CASTROL INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE172A01027"/>
          <other otherDesc="Internal" value="BKS8B79"/>
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        <balance>728673.00000000</balance>
        <units>NS</units>
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        <valUSD>1411665.13000000</valUSD>
        <pctVal>0.182286294435</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>PIRAMAL PHARMA LIMITED</name>
        <lei>3358006D6AL7PZ4U9T51</lei>
        <title>PIRAMAL PHARMA LTD</title>
        <cusip>Y6985K104</cusip>
        <identifiers>
          <isin value="INE0DK501011"/>
          <other otherDesc="Internal" value="BKS9DQ5"/>
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        <balance>1267640.00000000</balance>
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        <valUSD>2851046.71000000</valUSD>
        <pctVal>0.368151574324</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>COHANCE LIFESCIENCES LIMITED</name>
        <lei>335800QWT92US4D7HR32</lei>
        <title>COHANCE LIFESCIENCES LTD</title>
        <cusip>Y831GW103</cusip>
        <identifiers>
          <isin value="INE03QK01018"/>
          <other otherDesc="Internal" value="BKTQQK0"/>
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        <balance>287121.00000000</balance>
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        <pctVal>0.177239703426</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>SIGNATUREGLOBAL (INDIA) LIMITED</name>
        <lei>335800W546JCVSM7EX05</lei>
        <title>SIGNATUREGLOBAL INDIA LTD</title>
        <cusip>Y7939W111</cusip>
        <identifiers>
          <isin value="INE903U01023"/>
          <other otherDesc="Internal" value="BKVC2T7"/>
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        <balance>53754.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>434308.93000000</valUSD>
        <pctVal>0.056081689493</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>DEVYANI INTERNATIONAL LIMITED</name>
        <lei>335800QL2YIWJ1DFK350</lei>
        <title>DEVYANI INTERNATIONAL LTD</title>
        <cusip>Y2R58Y114</cusip>
        <identifiers>
          <isin value="INE872J01023"/>
          <other otherDesc="Internal" value="BKVD654"/>
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        <balance>771915.00000000</balance>
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        <valUSD>1123534.68000000</valUSD>
        <pctVal>0.145080422498</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>ANUPAM RASAYAN INDIA LIMITED</name>
        <lei>3358004GQZY8E2J1SV40</lei>
        <title>ANUPAM RASAYAN INDIA LTD</title>
        <cusip>Y0R7UV107</cusip>
        <identifiers>
          <isin value="INE930P01018"/>
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        <balance>41098.00000000</balance>
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        <valUSD>544705.74000000</valUSD>
        <pctVal>0.070337071301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRIDENT LIMITED</name>
        <lei>335800KLFMJJVM3TUK37</lei>
        <title>TRIDENT LTD INDIA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE064C01022"/>
          <other otherDesc="Internal" value="BL0KWD3"/>
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        <balance>2567165.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <pctVal>0.083994407066</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>SUMITOMO CHEMICAL INDIA LIMITED</name>
        <lei>335800L1XZBQ95MM4J51</lei>
        <title>SUMITOMO CHEMICAL INDIA LTD</title>
        <cusip>Y81880109</cusip>
        <identifiers>
          <isin value="INE258G01013"/>
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        <balance>245331.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Clean Science and Technology Limited</name>
        <lei>335800ONLA5LRUZJZB84</lei>
        <title>CLEAN SCIENCE TECHNOLOGY LTD</title>
        <cusip>Y166CL110</cusip>
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          <isin value="INE227W01023"/>
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        <balance>102573.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>APTUS VALUE HOUSING FINANCE INDIA LIMITED</name>
        <lei>335800B5FZTE7UR3W714</lei>
        <title>APTUS VALUE HOUSING FINANCE INDIA LTD</title>
        <cusip>Y0R9A6126</cusip>
        <identifiers>
          <isin value="INE852O01025"/>
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        <balance>741321.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AWL Agri Business Ltd</name>
        <lei>335800R5XN85I4JPI333</lei>
        <title>AWL AGRI BUSINESS LTD</title>
        <cusip>Y0R134118</cusip>
        <identifiers>
          <isin value="INE699H01024"/>
          <other otherDesc="Internal" value="BL6LPH5"/>
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        <balance>821651.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EQUITAS SMALL FINANCE BANK LIMITED</name>
        <lei>335800MZBFLSP1VQKJ89</lei>
        <title>EQUITAS SMALL FINANCE BANK LTD</title>
        <cusip>Y2R9VF103</cusip>
        <identifiers>
          <isin value="INE063P01018"/>
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        <balance>1198372.00000000</balance>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sapphire Foods India Ltd</name>
        <lei>335800Y2BJLU8A79CD84</lei>
        <title>SAPPHIRE FOODS INDIA LTD</title>
        <cusip>Y75280118</cusip>
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        <balance>500613.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BLACK BOX LIMITED</name>
        <lei>335800FI7YZ5A53GJI22</lei>
        <title>BLACK BOX LTD</title>
        <cusip>Y09093108</cusip>
        <identifiers>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTI Asset Management Company Ltd</name>
        <lei>335800IDIB9I5HRFZP97</lei>
        <title>UTI ASSET MANAGEMENT CO LTD</title>
        <cusip>Y9T17K109</cusip>
        <identifiers>
          <isin value="INE094J01016"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Saregama India Limited</name>
        <lei>335800ALELBA1CG1E628</lei>
        <title>SAREGAMA INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE979A01025"/>
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        <balance>144740.00000000</balance>
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        <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>Ircon International Ltd</name>
        <lei>335800MHXEWYPXT69Y41</lei>
        <title>IRCON INTERNATIONAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE962Y01021"/>
          <other otherDesc="Internal" value="BM7SZX8"/>
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        <balance>707346.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALIVUS LIFE SCIENCES LIMITED</name>
        <lei>335800RYVA1DKP696G32</lei>
        <title>ALIVUS LIFE SCIENCES LTD</title>
        <cusip>Y27104119</cusip>
        <identifiers>
          <isin value="INE03Q201024"/>
          <other otherDesc="Internal" value="BM8B8P9"/>
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        <balance>61400.00000000</balance>
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        <valUSD>905829.39000000</valUSD>
        <pctVal>0.116968450509</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>MANORAMA INDUSTRIES LIMITED</name>
        <lei>335800V6ZZRC3X6PN525</lei>
        <title>MANORAMA INDUSTRIES LTD</title>
        <cusip>Y5S53A121</cusip>
        <identifiers>
          <isin value="INE00VM01036"/>
          <other otherDesc="Internal" value="BM8BW68"/>
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        <balance>32070.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>636295.19000000</valUSD>
        <pctVal>0.082163885674</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>JBM AUTO LIMITED</name>
        <lei>335800UPNDSAWYDS9569</lei>
        <title>JBM AUTO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE927D01051"/>
          <other otherDesc="Internal" value="BM8H5S9"/>
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        <balance>83869.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>549991.98000000</valUSD>
        <pctVal>0.071019675894</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>Ethos Ltd</name>
        <lei>3358008WL6349ZB52A53</lei>
        <title>ETHOS LTD</title>
        <cusip>Y234AQ109</cusip>
        <identifiers>
          <isin value="INE04TZ01018"/>
          <other otherDesc="Internal" value="BM8Z992"/>
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        <balance>25473.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>774727.88000000</valUSD>
        <pctVal>0.100039500473</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>BROOKFIELD INDIA REAL ESTATE TRUST</name>
        <lei>335800MCXUOZ6TVFEQ25</lei>
        <title>BROOKFIELD INDIA REAL ESTATE TRUST</title>
        <cusip>Y0974Z107</cusip>
        <identifiers>
          <isin value="INE0FDU25010"/>
          <other otherDesc="Internal" value="BM98T78"/>
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        <balance>1096879.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3937083.84000000</valUSD>
        <pctVal>0.508389991949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="UNITS"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</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>Doms Industries Ltd</name>
        <lei>3358004C7R2N9L7K5979</lei>
        <title>DOMS INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE321T01012"/>
          <other otherDesc="Internal" value="BM9F4B8"/>
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        <balance>39041.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>914058.96000000</valUSD>
        <pctVal>0.118031123085</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>INOX INDIA LTD.</name>
        <lei>335800IFAO5TFQS6K527</lei>
        <title>INOX INDIA LTD</title>
        <cusip>Y4R87Z104</cusip>
        <identifiers>
          <isin value="INE616N01034"/>
          <other otherDesc="Internal" value="BM9VMH8"/>
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        <balance>42427.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>950336.94000000</valUSD>
        <pctVal>0.122715646633</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>HAPPIEST MINDS TECHNOLOGIES LIMITED</name>
        <lei>335800CFVR5OM5M7Y410</lei>
        <title>HAPPIEST MINDS TECHNOLOGIES LTD</title>
        <cusip>Y306BL105</cusip>
        <identifiers>
          <isin value="INE419U01012"/>
          <other otherDesc="Internal" value="BMC52Y4"/>
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        <balance>179655.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>766477.55000000</valUSD>
        <pctVal>0.098974147188</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>HEG LIMITED</name>
        <lei>335800E4LMUNWK4CCM21</lei>
        <title>HEG LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE545A01024"/>
          <other otherDesc="Internal" value="BMCCWJ0"/>
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        <balance>151879.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1161286.27000000</valUSD>
        <pctVal>0.149955231193</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>DODLA DAIRY LIMITED</name>
        <lei>335800QYBDBSB7681758</lei>
        <title>DODLA DAIRY LTD</title>
        <cusip>Y2089W102</cusip>
        <identifiers>
          <isin value="INE021O01019"/>
          <other otherDesc="Internal" value="BMD2631"/>
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        <balance>45369.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>514646.60000000</valUSD>
        <pctVal>0.066455577646</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>KFIN TECHNOLOGIES LIMITED</name>
        <lei>335800GNCGJJ76Z17N17</lei>
        <title>KFIN TECHNOLOGIES LTD</title>
        <cusip>Y4S976105</cusip>
        <identifiers>
          <isin value="INE138Y01010"/>
          <other otherDesc="Internal" value="BMD3139"/>
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        <balance>218863.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2227114.20000000</valUSD>
        <pctVal>0.287584063795</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>BEML LIMITED</name>
        <lei>3358007DC3PHINKKO238</lei>
        <title>BEML LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE258A01024"/>
          <other otherDesc="Internal" value="BMD7MP0"/>
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        <balance>78802.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1601099.21000000</valUSD>
        <pctVal>0.206747645608</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>K.P.R. Mill Limited</name>
        <lei>335800FO9PJG5CJ1BL81</lei>
        <title>KPR MILL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE930H01031"/>
          <other otherDesc="Internal" value="BMDP7V5"/>
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        <balance>236733.00000000</balance>
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        <valUSD>2924970.87000000</valUSD>
        <pctVal>0.377697295126</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>Mindspace Business Parks REIT</name>
        <lei>335800KNDFQZVN5X6W64</lei>
        <title>MINDSPACE BUSINESS PARKS REIT</title>
        <cusip>Y60386102</cusip>
        <identifiers>
          <isin value="INE0CCU25019"/>
          <other otherDesc="Internal" value="BMF5XN7"/>
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        <balance>411570.00000000</balance>
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        <pctVal>0.276779685536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="UNITS"/>
        <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>VARDHMAN TEXTILES LIMITED</name>
        <lei>335800IFKRZHE2RKM206</lei>
        <title>VARDHMAN TEXTILES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE825A01020"/>
          <other otherDesc="Internal" value="BMFCZG5"/>
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        <balance>212379.00000000</balance>
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        <pctVal>0.164627016471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JUBILANT INGREVIA LIMITED</name>
        <lei>335800TH97UX82XBKJ30</lei>
        <title>JUBILANT INGREVIA LTD</title>
        <cusip>Y447D4103</cusip>
        <identifiers>
          <isin value="INE0BY001018"/>
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        <balance>168872.00000000</balance>
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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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          <isLoanByFund>N</isLoanByFund>
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        <name>SUPREME PETROCHEM LIMITED</name>
        <lei>335800LHH1GWIUIFOS83</lei>
        <title>SUPREME PETROCHEM LTD</title>
        <cusip>Y8313D174</cusip>
        <identifiers>
          <isin value="INE663A01033"/>
          <other otherDesc="Internal" value="BMFWQD9"/>
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        <balance>130587.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TTK PRESTIGE LIMITED</name>
        <lei>3358009MD92W2GHS8996</lei>
        <title>TTK PRESTIGE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE690A01028"/>
          <other otherDesc="Internal" value="BMG4WZ8"/>
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        <balance>81299.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEDPLUS HEALTH SERVICES LIMITED</name>
        <lei>335800QYF5P4YJGT4P11</lei>
        <title>MEDPLUS HEALTH SERVICES LTD</title>
        <cusip>Y594L1109</cusip>
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          <isin value="INE804L01022"/>
          <other otherDesc="Internal" value="BMG4XB1"/>
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        <balance>146673.00000000</balance>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED</name>
        <lei>335800P3BYVJE1S5SB43</lei>
        <title>STAR HEALTH ALLIED INSURANCE CO LTD</title>
        <cusip>Y8152Z104</cusip>
        <identifiers>
          <isin value="INE575P01011"/>
          <other otherDesc="Internal" value="BMG5DV4"/>
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        <balance>501546.00000000</balance>
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        <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>TEGA INDUSTRIES LIMITED</name>
        <lei>335800G24BSVC4W7PY38</lei>
        <title>TEGA INDUSTRIES LTD</title>
        <cusip>Y8T61G113</cusip>
        <identifiers>
          <isin value="INE011K01018"/>
          <other otherDesc="Internal" value="BMG7235"/>
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        <balance>32308.00000000</balance>
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        <valUSD>537858.14000000</valUSD>
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        <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>Alkyl Amines Chemicals Ltd</name>
        <lei>335800Q3QM17QE7P1X04</lei>
        <title>ALKYL AMINES CHEMICALS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE150B01039"/>
          <other otherDesc="Internal" value="BMGH718"/>
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        <balance>27467.00000000</balance>
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        <valUSD>577782.59000000</valUSD>
        <pctVal>0.074608237522</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>PARADEEP PHOSPHATES LTD</name>
        <lei>335800FQJ3X6Y6V2YG94</lei>
        <title>PARADEEP PHOSPHATES LTD</title>
        <cusip>Y6S94E114</cusip>
        <identifiers>
          <isin value="INE088F01024"/>
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        <balance>890430.00000000</balance>
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        <valUSD>1493758.46000000</valUSD>
        <pctVal>0.192886888447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RailTel Corporation of India Limited</name>
        <lei>335800OMH6YS2N3W7Y06</lei>
        <title>RAILTEL CORP OF INDIA LTD</title>
        <cusip>Y717B5108</cusip>
        <identifiers>
          <isin value="INE0DD101019"/>
          <other otherDesc="Internal" value="BMGSWD8"/>
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        <balance>183307.00000000</balance>
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        <valUSD>529890.87000000</valUSD>
        <pctVal>0.068424048377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HOME FIRST FINANCE COMPANY INDIA LIMITED</name>
        <lei>335800LHIN24IFBBN535</lei>
        <title>HOME FIRST FINANCE CO INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE481N01025"/>
          <other otherDesc="Internal" value="BMH4TB2"/>
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        <balance>187282.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avalon Technologies Ltd</name>
        <lei>335800JCPBRVSQZ3OS06</lei>
        <title>AVALON TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0LCL01028"/>
          <other otherDesc="Internal" value="BMTQ4G6"/>
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        <balance>64463.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IRB INFRASTRUCTURE DEVELOPERS LIMITED</name>
        <lei>335800XGO3AITGW6AK27</lei>
        <title>IRB INFRASTRUCTURE DEVELOPERS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE821I01022"/>
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        <balance>6998730.00000000</balance>
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        <valUSD>1421500.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GMR POWER AND URBAN INFRA LIMITED</name>
        <lei>335800T1CSFF6PNMGZ84</lei>
        <title>GMR POWER AND URBAN INFRA LTD</title>
        <cusip>Y2R3EY112</cusip>
        <identifiers>
          <isin value="INE0CU601026"/>
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        <balance>74687.00000000</balance>
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        <valUSD>70709.28000000</valUSD>
        <pctVal>0.009130587955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IPCA LABORATORIES LIMITED</name>
        <lei>33580069PZ8ZQVCDBC38</lei>
        <title>IPCA LABORATORIES LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE571A01038"/>
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        <balance>295576.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KALYAN JEWELLERS INDIA LIMITED</name>
        <lei>335800EP35CO1QHM9P33</lei>
        <title>KALYAN JEWELLERS INDIA LTD</title>
        <cusip>Y4524W101</cusip>
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          <isin value="INE303R01014"/>
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        <balance>765603.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TAMILNAD MERCANTILE BANK LIMITED</name>
        <lei>335800AYAN6LJY14L887</lei>
        <title>TAMILNAD MERCANTILE BANK LTD</title>
        <cusip>Y8T6KQ102</cusip>
        <identifiers>
          <isin value="INE668A01016"/>
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        <balance>163145.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ZYDUS WELLNESS LIMITED</name>
        <lei>335800YCS4FG8P1D1Y21</lei>
        <title>ZYDUS WELLNESS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE768C01028"/>
          <other otherDesc="Internal" value="BMYS757"/>
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        <balance>204361.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRANSRAIL LIGHTING LIMITED</name>
        <lei>335800YVQH6OK34CF882</lei>
        <title>TRANSRAIL LIGHTING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE454P01035"/>
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        <balance>68590.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>LAURUS LABS LIMITED</name>
        <lei>335800S8HO8QRYP3VQ26</lei>
        <title>LAURUS LABS LTD</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eureka Forbes Ltd</name>
        <lei>335800EIJBYPQRSF4936</lei>
        <title>EUREKA FORBES LTD</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ADITYA BIRLA SUN LIFE AMC LIMITED</name>
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        <title>ADITYA BIRLA SUN LIFE ASSET MANAGEMENT CO LTD</title>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FINOLEX INDUSTRIES LIMITED</name>
        <lei>335800DLFD2ERNKIDE17</lei>
        <title>FINOLEX INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CAMPUS ACTIVEWEAR LIMITED</name>
        <lei>3358004PT3NRFB1FYG32</lei>
        <title>CAMPUS ACTIVEWEAR LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DELHIVERY LIMITED</name>
        <lei>335800CUQ1SBCH9TTH82</lei>
        <title>DELHIVERY LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Gland Pharma Ltd</name>
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        <title>GLAND PHARMA LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MTAR Technologies Limited</name>
        <lei>335800UNMDTJY4S5SP37</lei>
        <title>MTAR TECHNOLOGIES LTD</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bikaji Foods International Ltd</name>
        <lei>335800L7NF5DOD1W7A75</lei>
        <title>BIKAJI FOODS INTERNATIONAL LTD</title>
        <cusip>N/A</cusip>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL HEALTH LIMITED</name>
        <lei>335800TEDV7GWBKTVO07</lei>
        <title>GLOBAL HEALTH LTD INDIA</title>
        <cusip>Y2R1K6136</cusip>
        <identifiers>
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        <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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        <name>INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED</name>
        <lei>335800AXWFKW4BC99J48</lei>
        <title>INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD</title>
        <cusip>Y3945C108</cusip>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACME SOLAR HOLDINGS LIMITED</name>
        <lei>335800M71QIL8BBZZE98</lei>
        <title>ACME SOLAR HOLDINGS LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE622W01025"/>
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        <balance>413517.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ksb Ltd</name>
        <lei>335800FDYJZZ3VY9TD41</lei>
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        <cusip>N/A</cusip>
        <identifiers>
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        <balance>112062.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RAINBOW CHILDREN'S MEDICARE LIMITED</name>
        <lei>894500O094S259NC7H64</lei>
        <title>RAINBOW CHILDREN S MEDICARE LTD</title>
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          <isin value="INE961O01016"/>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DEEPAK NITRITE LIMITED</name>
        <lei>335800FKRXU8C9F4PI09</lei>
        <title>DEEPAK NITRITE LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE288B01029"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aether Industries Limited</name>
        <lei>335800N7FL6LX9XELD45</lei>
        <title>AETHER INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0BWX01014"/>
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        <balance>69696.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARCHEAN CHEMICAL INDUSTRIES LIMITED</name>
        <lei>335800SM3YUC83D34P94</lei>
        <title>ARCHEAN CHEMICAL INDUSTRIES LTD</title>
        <cusip>Y0209W119</cusip>
        <identifiers>
          <isin value="INE128X01021"/>
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        <balance>119136.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PCBL CHEMICAL LIMITED</name>
        <lei>335800I8VXFCCF21IB24</lei>
        <title>PCBL CHEMICAL LTD</title>
        <cusip>Y6799A102</cusip>
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          <isin value="INE602A01031"/>
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        <balance>337512.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CarTrade Tech Limited</name>
        <lei>984500F5CDO5D86C1326</lei>
        <title>CARTRADE TECH LTD</title>
        <cusip>Y6191F105</cusip>
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          <isin value="INE290S01011"/>
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        <balance>86723.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HINDUSTAN FOODS LIMITED</name>
        <lei>3358008UGFBJ9MOQ5P04</lei>
        <title>HINDUSTAN FOODS LTD</title>
        <cusip>Y32174131</cusip>
        <identifiers>
          <isin value="INE254N01026"/>
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        <balance>76868.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SONA BLW PRECISION FORGINGS LIMITED</name>
        <lei>335800LEL76GE6551Q27</lei>
        <title>SONA BLW PRECISION FORGINGS LTD</title>
        <cusip>Y8T725106</cusip>
        <identifiers>
          <isin value="INE073K01018"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Computer Age Management Services Limited</name>
        <lei>33580012MDHMBHWN5Z06</lei>
        <title>COMPUTER AGE MANAGEMENT SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nexus Select Trust</name>
        <lei>3358005ZHLYHK1WZGL78</lei>
        <title>NEXUS SELECT TRUST</title>
        <cusip>N/A</cusip>
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          <isin value="INE0NDH25011"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Shaily Engineering Plastics Ltd</name>
        <lei>335800T1LWSQ3UCPMB53</lei>
        <title>SHAILY ENGINEERING PLASTICS LTD</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CESC LTD</name>
        <lei>3358009RW8LFOENISG12</lei>
        <title>CESC LTD</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SKF India (Industrial) Ltd</name>
        <lei>636700F6748TZ31B5K67</lei>
        <title>SKF INDIA INDUSTRIAL LTD</title>
        <cusip>N/A</cusip>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Jubilant FoodWorks Limited</name>
        <lei>9845000D3B99893F5B14</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>G R INFRAPROJECTS LIMITED</name>
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        <title>G R INFRAPROJECTS LTD</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>AUTHUM INVESTMENT &amp; INFRASTRUCTURE LIMITED</name>
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        <title>AUTHUM INVESTMENT INFRASTUCTURE LTD</title>
        <cusip>Y0R84J150</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Vedant Fashions Limited</name>
        <lei>335800EPS7Z6EH9QKD16</lei>
        <title>VEDANT FASHIONS LTD</title>
        <cusip>Y93655127</cusip>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>OLA ELECTRIC MOBILITY LIMITED</name>
        <lei>335800BB7I348XAZPI13</lei>
        <title>OLA ELECTRIC MOBILITY LTD</title>
        <cusip>Y6473D307</cusip>
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          <isin value="INE0LXG01040"/>
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        <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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        <name>FIVE-STAR BUSINESS FINANCE LIMITED</name>
        <lei>335800SDB5FANSP25Z85</lei>
        <title>FIVE STAR BUSINESS FINANCE LTD</title>
        <cusip>Y2576G131</cusip>
        <identifiers>
          <isin value="INE128S01021"/>
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        <balance>392326.00000000</balance>
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        <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>KAYNES TECHNOLOGY INDIA LIMITED</name>
        <lei>335800BMPIF3PQ2IPI37</lei>
        <title>KAYNES TECHNOLOGY INDIA LTD</title>
        <cusip>Y459GV105</cusip>
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          <isin value="INE918Z01012"/>
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        <balance>63927.00000000</balance>
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        <pctVal>0.318847909135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SANSERA ENGINEERING LIMITED</name>
        <lei>335800XI377HHFNG6381</lei>
        <title>SANSERA ENGINEERING LTD</title>
        <cusip>Y5414A133</cusip>
        <identifiers>
          <isin value="INE953O01021"/>
          <other otherDesc="Internal" value="BP6QR49"/>
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        <balance>89653.00000000</balance>
        <units>NS</units>
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        <valUSD>3777396.94000000</valUSD>
        <pctVal>0.487769851484</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>
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      <invstOrSec>
        <name>RATEGAIN TRAVEL TECHNOLOGIES LIMITED</name>
        <lei>335800SLVPD79CRGF875</lei>
        <title>RATEGAIN TRAVEL TECHNOLOGIES LTD</title>
        <cusip>Y719FZ104</cusip>
        <identifiers>
          <isin value="INE0CLI01024"/>
          <other otherDesc="Internal" value="BP6TX17"/>
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        <balance>107443.00000000</balance>
        <units>NS</units>
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        <valUSD>1057011.20000000</valUSD>
        <pctVal>0.136490340896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Data Patterns (India) Ltd</name>
        <lei>894500IFAYOMBFJ0QB53</lei>
        <title>DATA PATTERNS INDIA LTD</title>
        <cusip>Y2000Q101</cusip>
        <identifiers>
          <isin value="INE0IX101010"/>
          <other otherDesc="Internal" value="BP6VTX7"/>
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        <balance>53684.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2546201.39000000</valUSD>
        <pctVal>0.328787335187</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>INOX GREEN ENERGY SERVICES LIMITED</name>
        <lei>335800D2ZSZBON374I11</lei>
        <title>INOX GREEN ENERGY SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE510W01014"/>
          <other otherDesc="Internal" value="BP6WHZ8"/>
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        <balance>238917.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>418249.12000000</valUSD>
        <pctVal>0.054007909252</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>GODAWARI POWER AND ISPAT LIMITED</name>
        <lei>335800BC29IHAN5IOG37</lei>
        <title>GODAWARI POWER AND ISPAT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE177H01039"/>
          <other otherDesc="Internal" value="BP7ML77"/>
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        <balance>458662.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1172509.26000000</valUSD>
        <pctVal>0.151404439802</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>Anand Rathi Wealth Ltd</name>
        <lei>984500F6VS94CFBA2E48</lei>
        <title>ANAND RATHI WEALTH LTD</title>
        <cusip>Y0R8ZN108</cusip>
        <identifiers>
          <isin value="INE463V01026"/>
          <other otherDesc="Internal" value="BP83HF9"/>
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        <balance>173365.00000000</balance>
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        <valUSD>4012536.99000000</valUSD>
        <pctVal>0.518133149037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NUVAMA WEALTH MANAGEMENT LIMITED</name>
        <lei>3358002Y23HZBJW49C38</lei>
        <title>NUVAMA WEALTH MANAGEMENT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE531F01023"/>
          <other otherDesc="Internal" value="BP955R2"/>
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        <balance>155024.00000000</balance>
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        <valUSD>2853171.71000000</valUSD>
        <pctVal>0.368425972528</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>RAMKRISHNA FORGINGS LTD</name>
        <lei>335800DCYR2328NWUC07</lei>
        <title>RAMKRISHNA FORGINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE399G01023"/>
          <other otherDesc="Internal" value="BP95CX7"/>
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        <balance>151681.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1183716.48000000</valUSD>
        <pctVal>0.152851612054</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>DR. AGARWAL'S HEALTH CARE LIMITED</name>
        <lei>335800UD8NPTKDGOWP48</lei>
        <title>DR AGARWAL S HEALTH CARE LTD</title>
        <cusip>Y2105X241</cusip>
        <identifiers>
          <isin value="INE943P01029"/>
          <other otherDesc="Internal" value="BPBM1Z1"/>
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        <balance>166562.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>897059.00000000</valUSD>
        <pctVal>0.115835942622</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>CMS Info Systems Ltd</name>
        <lei>335800CJKQ8UKRCDKY63</lei>
        <title>CMS INFO SYSTEMS LTD</title>
        <cusip>Y1R6G9102</cusip>
        <identifiers>
          <isin value="INE925R01014"/>
          <other otherDesc="Internal" value="BPCK1D2"/>
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        <balance>315250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>806147.87000000</valUSD>
        <pctVal>0.104096718737</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>Vijaya Diagnostic Centre Limited</name>
        <lei>33580036Q5DTJTG86994</lei>
        <title>VIJAYA DIAGNOSTIC CENTRE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE043W01024"/>
          <other otherDesc="Internal" value="BPDXQ02"/>
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        <balance>103076.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1642316.92000000</valUSD>
        <pctVal>0.212070029409</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>Latent View Analytics Ltd</name>
        <lei>335800DH59WJEXU4X131</lei>
        <title>LATENT VIEW ANALYTICS LTD</title>
        <cusip>Y5S9BG105</cusip>
        <identifiers>
          <isin value="INE0I7C01011"/>
          <other otherDesc="Internal" value="BPG97T3"/>
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        <balance>121950.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>345034.48000000</valUSD>
        <pctVal>0.044553807751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENTERO HEALTHCARE SOLUTIONS LIMITED</name>
        <lei>335800JIMRC57GVQFT50</lei>
        <title>ENTERO HEALTHCARE SOLUTIONS LTD</title>
        <cusip>Y23050100</cusip>
        <identifiers>
          <isin value="INE010601016"/>
          <other otherDesc="Internal" value="BPGKZR0"/>
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        <balance>32715.00000000</balance>
        <units>NS</units>
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        <valUSD>621865.94000000</valUSD>
        <pctVal>0.080300657308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Affle 3i Ltd</name>
        <lei>335800VOXUF6XMCWSD89</lei>
        <title>AFFLE 3I LTD</title>
        <cusip>Y0R1P9113</cusip>
        <identifiers>
          <isin value="INE00WC01027"/>
          <other otherDesc="Internal" value="BPH04P0"/>
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        <balance>127805.00000000</balance>
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        <pctVal>0.276745933911</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>SYRMA SGS TECHNOLOGY LIMITED</name>
        <lei>335800ZBB8PM892U4J75</lei>
        <title>SYRMA SGS TECHNOLOGY LTD</title>
        <cusip>Y83492101</cusip>
        <identifiers>
          <isin value="INE0DYJ01015"/>
          <other otherDesc="Internal" value="BPH2MZ2"/>
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        <balance>163433.00000000</balance>
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        <pctVal>0.317912397206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aarti Pharmalabs Ltd</name>
        <lei>335800TTAKRBNDK5P363</lei>
        <title>AARTI PHARMALABS LTD</title>
        <cusip>Y002LW113</cusip>
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          <isin value="INE0LRU01027"/>
          <other otherDesc="Internal" value="BPJJ4M2"/>
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        <balance>90621.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LE TRAVENUES TECHNOLOGY LIMITED</name>
        <lei>894500YYQ69FQ449KJ55</lei>
        <title>LE TRAVENUES TECHNOLOGY LTD</title>
        <cusip>Y5265T108</cusip>
        <identifiers>
          <isin value="INE0HV901016"/>
          <other otherDesc="Internal" value="BPK85H0"/>
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        <balance>422980.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>ALLIED BLENDERS AND DISTILLERS LIMITED</name>
        <lei>335800XU2PVRYNZP8A55</lei>
        <title>ALLIED BLENDERS DISTILLERS LTD</title>
        <cusip>Y0038W116</cusip>
        <identifiers>
          <isin value="INE552Z01027"/>
          <other otherDesc="Internal" value="BPLYWP4"/>
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        <balance>105138.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prudent Corporate Advisory Services Ltd</name>
        <lei>335800YN8XGUHYLE4R90</lei>
        <title>PRUDENT CORPORATE ADVISORY SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE00F201020"/>
          <other otherDesc="Internal" value="BPNVWR5"/>
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        <balance>37498.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Motherson Sumi Wiring India Ltd</name>
        <lei>335800Y5S92WUOZT3C60</lei>
        <title>MOTHERSON SUMI WIRING INDIA LTD</title>
        <cusip>Y613MV100</cusip>
        <identifiers>
          <isin value="INE0FS801015"/>
          <other otherDesc="Internal" value="BPR9V01"/>
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        <balance>5261187.00000000</balance>
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        <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>JINDAL SAW LIMITED</name>
        <lei>335800DDPMLWP71NRQ10</lei>
        <title>JINDAL SAW LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE324A01032"/>
          <other otherDesc="Internal" value="BPSRBX7"/>
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        <balance>479937.00000000</balance>
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        <valUSD>1558362.17000000</valUSD>
        <pctVal>0.201229072902</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>LLOYDS ENGINEERING WORKS LIMITED</name>
        <lei>335800DPEX2ATK6OX127</lei>
        <title>LLOYDS ENGINEERING WORKS LTD</title>
        <cusip>Y5327S155</cusip>
        <identifiers>
          <isin value="INE093R01011"/>
          <other otherDesc="Internal" value="BPT2CH2"/>
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        <balance>1199545.00000000</balance>
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        <valUSD>1087024.93000000</valUSD>
        <pctVal>0.140365970822</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>TBO TEK LIMITED</name>
        <lei>3358006X42UDL4UIOH37</lei>
        <title>TBO TEK LTD</title>
        <cusip>Y854DA106</cusip>
        <identifiers>
          <isin value="INE673O01025"/>
          <other otherDesc="Internal" value="BPWCC13"/>
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        <balance>68223.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1248455.06000000</valUSD>
        <pctVal>0.161211212079</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>Go Digit General Insurance Limited</name>
        <lei>335800SK7LCVIS6FV951</lei>
        <title>GO DIGIT GENERAL INSURANCE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE03JT01014"/>
          <other otherDesc="Internal" value="BQ0K6B4"/>
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        <balance>485244.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1310323.20000000</valUSD>
        <pctVal>0.169200156301</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>Concord Biotech Ltd</name>
        <lei>335800FBIZZTLAXLXZ73</lei>
        <title>CONCORD BIOTECH LTD</title>
        <cusip>Y1R98V114</cusip>
        <identifiers>
          <isin value="INE338H01029"/>
          <other otherDesc="Internal" value="BQ7YLD6"/>
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        <balance>56069.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>851782.03000000</valUSD>
        <pctVal>0.109989392396</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>HEXAWARE TECHNOLOGIES LIMITED</name>
        <lei>335800ZHALNQ1Q2JCP43</lei>
        <title>HEXAWARE TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE093A01041"/>
          <other otherDesc="Internal" value="BQ98501"/>
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        <balance>312499.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1818063.55000000</valUSD>
        <pctVal>0.234763939786</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>PEARL GLOBAL INDUSTRIES LIMITED</name>
        <lei>33580081F89U3LE4DG24</lei>
        <title>PEARL GLOBAL INDUSTRIES LTD</title>
        <cusip>Y68035115</cusip>
        <identifiers>
          <isin value="INE940H01022"/>
          <other otherDesc="Internal" value="BQB9DC0"/>
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        <balance>34664.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>895619.93000000</valUSD>
        <pctVal>0.115650117576</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>Tata Technologies Ltd</name>
        <lei>335800C73TP3LSSF2S14</lei>
        <title>TATA TECHNOLOGIES LTD</title>
        <cusip>Y8T42X110</cusip>
        <identifiers>
          <isin value="INE142M01025"/>
          <other otherDesc="Internal" value="BQC5HK3"/>
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        <balance>346057.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3017112.23000000</valUSD>
        <pctVal>0.389595376846</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>Acutaas Chemicals Ltd</name>
        <lei>335800BQIYJ5LQOLWE94</lei>
        <title>ACUTAAS CHEMICALS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE00FF01025"/>
          <other otherDesc="Internal" value="BQD2NX8"/>
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        <balance>104681.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3469341.06000000</valUSD>
        <pctVal>0.447991037337</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>360 ONE WAM LIMITED</name>
        <lei>335800DDYMCDBO5OLL32</lei>
        <title>360 ONE WAM LTD</title>
        <cusip>Y8R01R106</cusip>
        <identifiers>
          <isin value="INE466L01038"/>
          <other otherDesc="Internal" value="BQKRHR8"/>
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        <balance>495299.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>6108359.92000000</valUSD>
        <pctVal>0.788763759360</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>Netweb Technologies India Ltd</name>
        <lei>335800OOUVFL1RE5GY79</lei>
        <title>NETWEB TECHNOLOGIES INDIA LTD</title>
        <cusip>Y6275F112</cusip>
        <identifiers>
          <isin value="INE0NT901020"/>
          <other otherDesc="Internal" value="BQPDLK2"/>
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        <balance>36121.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1964964.53000000</valUSD>
        <pctVal>0.253733052732</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>NMDC STEEL LIMITED</name>
        <lei>335800XNI1D4ZCE7VG97</lei>
        <title>NMDC STEEL LTD</title>
        <cusip>Y62245108</cusip>
        <identifiers>
          <isin value="INE0NNS01018"/>
          <other otherDesc="Internal" value="BQPDVR9"/>
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        <balance>1424197.00000000</balance>
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        <valUSD>690109.77000000</valUSD>
        <pctVal>0.089112885240</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>AFCONS INFRASTRUCTURE LIMITED</name>
        <lei>335800OKAQF4E62NHB43</lei>
        <title>AFCONS INFRASTRUCTURE LTD</title>
        <cusip>Y0R19K116</cusip>
        <identifiers>
          <isin value="INE101I01011"/>
          <other otherDesc="Internal" value="BQPFYZ4"/>
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        <balance>307046.00000000</balance>
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        <pctVal>0.118839680972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JAMMU AND KASHMIR BANK LIMITED</name>
        <lei>3358003EPKRYNVG21Y80</lei>
        <title>JAMMU KASHMIR BANK LTD THE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE168A01041"/>
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        <balance>825820.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VESUVIUS INDIA LTD</name>
        <lei>335800H1T1GO1JY1VF55</lei>
        <title>VESUVIUS INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE386A01023"/>
          <other otherDesc="Internal" value="BQTW8Y8"/>
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        <balance>179368.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TD Power Systems Ltd</name>
        <lei>335800X4CR12E4TJMM03</lei>
        <title>TD POWER SYSTEMS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE419M01035"/>
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        <balance>466050.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanofi Consumer Healthcare India Ltd</name>
        <lei>335800KNPYJUQEW2VL06</lei>
        <title>SANOFI CONSUMER HEALTHCARE INDIA LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE0UOS01011"/>
          <other otherDesc="Internal" value="BR3Y7Q2"/>
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        <balance>13472.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Intellect Design Arena Ltd</name>
        <lei>3358004QZC2VU3T3ZI04</lei>
        <title>INTELLECT DESIGN ARENA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SBFC FINANCE LIMITED</name>
        <lei>335800DFBB12VIKCJ366</lei>
        <title>SBFC FINANCE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE423Y01016"/>
          <other otherDesc="Internal" value="BRBFRW3"/>
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        <balance>830023.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ion Exchange (India) Ltd</name>
        <lei>335800LPFG43TGKDGX26</lei>
        <title>ION EXCHANGE INDIA LTD</title>
        <cusip>Y4175H148</cusip>
        <identifiers>
          <isin value="INE570A01022"/>
          <other otherDesc="Internal" value="BRBKK74"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ANGEL ONE LIMITED</name>
        <lei>3358003DRK7SFA3Q3214</lei>
        <title>ANGEL ONE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE732I01021"/>
          <other otherDesc="Internal" value="BRBTVP6"/>
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        <balance>970295.00000000</balance>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUDARSHAN CHEMICAL INDUSTRIES LIMITED</name>
        <lei>335800WD6GHGEBC1NL08</lei>
        <title>SUDARSHAN CHEMICAL INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE659A01023"/>
          <other otherDesc="Internal" value="BRC0Q31"/>
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        <balance>92724.00000000</balance>
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        <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>PIRAMAL FINANCE LIMITED</name>
        <lei>335800M751HM7MSTFQ19</lei>
        <title>PIRAMAL FINANCE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE202B01038"/>
          <other otherDesc="Internal" value="BRC1TM4"/>
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        <balance>227990.00000000</balance>
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        <valUSD>5502903.94000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAPRI GLOBAL CAPITAL LIMITED</name>
        <lei>335800TK9VGT1V3HMK74</lei>
        <title>CAPRI GLOBAL CAPITAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE180C01042"/>
          <other otherDesc="Internal" value="BRC7ZW4"/>
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        <balance>432595.00000000</balance>
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        <valUSD>1163663.28000000</valUSD>
        <pctVal>0.150262171087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PC JEWELLER LIMITED</name>
        <lei>549300CUM32XRGMRIJ03</lei>
        <title>PC JEWELLER LTD</title>
        <cusip>Y6S75W158</cusip>
        <identifiers>
          <isin value="INE785M01021"/>
          <other otherDesc="Internal" value="BRCCQG0"/>
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        <balance>5081600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>585680.03000000</valUSD>
        <pctVal>0.075628022627</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>
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      <invstOrSec>
        <name>R R KABEL LIMITED</name>
        <lei>3358009R2X3MLNJQ9B10</lei>
        <title>RR KABEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE777K01022"/>
          <other otherDesc="Internal" value="BRJB0F7"/>
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        <balance>71621.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2200513.23000000</valUSD>
        <pctVal>0.284149118674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BELRISE INDUSTRIES LIMITED</name>
        <lei>335800X178A6ZYWEY594</lei>
        <title>BELRISE INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE894V01022"/>
          <other otherDesc="Internal" value="BRJG933"/>
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        <balance>619591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1511240.50000000</valUSD>
        <pctVal>0.195144319209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ONESOURCE SPECIALTY PHARMA LIMITED</name>
        <lei>335800TP5C932B9IQT98</lei>
        <title>ONESOURCE SPECIALTY PHARMA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE013P01021"/>
          <other otherDesc="Internal" value="BRK25P4"/>
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        <balance>126894.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2022953.44000000</valUSD>
        <pctVal>0.261221077546</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>Tips Music Ltd</name>
        <lei>894500VNJRDRQC3GJX49</lei>
        <title>TIPS MUSIC LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE716B01029"/>
          <other otherDesc="Internal" value="BRK3T77"/>
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        <balance>82404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>556644.52000000</valUSD>
        <pctVal>0.071878708847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PREMIER ENERGIES LIMITED</name>
        <lei>335800WBEGQHA5EB6C35</lei>
        <title>PREMIER ENERGIES LTD</title>
        <cusip>Y708PC107</cusip>
        <identifiers>
          <isin value="INE0BS701011"/>
          <other otherDesc="Internal" value="BRQNWB6"/>
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        <balance>268786.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2922886.02000000</valUSD>
        <pctVal>0.377428081434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Krishna Institute of Medical Sciences Ltd</name>
        <lei>254900JA6LS4UY2ZCR81</lei>
        <title>KRISHNA INSTITUTE OF MEDICAL SCIENCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE967H01025"/>
          <other otherDesc="Internal" value="BRQPHN9"/>
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        <balance>508016.00000000</balance>
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        <valUSD>4029314.21000000</valUSD>
        <pctVal>0.520299567403</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>Waaree Renewable Technologies Ltd</name>
        <lei>984500A7F577DA38BF35</lei>
        <title>WAAREE RENEWABLE TECHNOLOGIES LTD</title>
        <cusip>Y938ND100</cusip>
        <identifiers>
          <isin value="INE299N01021"/>
          <other otherDesc="Internal" value="BRRGTB3"/>
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        <balance>52183.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>477650.55000000</valUSD>
        <pctVal>0.061678330748</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>Indegene Ltd</name>
        <lei>335800XFEREFIW9LG995</lei>
        <title>INDEGENE LTD</title>
        <cusip>Y3914P114</cusip>
        <identifiers>
          <isin value="INE065X01017"/>
          <other otherDesc="Internal" value="BRS7PW8"/>
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        <balance>165820.00000000</balance>
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        <valUSD>1064551.27000000</valUSD>
        <pctVal>0.137463979325</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>EMCURE PHARMACEUTICALS LIMITED</name>
        <lei>335800WYB6OIBY9EOZ42</lei>
        <title>EMCURE PHARMACEUTICALS LTD</title>
        <cusip>Y228AJ107</cusip>
        <identifiers>
          <isin value="INE168P01015"/>
          <other otherDesc="Internal" value="BRSCRT4"/>
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        <balance>69054.00000000</balance>
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        <valUSD>1343853.12000000</valUSD>
        <pctVal>0.173529826801</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>Yatharth Hospital &amp; Trauma Care Services Ltd</name>
        <lei>335800O1RTF5PUR2BH37</lei>
        <title>YATHARTH HOSPITAL TRAUMA CARE SERVICES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0JO301016"/>
          <other otherDesc="Internal" value="BRT7NL2"/>
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        <balance>82692.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAX ESTATES LIMITED</name>
        <lei>335800SK4H661DYB9B13</lei>
        <title>MAX ESTATES LTD</title>
        <cusip>Y58213102</cusip>
        <identifiers>
          <isin value="INE03EI01018"/>
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        <balance>103722.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PG ELECTROPLAST LIMITED</name>
        <lei>335800KCTBN8PT395N87</lei>
        <title>PG ELECTROPLAST LTD</title>
        <cusip>Y6S267120</cusip>
        <identifiers>
          <isin value="INE457L01029"/>
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        <balance>331015.00000000</balance>
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        <pctVal>0.260242645864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ITC Hotels Ltd</name>
        <lei>335800IFHF7F1488ND22</lei>
        <title>ITC HOTELS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE379A01028"/>
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        <balance>1322796.00000000</balance>
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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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        <name>Paras Defence and Space Technologies Limited</name>
        <lei>3358009CCJBJYJS8VK65</lei>
        <title>PARAS DEFENCE SPACE TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE045601023"/>
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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>Jyoti CNC Automation Ltd</name>
        <lei>335800QTPXPMUX9DFI48</lei>
        <title>JYOTI CNC AUTOMATION LTD</title>
        <cusip>Y447AW120</cusip>
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        <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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        <name>SARDA ENERGY &amp; MINERALS LIMITED</name>
        <lei>3358008BGCGZ8DKYHY59</lei>
        <title>SARDA ENERGY MINERALS LTD</title>
        <cusip>Y7527G106</cusip>
        <identifiers>
          <isin value="INE385C01021"/>
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        <balance>170601.00000000</balance>
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        <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>Fractal Analytics Ltd</name>
        <lei>335800EORWMNDCWHE628</lei>
        <title>FRACTAL ANALYTICS LTD</title>
        <cusip>Y2R37F103</cusip>
        <identifiers>
          <isin value="INE212S01015"/>
          <other otherDesc="Internal" value="BS2C6X4"/>
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        <balance>83980.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AZAD ENGINEERING LIMITED</name>
        <lei>3358006TNGEH6SXUN490</lei>
        <title>AZAD ENGINEERING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE02IJ01035"/>
          <other otherDesc="Internal" value="BS2MCW5"/>
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        <balance>58039.00000000</balance>
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        <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>Happy Forgings Ltd</name>
        <lei>335800V36LP8EZG1MQ28</lei>
        <title>HAPPY FORGINGS LTD</title>
        <cusip>Y306B9110</cusip>
        <identifiers>
          <isin value="INE330T01021"/>
          <other otherDesc="Internal" value="BS2MCY7"/>
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        <balance>43481.00000000</balance>
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        <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>INDIA SHELTER FINANCE CORPORATION LIMITED</name>
        <lei>335800LYXG6JYBGK1K19</lei>
        <title>INDIA SHELTER FINANCE CORP LTD</title>
        <cusip>Y3R37G182</cusip>
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          <isin value="INE922K01024"/>
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        <balance>93212.00000000</balance>
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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>
      <invstOrSec>
        <name>Aditya Vision Ltd</name>
        <lei>335800SCGYWDDBIW5L36</lei>
        <title>ADITYA VISION LTD</title>
        <cusip>Y0R1BF114</cusip>
        <identifiers>
          <isin value="INE679V01027"/>
          <other otherDesc="Internal" value="BS60CR0"/>
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        <balance>124636.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>785622.78000000</valUSD>
        <pctVal>0.101446343291</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ASK Automotive Ltd</name>
        <lei>335800JQETY6RD4Y6N79</lei>
        <title>ASK AUTOMOTIVE LTD</title>
        <cusip>Y0R96T113</cusip>
        <identifiers>
          <isin value="INE491J01022"/>
          <other otherDesc="Internal" value="BSBKLM3"/>
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        <balance>101367.00000000</balance>
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        <valUSD>702647.20000000</valUSD>
        <pctVal>0.090731825602</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>GODFREY PHILLIPS INDIA LIMITED</name>
        <lei>335800G5RNAHTNVKE518</lei>
        <title>GODFREY PHILLIPS INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE260B01028"/>
          <other otherDesc="Internal" value="BSBML96"/>
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        <balance>79122.00000000</balance>
        <units>NS</units>
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        <valUSD>1747486.84000000</valUSD>
        <pctVal>0.225650470405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Honasa Consumer Ltd</name>
        <lei>2549004POI9PD5S9GC46</lei>
        <title>HONASA CONSUMER LTD</title>
        <cusip>Y3R4AH101</cusip>
        <identifiers>
          <isin value="INE0J5401028"/>
          <other otherDesc="Internal" value="BSCC0R6"/>
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        <balance>278464.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1404373.41000000</valUSD>
        <pctVal>0.181344725085</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>SAGILITY LIMITED</name>
        <lei>9845009870B757E1WA45</lei>
        <title>SAGILITY LTD</title>
        <cusip>Y7397A106</cusip>
        <identifiers>
          <isin value="INE0W2G01015"/>
          <other otherDesc="Internal" value="BSF1M07"/>
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        <balance>4738586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2341872.10000000</valUSD>
        <pctVal>0.302402586902</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>AADHAR HOUSING FINANCE LIMITED</name>
        <lei>335800JQMNJOX3W7LY96</lei>
        <title>AADHAR HOUSING FINANCE LTD</title>
        <cusip>Y2R63Y109</cusip>
        <identifiers>
          <isin value="INE883F01010"/>
          <other otherDesc="Internal" value="BSRJP77"/>
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        <balance>196435.00000000</balance>
        <units>NS</units>
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        <valUSD>964940.93000000</valUSD>
        <pctVal>0.124601438925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ZEN TECHNOLOGIES LIMITED</name>
        <lei>335800LESMFKPK45XK09</lei>
        <title>ZEN TECHNOLOGIES LTD</title>
        <cusip>Y988A0131</cusip>
        <identifiers>
          <isin value="INE251B01027"/>
          <other otherDesc="Internal" value="BSRYWF9"/>
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        <balance>93248.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <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>Senco Gold Ltd</name>
        <lei>549300D3BL7586VX0W90</lei>
        <title>SENCO GOLD LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE602W01027"/>
          <other otherDesc="Internal" value="BSS9GR3"/>
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        <balance>122923.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>449482.10000000</valUSD>
        <pctVal>0.058040979183</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>Nazara Technologies Limited</name>
        <lei>894500B0646LKDKI2B52</lei>
        <title>NAZARA TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE418L01047"/>
          <other otherDesc="Internal" value="BSSB765"/>
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        <balance>318082.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sai Life Sciences Limited</name>
        <lei>335800JBS3NY25NIBC93</lei>
        <title>SAI LIFE SCIENCES LTD</title>
        <cusip>Y7451T124</cusip>
        <identifiers>
          <isin value="INE570L01029"/>
          <other otherDesc="Internal" value="BSSDKD9"/>
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        <balance>280110.00000000</balance>
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        <pctVal>0.554582662018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brainbees Solutions Limited</name>
        <lei>984500FBE5B11U0E8846</lei>
        <title>BRAINBEES SOLUTIONS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE02RE01045"/>
          <other otherDesc="Internal" value="BSWT6T1"/>
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        <balance>204299.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
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        <pctVal>0.050476785302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KPI GREEN ENERGY LIMITED</name>
        <lei>984500D2AMA5003HEE38</lei>
        <title>KPI GREEN ENERGY LTD</title>
        <cusip>Y49843108</cusip>
        <identifiers>
          <isin value="INE542W01025"/>
          <other otherDesc="Internal" value="BSWXGM6"/>
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        <balance>190603.00000000</balance>
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        <pctVal>0.078636041590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ELECON ENGINEERING COMPANY LIMITED</name>
        <lei>335800H65LT1IKZEIF87</lei>
        <title>ELECON ENGINEERING CO LTD</title>
        <cusip>Y2R72B116</cusip>
        <identifiers>
          <isin value="INE205B01031"/>
          <other otherDesc="Internal" value="BSWYQD0"/>
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        <balance>169106.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blackbuck Ltd</name>
        <lei>3358003IBMJFDHOYF615</lei>
        <title>BLACKBUCK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0UIZ01018"/>
          <other otherDesc="Internal" value="BT6PDB3"/>
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        <balance>214348.00000000</balance>
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        <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>International Gemological Institute Ltd</name>
        <lei>254900EP4A4RLO5W8Y29</lei>
        <title>INTERNATIONAL GEMOLOGICAL INSTITUTE LIMITED</title>
        <cusip>Y4R06E117</cusip>
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          <isin value="INE0Q9301021"/>
          <other otherDesc="Internal" value="BTDQFW4"/>
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        <balance>209133.00000000</balance>
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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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        <name>JK TYRE &amp; INDUSTRIES LIMITED</name>
        <lei>33580099JDMRD3G39P82</lei>
        <title>JK TYRE INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE573A01042"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>MRS. BECTORS FOOD SPECIALITIES LIMITED</name>
        <lei>335800TWJ1MO9UMQPJ22</lei>
        <title>MRS BECTORS FOOD SPECIALITIES LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE495P01020"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NAVA LIMITED</name>
        <lei>3358001S6IZR91SKJT54</lei>
        <title>NAVA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE725A01030"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>INVENTURUS KNOWLEDGE SOLUTIONS LIMITED</name>
        <lei>3358007O1GXF6BHBQX79</lei>
        <title>INVENTURUS KNOWLEDGE SOLUTIONS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
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          <other otherDesc="Internal" value="BTNLBF4"/>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>INOX RENEWABLE SOLUTIONS LTD</name>
        <lei>335800RGH4OOKWAK4Y74</lei>
        <title>INOX RENEWABLE SOLUTIONS LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE0CJZ01014"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Physicswallah Ltd</name>
        <lei>9845000AE43R1AF6A048</lei>
        <title>PHYSICSWALLAH LTD</title>
        <cusip>Y6601D104</cusip>
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          <isin value="INE0LP301011"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Emmvee Photovoltaic Power Ltd</name>
        <lei>3358007G7VJWV2CHO588</lei>
        <title>EMMVEE PHOTOVOLTAIC POWER LTD</title>
        <cusip>Y228H8112</cusip>
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          <isin value="INE1C6T01020"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VEDANTA POWER LIMITED</name>
        <lei>335800KDZAEK1ZA1G908</lei>
        <title>TALWANDI SABO POWER LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE694L01019"/>
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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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      <invstOrSec>
        <name>Vedanta Iron And Steel Limited</name>
        <lei>335800Y89YF7J22XIQ21</lei>
        <title>VEDANTA IRON AND STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE1CLE01013"/>
          <other otherDesc="Internal" value="BTXZ190"/>
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        <balance>2911552.00000000</balance>
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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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      <invstOrSec>
        <name>ADITYA BIRLA LIFESTYLE BRANDS LIMITED</name>
        <lei>3358009O75N49L8IBY55</lei>
        <title>ADITYA BIRLA LIFESTYLE BRANDS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE14LE01019"/>
          <other otherDesc="Internal" value="BTZJ866"/>
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        <balance>1090738.00000000</balance>
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        <valUSD>991942.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anthem Biosciences Limited</name>
        <lei>335800FNA941U9NMD221</lei>
        <title>ANTHEM BIOSCIENCES LTD</title>
        <cusip>Y0145S115</cusip>
        <identifiers>
          <isin value="INE0CZ201020"/>
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        <balance>184902.00000000</balance>
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        <valUSD>1733528.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JSW CEMENT LIMITED</name>
        <lei>335800KDVP88TZYLON57</lei>
        <title>JSW CEMENT LTD</title>
        <cusip>Y4S6D2103</cusip>
        <identifiers>
          <isin value="INE718I01012"/>
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        <balance>526030.00000000</balance>
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        <valUSD>695557.06000000</valUSD>
        <pctVal>0.089816285988</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>
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      <invstOrSec>
        <name>MINDA CORPORATION LIMITED</name>
        <lei>335800VFUI1QAYGOYK17</lei>
        <title>MINDA CORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE842C01021"/>
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        <balance>163298.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tenneco Clean Air India Ltd</name>
        <lei>335800C1PMX62O6J4U34</lei>
        <title>TENNECO CLEAN AIR INDIA LTD</title>
        <cusip>Y8588Q108</cusip>
        <identifiers>
          <isin value="INE19RI01016"/>
          <other otherDesc="Internal" value="BVBGZ64"/>
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        <balance>158558.00000000</balance>
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        <valUSD>879680.35000000</valUSD>
        <pctVal>0.113591862462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEELA PALACES HOTELS &amp; RESORTS LIMITED</name>
        <lei>335800TFGALVLBYPR703</lei>
        <title>LEELA PALACES HOTELS RESORTS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE0AQ201015"/>
          <other otherDesc="Internal" value="BVJ3TL0"/>
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        <balance>150672.00000000</balance>
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        <valUSD>901125.16000000</valUSD>
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        <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>COFORGE LIMITED</name>
        <lei>3358004YL9JGBNP4KF72</lei>
        <title>COFORGE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE591G01025"/>
          <other otherDesc="Internal" value="BVK9DQ0"/>
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        <balance>677051.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kwality Wall's (India) Ltd</name>
        <lei>3358004HTUS7E8UHI349</lei>
        <title>KWALITY WALL S INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE2KCE01013"/>
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        <balance>1514383.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIA GLYCOLS LIMITED</name>
        <lei>3358002YVDZUMPZLN823</lei>
        <title>INDIA GLYCOLS LTD</title>
        <cusip>Y39197119</cusip>
        <identifiers>
          <isin value="INE560A01023"/>
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        <balance>43264.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aditya Infotech Ltd</name>
        <lei>3358004ALB7OIV3T5O77</lei>
        <title>ADITYA INFOTECH LTD</title>
        <cusip>Y001AG112</cusip>
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          <isin value="INE819V01029"/>
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        <balance>56140.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Poly Medicure Limited</name>
        <lei>335800XM9YRKFWFVXO61</lei>
        <title>POLY MEDICURE LTD</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL SECURITIES DEPOSITORY LIMITED</name>
        <lei>335800NFZPTMGTPAHE42</lei>
        <title>NATIONAL SECURITIES DEPOSITORY LTD</title>
        <cusip>Y6249Y106</cusip>
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          <isin value="INE301O01023"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pine Labs Limited</name>
        <lei>335800PNP7BSLLVIBK61</lei>
        <title>PINE LABS LTD</title>
        <cusip>Y697DC105</cusip>
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          <isin value="INE15B701018"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BLUESTONE JEWELLERY AND LIFESTYLE LIMITED</name>
        <lei>3358007CRLUJGI4KG885</lei>
        <title>BLUESTONE JEWELLERY AND LIFESTYLE LTD</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CANARA HSBC LIFE INSURANCE COMPANY LIMITED</name>
        <lei>213800FTUDKX8V8DYP74</lei>
        <title>CANARA HSBC LIFE INSURANCE CO LTD</title>
        <cusip>Y1081T109</cusip>
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          <isin value="INE01TY01017"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TATA INVESTMENT CORPORATION LIMITED</name>
        <lei>335800HMCCX6FK2I1449</lei>
        <title>TATA INVESTMENT CORP LTD</title>
        <cusip>Y4175D113</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>V2 RETAIL LIMITED</name>
        <lei>335800E2ZWVG3R4NJT44</lei>
        <title>V2 RETAIL LTD</title>
        <cusip>N/A</cusip>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PTC INDUSTRIES LIMITED</name>
        <lei>335800WHBPFCCRTAAO49</lei>
        <title>PTC INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GRANULES INDIA LIMITED</name>
        <lei>335800HJF1KE335ASX37</lei>
        <title>GRANULES INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE101D01020"/>
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        <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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AJANTA PHARMA LIMITED</name>
        <lei>3358008XLYJJZBFBCK12</lei>
        <title>AJANTA PHARMA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE031B01049"/>
          <other otherDesc="Internal" value="BWFGD74"/>
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        <balance>92346.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3492041.90000000</valUSD>
        <pctVal>0.450922364261</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>INOX WIND LIMITED</name>
        <lei>335800JZWDBRD7XG2Z98</lei>
        <title>INOX WIND LTD</title>
        <cusip>Y408DE103</cusip>
        <identifiers>
          <isin value="INE066P01011"/>
          <other otherDesc="Internal" value="BWFGTS7"/>
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        <balance>1636094.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1207827.97000000</valUSD>
        <pctVal>0.155965094191</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>KANSAI NEROLAC PAINTS LIMITED</name>
        <lei>335800XB33657OCBQS80</lei>
        <title>KANSAI NEROLAC PAINTS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE531A01024"/>
          <other otherDesc="Internal" value="BWGW724"/>
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        <balance>364971.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>738260.79000000</valUSD>
        <pctVal>0.095330557422</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>TITAGARH RAIL SYSTEMS LIMITED</name>
        <lei>335800TP8W734TPCXK95</lei>
        <title>TITAGARH RAIL SYSTEM LTD</title>
        <cusip>Y8841L136</cusip>
        <identifiers>
          <isin value="INE615H01020"/>
          <other otherDesc="Internal" value="BWZ1HS8"/>
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        <balance>162938.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1398509.60000000</valUSD>
        <pctVal>0.180587539706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VEDANTA OIL AND GAS LIMITED</name>
        <lei>335800Y9DUY29TJI9W11</lei>
        <title>VEDANTA OIL AND GAS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE704J01044"/>
          <other otherDesc="Internal" value="BX69852"/>
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        <balance>2882037.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1172117.96000000</valUSD>
        <pctVal>0.151353911794</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>
        <name>Jupiter Life Line Hospitals Ltd</name>
        <lei>335800O7XGF2IIMHP506</lei>
        <title>JUPITER LIFE LINE HOSPITALS LTD</title>
        <cusip>Y4S77P107</cusip>
        <identifiers>
          <isin value="INE682M01020"/>
          <other otherDesc="Internal" value="BXQ15X5"/>
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        <balance>193665.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>601654.30000000</valUSD>
        <pctVal>0.077690757211</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>Bata India Ltd</name>
        <lei>335800Z9GJDJWCOZ5F78</lei>
        <title>BATA INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE176A01028"/>
          <other otherDesc="Internal" value="BYMFG13"/>
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        <balance>110263.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>789518.00000000</valUSD>
        <pctVal>0.101949327465</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>CAPLIN POINT LABORATORIES LIMITED</name>
        <lei>33580043U3LXMROY5J69</lei>
        <title>CAPLIN POINT LABORATORIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE475E01026"/>
          <other otherDesc="Internal" value="BYNJC27"/>
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        <balance>40687.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1075529.54000000</valUSD>
        <pctVal>0.138881587592</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>Thyrocare Technologies Limited</name>
        <lei>894500XXRQLQMEAZYK75</lei>
        <title>THYROCARE TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE594H01019"/>
          <other otherDesc="Internal" value="BYQ7XG9"/>
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        <balance>136728.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>868900.88000000</valUSD>
        <pctVal>0.112199924954</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>WELSPUN LIVING LIMITED</name>
        <lei>335800A8GZ4VWQVNYI40</lei>
        <title>WELSPUN LIVING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE192B01031"/>
          <other otherDesc="Internal" value="BYSVNL4"/>
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        <balance>515288.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1059408.46000000</valUSD>
        <pctVal>0.136799895643</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>UNO MINDA LIMITED</name>
        <lei>335800Y2G59FEIQRLG14</lei>
        <title>UNO MINDA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE405E01023"/>
          <other otherDesc="Internal" value="BYVC6Y8"/>
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        <balance>366929.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>4913192.21000000</valUSD>
        <pctVal>0.634433466392</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>CREDITACCESS GRAMEEN LIMITED</name>
        <lei>335800YHFDVKKBDQMK23</lei>
        <title>CREDITACCESS GRAMEEN LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE741K01010"/>
          <other otherDesc="Internal" value="BYVKG53"/>
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        <balance>118179.00000000</balance>
        <units>NS</units>
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        <valUSD>1692230.17000000</valUSD>
        <pctVal>0.218515255825</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>CRAFTSMAN AUTOMATION LIMITED</name>
        <lei>335800Q4QC33YL9M8C65</lei>
        <title>CRAFTSMAN AUTOMATION LTD</title>
        <cusip>Y1R7DZ105</cusip>
        <identifiers>
          <isin value="INE00LO01017"/>
          <other otherDesc="Internal" value="BYWFSG2"/>
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        <balance>25282.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2975652.92000000</valUSD>
        <pctVal>0.384241795583</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>GODREJ AGROVET LIMITED</name>
        <lei>335800RSHGFZI4KP8948</lei>
        <title>GODREJ AGROVET LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE850D01014"/>
          <other otherDesc="Internal" value="BYWKX73"/>
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        <balance>113352.00000000</balance>
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        <valUSD>731792.59000000</valUSD>
        <pctVal>0.094495328029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ERIS LIFESCIENCES LIMITED</name>
        <lei>33580023SPXBP9PCKQ56</lei>
        <title>ERIS LIFESCIENCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE406M01024"/>
          <other otherDesc="Internal" value="BYXKYT1"/>
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        <balance>87191.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CEMINDIA PROJECTS LIMITED</name>
        <lei>3358006KHK78LNJLYY13</lei>
        <title>CEMINDIA PROJECTS LTD</title>
        <cusip>Y4211W125</cusip>
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          <isin value="INE686A01026"/>
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        <balance>100672.00000000</balance>
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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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        <name>Syngene International Ltd</name>
        <lei>335800FFAWRC77Z2EY68</lei>
        <title>SYNGENE INTERNATIONAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE398R01022"/>
          <other otherDesc="Internal" value="BYXXQB6"/>
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        <balance>382691.00000000</balance>
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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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        <name>Dr. Lal PathLabs Ltd</name>
        <lei>984500E8E9CY102B9718</lei>
        <title>DR LAL PATHLABS LTD</title>
        <cusip>N/A</cusip>
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          <isin value="INE600L01024"/>
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        <balance>159176.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ENDURANCE TECHNOLOGIES LIMITED</name>
        <lei>335800SGKO6VP2PIAM50</lei>
        <title>ENDURANCE TECHNOLOGIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE913H01037"/>
          <other otherDesc="Internal" value="BYZ02R3"/>
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        <balance>66999.00000000</balance>
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        <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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        <name>AEGIS LOGISTICS LIMITED</name>
        <lei>335800R6OF8UV8J3G994</lei>
        <title>AEGIS LOGISTICS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE208C01025"/>
          <other otherDesc="Internal" value="BYZ5JH7"/>
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        <balance>261647.00000000</balance>
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        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SHILPA MEDICARE LIMITED</name>
        <lei>3358002PKUL8S2RNJO60</lei>
        <title>SHILPA MEDICARE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE790G01031"/>
          <other otherDesc="Internal" value="BYZX1D1"/>
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        <balance>188544.00000000</balance>
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        <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>SPR AUTO TECHNOLOGIES LIMITED</name>
        <lei>335800FCJADHLO77JO64</lei>
        <title>SPR AUTO TECHNOLOGIES LTD</title>
        <cusip>Y77618117</cusip>
        <identifiers>
          <isin value="INE526E01018"/>
          <other otherDesc="Internal" value="BYZZVG0"/>
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        <balance>27891.00000000</balance>
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        <valUSD>1351582.53000000</valUSD>
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        <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>Power Mech Projects Ltd</name>
        <lei>3358009YJKJYYTZ5VA59</lei>
        <title>POWER MECH PROJECTS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE211R01019"/>
          <other otherDesc="Internal" value="BZ0RTF3"/>
        </identifiers>
        <balance>27159.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>717612.47000000</valUSD>
        <pctVal>0.092664269462</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>ASTER DM QUALITY CARE LIMITED</name>
        <lei>335800TFWMBMRZEICW46</lei>
        <title>ASTER DM QUALITY CARE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE914M01019"/>
          <other otherDesc="Internal" value="BZ2YSF5"/>
        </identifiers>
        <balance>493567.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3918161.73000000</valUSD>
        <pctVal>0.505946607012</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>Healthcare Global Enterprises Limited</name>
        <lei>25490006D2X61N23FH96</lei>
        <title>HEALTHCARE GLOBAL ENTERPRISES LTD</title>
        <cusip>Y3R1A5103</cusip>
        <identifiers>
          <isin value="INE075I01017"/>
          <other otherDesc="Internal" value="BZ3CLM6"/>
        </identifiers>
        <balance>103974.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>800762.77000000</valUSD>
        <pctVal>0.103401348495</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>NATCO PHARMA LIMITED</name>
        <lei>33580086GIBRWXSNGG39</lei>
        <title>NATCO PHARMA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE987B01026"/>
          <other otherDesc="Internal" value="BZ3D550"/>
        </identifiers>
        <balance>172540.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1523649.09000000</valUSD>
        <pctVal>0.196746622647</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>Star Cement Ltd</name>
        <lei>335800QB6VEXQKPEDH50</lei>
        <title>STAR CEMENT LTD</title>
        <cusip>Y1R42U113</cusip>
        <identifiers>
          <isin value="INE460H01021"/>
          <other otherDesc="Internal" value="BZ56DZ3"/>
        </identifiers>
        <balance>70672.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>137032.01000000</valUSD>
        <pctVal>0.017694746998</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>BLS INTERNATIONAL SERVICES LIMITED</name>
        <lei>335800SN9BX5PUTSHV77</lei>
        <title>BLS INTERNATIONAL SERVICES LTD</title>
        <cusip>Y0R18P124</cusip>
        <identifiers>
          <isin value="INE153T01027"/>
          <other otherDesc="Internal" value="BZ7PJ72"/>
        </identifiers>
        <balance>216828.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>546875.87000000</valUSD>
        <pctVal>0.070617297077</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>THE KARUR VYSYA BANK LIMITED</name>
        <lei>335800GFMDHTPWI6JP97</lei>
        <title>KARUR VYSYA BANK LTD THE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE036D01028"/>
          <other otherDesc="Internal" value="BZ7PLF4"/>
        </identifiers>
        <balance>1009293.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3682257.51000000</valUSD>
        <pctVal>0.475484633282</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>PNC INFRATECH LIMITED</name>
        <lei>3358008RNTVF1WKN6B22</lei>
        <title>PNC INFRATECH LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE195J01029"/>
          <other otherDesc="Internal" value="BZC0W28"/>
        </identifiers>
        <balance>247572.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>488734.36000000</valUSD>
        <pctVal>0.063109567244</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>KIRLOSKAR PNEUMATIC COMPANY LIMITED</name>
        <lei>335800A69RUOHVATLI89</lei>
        <title>KIRLOSKAR PNEUMATIC CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE811A01038"/>
          <other otherDesc="Internal" value="C051N29"/>
        </identifiers>
        <balance>153082.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1147608.64000000</valUSD>
        <pctVal>0.148189058440</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>IFSC NIFTY 50 FUT SEP26</name>
        <lei>N/A</lei>
        <title>IFSC NIFTY 50 FUT SEP26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="GIFFU26"/>
          <other otherDesc="INTERNAL" value="JGSU62025"/>
        </identifiers>
        <balance>61.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-22965.84000000</valUSD>
        <pctVal>-0.00296554599</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>National Stock Exchange Of India</counterpartyName>
              <counterpartyLei>335800NLY5HYW9I7YE03</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>NSE International Exchange Nifty 50 Index Future Sep 2026</indexName>
                <indexIdentifier>GIFFU26</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-29</expDate>
            <notionalAmt>2973560.07000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-22965.84000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      
      
      
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort </ncom:signature>
      <ncom:signerName>Chuck Pulsfort </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
