<SEC-DOCUMENT>0001410368-25-032516.txt : 20251126
<SEC-HEADER>0001410368-25-032516.hdr.sgml : 20251126
<ACCEPTANCE-DATETIME>20251126152651
ACCESSION NUMBER:		0001410368-25-032516
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251126
DATE AS OF CHANGE:		20251126
PERIOD START:           	20251231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Emerging Markets ex-China Fund, Inc.
		CENTRAL INDEX KEY:			0000846676
		ORGANIZATION NAME:           	
		EIN:				222990009
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05770
		FILM NUMBER:		251529415

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABRDN EMERGING MARKETS EQUITY INCOME FUND, INC.
		DATE OF NAME CHANGE:	20220630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN EMERGING MARKETS EQUITY INCOME FUND, INC.
		DATE OF NAME CHANGE:	20180501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN CHILE FUND, INC.
		DATE OF NAME CHANGE:	20100407
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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      <regFileNumber>811-05770</regFileNumber>
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      <regStreet1>1900 Market Street</regStreet1>
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      <regZipOrPostalCode>19103</regZipOrPostalCode>
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      <repPdDate>2025-09-30</repPdDate>
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      <totLiabs>34036931.69</totLiabs>
      <netAssets>286973773.46</netAssets>
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        <name>Grupo Mexico SAB de CV</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASE Technology Holding Co Ltd</name>
        <lei>300300GO8QHPMV87NZ73</lei>
        <title>ASE Technology Holding Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0003711008"/>
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        <balance>572000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.47800000"/>
        <valUSD>3123337.33000000</valUSD>
        <pctVal>1.088370303788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coca-Cola Icecek AS</name>
        <lei>789000WT80VVLUWJDK41</lei>
        <title>Coca-Cola Icecek AS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TRECOLA00011"/>
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        <balance>1024066.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="41.57725000"/>
        <valUSD>1134070.97000000</valUSD>
        <pctVal>0.395182791906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MediaTek Inc</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MediaTek Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
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        <balance>83000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="30.47800000"/>
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        <pctVal>1.254360782380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Bank of Greece SA</name>
        <lei>5UMCZOEYKCVFAW8ZLO05</lei>
        <title>National Bank of Greece SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GRS003003035"/>
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        <balance>239446.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175200"/>
        <valUSD>3486678.94000000</valUSD>
        <pctVal>1.214981737864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITC Ltd</name>
        <lei>335800WLOU3OFWFTMP43</lei>
        <title>ITC Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE154A01025"/>
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        <balance>1236111.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>5589795.12000000</valUSD>
        <pctVal>1.947841801919</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>Godrej Properties Ltd</name>
        <lei>335800KM3Y5NZWXOE183</lei>
        <title>Godrej Properties Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE484J01027"/>
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        <balance>126142.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>2815031.18000000</valUSD>
        <pctVal>0.980936740685</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>HDFC Bank Ltd</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
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        <balance>854928.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>9176455.13000000</valUSD>
        <pctVal>3.197663333258</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>Zabka Group SA</name>
        <lei>549300TU2RZ35E4ET914</lei>
        <title>Zabka Group SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LU2910446546"/>
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        <balance>326972.00000000</balance>
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        <currencyConditional curCd="PLN" exchangeRt="3.63465000"/>
        <valUSD>2113828.71000000</valUSD>
        <pctVal>0.736592994026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NTPC Ltd</name>
        <lei>335800Q4TRGJXNLVMB81</lei>
        <title>NTPC Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE733E01010"/>
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        <balance>821669.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>3153155.59000000</valUSD>
        <pctVal>1.098760890928</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>HD Korea Shipbuilding &amp; Offshore Engineering Co Ltd</name>
        <lei>988400DPTJ9KH5R6W540</lei>
        <title>HD Korea Shipbuilding &amp; Offshore Engineering Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7009540006"/>
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        <balance>20672.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1403.05000000"/>
        <valUSD>6057296.52000000</valUSD>
        <pctVal>2.110749162534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Chroma ATE Inc</name>
        <lei>N/A</lei>
        <title>Chroma ATE Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002360005"/>
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        <balance>424000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.47800000"/>
        <valUSD>8091605.51000000</valUSD>
        <pctVal>2.819632404885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanlam Ltd</name>
        <lei>37890014418406D9FC23</lei>
        <title>Sanlam Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000070660"/>
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        <balance>480020.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.27000000"/>
        <valUSD>2323385.74000000</valUSD>
        <pctVal>0.809616053755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Localiza Rent a Car SA</name>
        <lei>984500C442A7E0CD4D11</lei>
        <title>Localiza Rent a Car SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRRENTACNOR4"/>
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        <balance>357049.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.32225000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Itausa SA</name>
        <lei>N/A</lei>
        <title>Itausa SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRITSAACNPR7"/>
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        <balance>2202331.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.32225000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Samsung Biologics Co Ltd</name>
        <lei>N/A</lei>
        <title>Samsung Biologics Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7207940008"/>
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        <balance>2821.00000000</balance>
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        <valUSD>2010379.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Samsung E&amp;A Co Ltd</name>
        <lei>988400HDAY5KIVHGZ188</lei>
        <title>Samsung E&amp;A Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="KR7028050003"/>
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        <balance>175320.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Grupo Financiero Banorte SAB de CV</name>
        <lei>N/A</lei>
        <title>Grupo Financiero Banorte SAB de CV</title>
        <cusip>000000000</cusip>
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          <isin value="MXP370711014"/>
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        <balance>336948.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shinhan Financial Group Co Ltd</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>Shinhan Financial Group Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="KR7055550008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bharti Airtel Ltd</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>Bharti Airtel Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE397D01024"/>
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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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      <invstOrSec>
        <name>Makalot Industrial Co Ltd</name>
        <lei>N/A</lei>
        <title>Makalot Industrial Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0001477008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mahindra &amp; Mahindra Ltd</name>
        <lei>3358003B573EV4KB4Z02</lei>
        <title>Mahindra &amp; Mahindra Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="INE101A01026"/>
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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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      <invstOrSec>
        <name>Aldar Properties PJSC</name>
        <lei>98450048CD8AEF13B480</lei>
        <title>Aldar Properties PJSC</title>
        <cusip>000000000</cusip>
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          <isin value="AEA002001013"/>
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        <balance>1383214.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>State Street Institutional U.S. Government Money Market Fund</title>
        <cusip>857492706</cusip>
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          <isin value="US8574927062"/>
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        <balance>3442683.30000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3442683.30000000</valUSD>
        <pctVal>1.199650845612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HD Hyundai Electric Co Ltd</name>
        <lei>988400CSDKM9UHLHGB91</lei>
        <title>HD Hyundai Electric Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7267260008"/>
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        <balance>9397.00000000</balance>
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        <valUSD>3908558.13000000</valUSD>
        <pctVal>1.361991405303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Poya International Co Ltd</name>
        <lei>N/A</lei>
        <title>Poya International Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0005904007"/>
        </identifiers>
        <balance>75750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.47800000"/>
        <valUSD>1167067.38000000</valUSD>
        <pctVal>0.406680849587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Negara Indonesia Persero Tbk PT</name>
        <lei>549300HZ8J3MLVXQ8F85</lei>
        <title>Bank Negara Indonesia Persero Tbk PT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ID1000096605"/>
        </identifiers>
        <balance>19569400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16665.00000000"/>
        <valUSD>4827789.06000000</valUSD>
        <pctVal>1.682310199218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delta Electronics Inc</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>Delta Electronics Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
        </identifiers>
        <balance>253000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.47800000"/>
        <valUSD>7127033.13000000</valUSD>
        <pctVal>2.483513752518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMERGING MARKETS VENTURES LP</name>
        <lei>N/A</lei>
        <title>EMERGING MARKETS VENTURES LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="923UHE901"/>
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        <balance>11723413.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4454.90000000</valUSD>
        <pctVal>0.001552371823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Accton Technology Corp</name>
        <lei>529900M1YRZ0GWMDF920</lei>
        <title>Accton Technology Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002345006"/>
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        <balance>137000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.47800000"/>
        <valUSD>4737625.69000000</valUSD>
        <pctVal>1.650891519764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung C&amp;T Corp</name>
        <lei>988400GFRE4IDFPE9E64</lei>
        <title>Samsung C&amp;T Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7028260008"/>
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        <balance>29739.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1403.05000000"/>
        <valUSD>3916242.03000000</valUSD>
        <pctVal>1.364668967056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sberbank of Russia PJSC</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>Sberbank of Russia PJSC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="RU0009029540"/>
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        <balance>730234.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="82.90000000"/>
        <valUSD>0.01000000</valUSD>
        <pctVal>0.000000003484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kaspi.KZ JSC</name>
        <lei>2549003YU6FARG8OAZ13</lei>
        <title>Kaspi.KZ JSC</title>
        <cusip>48581R205</cusip>
        <identifiers>
          <isin value="US48581R2058"/>
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        <balance>35949.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2936314.32000000</valUSD>
        <pctVal>1.023199536528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novatek PJSC</name>
        <lei>2138008R6GCRVBDFA581</lei>
        <title>Novatek PJSC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="RU000A0DKVS5"/>
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        <balance>20251.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="82.90000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SK Hynix Inc</name>
        <lei>988400XAIK6XISWQV045</lei>
        <title>SK Hynix Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7000660001"/>
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        <balance>33826.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1403.05000000"/>
        <valUSD>8385393.13000000</valUSD>
        <pctVal>2.922006784417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NU Holdings Ltd/Cayman Islands</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU Holdings Ltd/Cayman Islands</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
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        <balance>321598.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5148783.98000000</valUSD>
        <pctVal>1.794165340589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Raia Drogasil SA</name>
        <lei>N/A</lei>
        <title>Raia Drogasil SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRRADLACNOR0"/>
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        <balance>865695.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.32225000"/>
        <valUSD>2996120.42000000</valUSD>
        <pctVal>1.044039803315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multiplan Empreendimentos Imobiliarios SA</name>
        <lei>N/A</lei>
        <title>Multiplan Empreendimentos Imobiliarios SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRMULTACNOR5"/>
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        <balance>618574.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.32225000"/>
        <valUSD>3379798.38000000</valUSD>
        <pctVal>1.177737721203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Indian Hotels Co Ltd/The</name>
        <lei>33580076CH5SBY5HWA22</lei>
        <title>Indian Hotels Co Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE053A01029"/>
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        <balance>502219.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>4079056.92000000</valUSD>
        <pctVal>1.421404078435</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>Al Rajhi Bank</name>
        <lei>558600BQZS4Y1DTU8589</lei>
        <title>Al Rajhi Bank</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SA0007879113"/>
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        <balance>263356.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>7525448.89000000</valUSD>
        <pctVal>2.622347261656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FPT Corp</name>
        <lei>N/A</lei>
        <title>FPT Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VN000000FPT1"/>
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        <balance>1700229.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="26430.00000000"/>
        <valUSD>5988794.77000000</valUSD>
        <pctVal>2.086878775643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SBI Life Insurance Co Ltd</name>
        <lei>335800WMVIESQUO95586</lei>
        <title>SBI Life Insurance Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE123W01016"/>
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        <balance>245432.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>4953161.73000000</valUSD>
        <pctVal>1.725998048630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co Ltd</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
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        <balance>1262000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.47800000"/>
        <valUSD>54818521.68000000</valUSD>
        <pctVal>19.10227580000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</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>UltraTech Cement Ltd</name>
        <lei>335800PC9O9B4BQHG814</lei>
        <title>UltraTech Cement Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE481G01011"/>
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        <balance>24906.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>3434447.33000000</valUSD>
        <pctVal>1.196780907394</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>JB Chemicals &amp; Pharmaceuticals Ltd</name>
        <lei>335800EZQUJ9BB5YBV04</lei>
        <title>JB Chemicals &amp; Pharmaceuticals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE572A01036"/>
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        <balance>71730.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>1378092.72000000</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>
      <invstOrSec>
        <name>Credicorp Ltd</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>Credicorp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
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        <balance>4743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1262966.04000000</valUSD>
        <pctVal>0.440098070556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KEI Industries Ltd</name>
        <lei>335800UDWBC2AWPU7M56</lei>
        <title>KEI Industries Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE878B01027"/>
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        <balance>32953.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>1502112.12000000</valUSD>
        <pctVal>0.523431846014</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>MercadoLibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre Inc</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
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        <balance>1440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3365193.60000000</valUSD>
        <pctVal>1.172648482621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI Bank Ltd</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
        </identifiers>
        <balance>392695.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="88.78875000"/>
        <valUSD>5955362.98000000</valUSD>
        <pctVal>2.075229003750</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>InPost SA</name>
        <lei>2221003M23QLERR89585</lei>
        <title>InPost SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LU2290522684"/>
        </identifiers>
        <balance>185405.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175200"/>
        <valUSD>2282640.92000000</valUSD>
        <pctVal>0.795417954915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saudi Tadawul Group Holding Co</name>
        <lei>894500BXFAWZK686TP37</lei>
        <title>Saudi Tadawul Group Holding Co</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SA15DHKGHBH4"/>
        </identifiers>
        <balance>50278.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>2761790.84000000</valUSD>
        <pctVal>0.962384404226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Leejam Sports Co JSC</name>
        <lei>N/A</lei>
        <title>Leejam Sports Co JSC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SA14K0Q0SJ16"/>
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        <balance>30319.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>1153068.11000000</valUSD>
        <pctVal>0.401802609380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIO SA/Brazil</name>
        <lei>N/A</lei>
        <title>PRIO SA/Brazil</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
        </identifiers>
        <balance>487161.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.32225000"/>
        <valUSD>3490149.64000000</valUSD>
        <pctVal>1.216191151518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saudi Arabian Oil Co</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>Saudi Arabian Oil Co</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SA14TG012N13"/>
        </identifiers>
        <balance>387608.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75020000"/>
        <valUSD>2545047.13000000</valUSD>
        <pctVal>0.886857045964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7005931001"/>
        </identifiers>
        <balance>370160.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1403.05000000"/>
        <valUSD>17568167.33000000</valUSD>
        <pctVal>6.121872085446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <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>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>abrdn Emerging Markets ex-China Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Sharon Ferrari</ncom:signature>
      <ncom:signerName>Sharon Ferrari</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>NPORT_DRBZ_31076550_0925.htm
<TEXT>
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<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:bold;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments&nbsp;<FONT
style="font-size:11pt;line-height:14pt;">(unaudited)&nbsp;<BR>
</FONT><FONT
style="font-size:10pt;line-height:13pt;">As of September 30, 2025</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">abrdn Emerging Markets ex-China Fund, Inc. </DIV>
<HR
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<DIV
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<TABLE
style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:99.28%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:4pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-top:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" colspan="2">Shares
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">Value
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<TR
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style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">COMMON STOCKS&#8212;104.4%
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style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
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<TR
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style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">BRAZIL&#8212;7.3%
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<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Discretionary&#8212;1.2%
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<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">MercadoLibre, Inc.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
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style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
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padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;1,440
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:4pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.08%;">$&#8194;&#8199;&#8199;3,365,194
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<TR
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style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Staples&#8212;1.0%
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<TR
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style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Raia Drogasil SA
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
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text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;865,695
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line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:11.91pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;2,996,120
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<TR
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style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Energy&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
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style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:3.64pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;487,161
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:11.43pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;3,490,150
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Financials&#8212;1.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">NU Holdings Ltd., Class A<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:1.24pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;321,598
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;5,148,784
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Industrials&#8212;0.9%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Localiza Rent a Car SA
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:1.10pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;357,049
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:10.64pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;2,646,547
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Real Estate&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Multiplan Empreendimentos Imobiliarios SA
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:1.98pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;618,574
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:11.15pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;3,379,798
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;
padding-right:4pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total Brazil
</TD><TD
style="border-bottom:1pt solid #000000;border-top:0.5pt SOLID #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:9.07pt;
padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">21,026,593
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:1pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">CANADA&#8212;0.6%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Materials&#8212;0.6%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Capstone Copper Corp.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:3.39pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;199,177
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:12.35pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;1,691,652
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">GREECE&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Financials&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">National Bank of Greece SA
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:13.59pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">239,446
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:18.34pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">3,486,679
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">INDIA&#8212;25.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Communication Services&#8212;1.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Bharti Airtel Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:14.18pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">248,652
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:21.92pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">5,271,741
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Discretionary&#8212;3.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Indian Hotels Co. Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:15.04pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">502,219
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:18.85pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">4,079,057
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Mahindra &amp; Mahindra Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.68pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">136,543
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:20.60pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">5,282,125
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:21pt;
padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">9,361,182
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Staples&#8212;1.9%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">ITC Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:12.36pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">1,236,111
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:19.09pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">5,589,795
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Financials&#8212;9.6%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">360 ONE WAM Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:15.59pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">146,591
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:19.84pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">1,691,664
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Cholamandalam Financial Holdings Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:17.45pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">98,380
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:18.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">2,083,269
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Cholamandalam Investment &amp; Finance Co. Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:15.57pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">201,691
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:19.07pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">3,654,755
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">HDFC Bank Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.62pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">854,928
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:20.70pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">9,176,455
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">ICICI Bank Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.06pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">392,695
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:18.76pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">5,955,363
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">SBI Life Insurance Co. Ltd.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(b)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.42pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">245,432
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:20.02pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">4,953,162
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:16.40pt;
padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">27,514,668
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Health Care&#8212;1.5%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">JB Chemicals &amp; Pharmaceuticals Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:19.68pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">71,730
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:19.68pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">1,378,093
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Torrent Pharmaceuticals Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:19.09pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">73,414
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:19.05pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">2,979,546
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:19.61pt;
padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">4,357,639
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Industrials&#8212;2.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Havells India Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:18.93pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">92,419
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:19.36pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">1,564,585
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">KEI Industries Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:18.52pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">32,953
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:22.09pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">1,502,112
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Larsen &amp; Toubro Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:17.64pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">90,842
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:20.86pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">3,751,276
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;"
bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;"
bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:20.99pt;
padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">6,817,973
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:98.54%;" colspan="4">Information Technology&#8212;1.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Tata Consultancy Services Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:16.58pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">120,771
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:18.29pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">3,934,550
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Materials&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">UltraTech Cement Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:18.01pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">24,906
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:18.16pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">3,434,447
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-top:0.5pt SOLID #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:98.54%;" colspan="4">Real Estate&#8212;1.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt Solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.12pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Godrej Properties Ltd.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="border-bottom:0.5pt Solid #000000;line-height:0pt;padding-bottom:0.12pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt Solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.12pt;padding-left:16.44pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">126,142
</TD><TD
style="border-bottom:0.5pt Solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:0.12pt;padding-left:20.38pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">2,815,031
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:38pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">See accompanying Notes to Portfolio
of Investments.</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:bold;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments&nbsp;<FONT
style="font-size:11pt;line-height:14pt;">(unaudited)&nbsp;&nbsp;<BR>
</FONT><FONT
style="font-size:10pt;line-height:13pt;">As of September 30, 2025</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">abrdn Emerging Markets ex-China Fund, Inc. </DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
</DIV>
<DIV
style="margin-top:25.5pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:99.28%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:4pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-top:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" colspan="2">Shares
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">COMMON STOCKS (continued)
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">INDIA (continued)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Utilities&#8212;1.1%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">NTPC Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0.79pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;&#8199;821,669
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">$<FONT
style="padding-left:1.91pt;"></FONT>&#8194;&#8199;&#8199;3,153,156
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total India
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.30pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">72,250,182
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">INDONESIA&#8212;3.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">Communication Services&#8212;1.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Telkom Indonesia Persero Tbk. PT
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:0.85pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8199;20,357,500
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:11.01pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#8199;&#8199;3,748,358
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Financials&#8212;1.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Bank Negara Indonesia Persero Tbk. PT
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0.06pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8199;19,569,400
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:11.93pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#8199;&#8199;4,827,789
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total Indonesia
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.75pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">8,576,147
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">KAZAKHSTAN&#8212;3.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Energy&#8212;2.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">NAC Kazatomprom JSC, GDR<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(b)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:1.13pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;&#8199;108,418
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:10.96pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#8199;&#8199;5,778,680
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Financials&#8212;1.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Kaspi.KZ JSC, GDR<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(b)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0.14pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;&#8199;&#8199;35,949
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:11.37pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#8199;&#8199;2,936,314
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total Kazakhstan
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:12.97pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">8,714,994
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">MEXICO&#8212;5.9%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Financials&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Grupo Financiero Banorte SAB de CV, Class O
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:13.40pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">336,948
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:19.85pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">3,384,107
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Industrials&#8212;1.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Grupo Aeroportuario del Centro Norte SAB de CV, ADR
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:19.54pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">39,371
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:17.50pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">4,089,466
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Materials&#8212;3.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Grupo Mexico SAB de CV
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10.85pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">1,100,061
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:18.83pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">9,572,486
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total Mexico
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:9.66pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">17,046,059
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">PERU&#8212;0.5%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Financials&#8212;0.5%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Credicorp Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:22.98pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">4,743
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:19.43pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">1,262,966
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">POLAND&#8212;1.5%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Staples&#8212;0.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Zabka Group SA<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:14.98pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">326,972
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:20.86pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">2,113,828
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Industrials&#8212;0.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">InPost SA<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.52pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">185,405
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:19.41pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">2,282,641
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total Poland
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:11.63pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">4,396,469
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">RUSSIA&#8212;0.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Energy&#8212;0.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Novatek PJSC<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(c)(d)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:19.39pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">20,251
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:47.66pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">&#8211;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Financials&#8212;0.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Sberbank of Russia PJSC<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(c)(d)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.09pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">730,234
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:47.66pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">&#8211;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total Russia
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;color:#000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-size:8pt;
font-size:8pt;font-style:Normal;font-style:Normal;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;font-weight:bold;font-weight:bold;line-height:11pt;line-height:11pt;line-height:11pt;
line-height:11pt;padding-bottom:1.5pt;padding-left:43.66pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">&#8211;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">SAUDI ARABIA&#8212;5.5%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Discretionary&#8212;0.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Leejam Sports Co. JSC
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:20.64pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">27,767
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:20.07pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">1,056,012
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Energy&#8212;0.9%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Saudi Arabian Oil Co.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(b)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:14.53pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">387,608
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:18.78pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">2,545,047
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Financials&#8212;3.6%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Al Rajhi Bank
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.04pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">263,356
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:19.83pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">7,525,449
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Saudi Tadawul Group Holding Co.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:18.64pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">50,278
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:21.70pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">2,761,791
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:16.26pt;padding-right:6pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">10,287,240
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Industrials&#8212;0.6%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Electrical Industries Co.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.53pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">654,508
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:20.62pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">1,910,769
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total Saudi Arabia
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:0.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.25pt;padding-left:9.05pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">15,799,068
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:32pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">See accompanying Notes to Portfolio
of Investments.</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:bold;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments&nbsp;<FONT
style="font-size:11pt;line-height:14pt;">(unaudited)&nbsp;&nbsp;<BR>
</FONT><FONT
style="font-size:10pt;line-height:13pt;">As of September 30, 2025</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">abrdn Emerging Markets ex-China Fund, Inc. </DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
</DIV>
<DIV
style="margin-top:25.5pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:99.28%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:4pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-top:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" colspan="2">Shares
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">COMMON STOCKS (continued)
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">SOUTH AFRICA&#8212;2.5%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Discretionary&#8212;1.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Naspers Ltd., Class N
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:0.91pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;&#8199;13,588
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:4pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.08%;">$<FONT
style="padding-left:-0.10pt;"></FONT>&#8194;&#8199;&#8199;4,933,182
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Financials&#8212;0.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Sanlam Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:-0.79pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;480,020
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:10.59pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;2,323,386
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total South Africa
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:13.91pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">7,256,568
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">SOUTH KOREA&#8212;11.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Financials&#8212;2.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Shinhan Financial Group Co. Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:1.29pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;114,980
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:12.50pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;5,797,055
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Health Care&#8212;0.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Samsung Biologics Co. Ltd.<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)(b)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:1.46pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;2,821
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:11.57pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8199;&#8199;2,010,379
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Industrials&#8212;6.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">HD Hyundai Electric Co. Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0.95pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;9,397
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:10.04pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:10.08%;
">&#8199;&#8199;3,908,558
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">HD Korea Shipbuilding &amp; Offshore Engineering Co. Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0.82pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;&#8199;&#8199;20,672
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:12.30pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:10.08%;"
bgcolor="#E8F3FF">&#8199;&#8199;6,057,297
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Samsung C&amp;T Corp.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0.79pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8201;&#8199;&#8199;&#8199;&#8199;29,739
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:11.59pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:10.08%;
">&#8199;&#8199;3,916,242
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Samsung E&amp;A Co. Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:1.69pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;&#8199;175,320
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:12.67pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#8199;&#8199;3,351,516
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:17.68pt;padding-right:6pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">17,233,613
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Information Technology&#8212;3.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">SK Hynix, Inc.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:17.97pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">33,826
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:18.16pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">8,385,393
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total South Korea
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:7.07pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">33,426,440
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">TAIWAN&#8212;29.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Discretionary&#8212;1.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Makalot Industrial Co. Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.86pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">278,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:19.86pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">2,654,138
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Poya International Co. Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:19.07pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">75,750
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:22.32pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">1,167,067
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:19.42pt;padding-right:6pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">3,821,205
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Information Technology&#8212;28.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Accton Technology Corp.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:15.59pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">137,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:20.17pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">4,737,626
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">ASE Technology Holding Co. Ltd.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:14.09pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">572,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:20.71pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">3,123,337
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Chroma ATE, Inc.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.30pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">424,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:18.55pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">8,091,606
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Delta Electronics, Inc.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:13.54pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">253,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:22.56pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">7,127,033
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">MediaTek, Inc.
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:17.23pt;padding-right:4pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">83,000
</TD><TD
style="color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt;line-height:11pt;
padding-bottom:1.25pt;padding-left:18.18pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.08%;">3,599,686
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Taiwan Semiconductor Manufacturing Co. Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:8.48pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">1,262,000
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:15.23pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">54,818,522
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:16.75pt;padding-right:6pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">81,497,810
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.38pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total Taiwan
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.38pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.02pt;padding-right:6pt;padding-top:1.38pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">85,319,015
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">TURKEY&#8212;0.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Consumer Staples&#8212;0.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Coca-Cola Icecek AS
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:8.54pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">1,024,066
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:21.88pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">1,134,071
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">UNITED ARAB EMIRATES&#8212;4.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Financials&#8212;2.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Abu Dhabi Islamic Bank PJSC
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:13.55pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">988,269
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:18.98pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">5,866,597
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">Real Estate&#8212;1.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Aldar Properties PJSC
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9.58pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">1,383,214
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:19.07pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">3,572,938
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">Utilities&#8212;1.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Emirates Central Cooling Systems Corp.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9.41pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">6,247,345
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:19.14pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">2,755,394
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total United Arab Emirates
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.27pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">12,194,929
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">VIETNAM&#8212;2.1%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">Information Technology&#8212;2.1%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">FPT Corp.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:9.22pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" bgcolor="#E8F3FF">1,700,229
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:18.76pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">5,988,795
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total Common Stocks
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:4.70pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">299,570,627
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.38pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">PREFERRED STOCKS&#8212;7.8%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.38pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">BRAZIL&#8212;1.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">Financials&#8212;1.7%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.12pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Itausa SA
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:0.12pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.12pt;padding-left:9.35pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;">2,202,331
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:0.12pt;padding-left:19.55pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.08%;">4,746,252
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:20pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">See accompanying Notes to Portfolio
of Investments.</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:bold;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments&nbsp;<FONT
style="font-size:11pt;line-height:14pt;">(unaudited)&nbsp;&nbsp;<BR>
</FONT><FONT
style="font-size:10pt;line-height:13pt;">As of September 30, 2025</FONT></DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">abrdn Emerging Markets ex-China Fund, Inc. </DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
</DIV>
<DIV
style="margin-top:25.5pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:99.28%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:4pt;text-align:left;vertical-align:top;width:80.28%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-top:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.17%;" colspan="2">Shares
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">PREFERRED STOCKS (continued)
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" bgcolor="#E8F3FF" colspan="4">SOUTH KOREA&#8212;6.1%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">Information Technology&#8212;6.1%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Samsung Electronics Co. Ltd.
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:1.71pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;&#8199;370,160
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">$<FONT
style="padding-left:2.49pt;"></FONT>&#8194;&#8199;17,568,167
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total Preferred Stocks
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:9.65pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">22,314,419
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.38pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">PRIVATE EQUITY&#8212;0.0%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.38pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" colspan="4">GLOBAL*&#8212;0.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Private Equity &#8212;0.0%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Emerging Markets Ventures I LP<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)(c)(e)(f)(g)(h)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:9.01pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8199;11,723,413<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(i)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:10.81pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;4,455
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:98.54%;" bgcolor="#E8F3FF" colspan="4">ISRAEL&#8212;0.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:80.28%;">Private Equity &#8212;0.0%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.08%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">BPA Israel Ventures LLC<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)(c)(e)(f)(g)(h)(j)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.38pt;padding-left:7.84pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8199;&#8199;3,349,175<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(i)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.38pt;padding-left:11.61pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;2,579
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:6pt;padding-right:6pt;padding-top:1.38pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.54%;" colspan="4">UNITED STATES&#8212;0.0%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">Private Equity &#8212;0.0%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;">Telesoft Partners II LP<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(a)(c)(e)(h)(j)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:4.80pt;padding-right:4pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;">&#8199;&#8199;2,400,000<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(i)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.25pt;padding-left:10.27pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;">&#8201;&#8199;&#8199;&#8199;&#8199;23,808
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF" colspan="2">Total Private Equity
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:8pt;padding-bottom:1.38pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.38pt;padding-left:22.75pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">30,842
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.38pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" colspan="3">SHORT-TERM INVESTMENT&#8212;1.2%
</TD><TD
style="line-height:8pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.38pt;text-align:center;vertical-align:bottom;width:10.08%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" bgcolor="#E8F3FF">State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.09%<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(k)</SUP>
</TD><TD
style="border-bottom:1pt solid #000000;line-height:0pt;padding-bottom:1.5pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:0%;" bgcolor="#E8F3FF">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:-0.57pt;padding-right:4pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.17%;" bgcolor="#E8F3FF">&#8199;&#8199;3,442,683
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;
line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:9.90pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.08%;" bgcolor="#E8F3FF">&#8199;&#8199;3,442,683
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;padding-top:1.5pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:80.28%;" colspan="2">Total Short-Term Investment
</TD><TD
style="border-bottom:1pt solid #000000;line-height:8pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:8.17%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:11.76pt;padding-right:6pt;padding-top:1.5pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">3,442,683
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14pt;padding-right:4pt;padding-top:1.5pt;
text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">Total Investments<BR>
(Cost $247,516,292)&#8212;113.4%
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:9.62pt;padding-right:6pt;padding-top:1.5pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">325,358,571
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:88.45%;" colspan="3">Long Term Debt Securities&#8212;(11.2%)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:10.75pt;padding-right:6pt;padding-top:1.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;">(32,000,000)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:88.45%;" bgcolor="#E8F3FF" colspan="3">Liabilities in Excess of Other Assets&#8212;(2.2%)
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:15.53pt;padding-right:6pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.08%;" bgcolor="#E8F3FF">(6,385,946)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.25pt;padding-left:6pt;padding-right:4pt;padding-top:1.25pt;
text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:88.45%;" colspan="3">Net Assets&#8212;100.0%
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.25pt;padding-left:4pt;padding-right:6pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.08%;">$<FONT
style="padding-left:0.09pt;"></FONT>286,972,625
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:10pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:1.92%;">(a)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:10pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:98.35%;">Non-income producing security.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(b)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Denotes a security issued under Regulation S or Rule 144A.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(c)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Illiquid security.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(d)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Level 3 security. See Note 1(a) of the accompanying Notes to&#160;Portfolio of Investments.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(e)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Fair Value is determined pursuant to procedures approved by the Fund&#8217;s Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the
exchange traded price. See Note 1(a)&#160; of the accompanying Notes to&#160;Portfolio of Investments for inputs used.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(f)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Considered in liquidation by the Fund's Adviser.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(g)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">As of September 30, 2025, the aggregate amount of open commitments for the Fund is $2,806,782.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(h)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Restricted security, not readily marketable. See Notes to Financial Statements.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(i)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Represents contributed capital.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(j)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Fund of Fund investment.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">(k)
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.35%;">Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of&#160;September 30, 2025.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:1.92%;">*
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:1.5pt;padding-top:1.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:98.35%;">&#8220;Global&#8221; is the percentage attributable to the Fund&#8217;s holdings in a private equity fund which invests globally and is not categorized under
a&#160;particular country.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.97%;">ADR
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.30%;">American Depositary Receipt
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.97%;">GDR
</TD><TD
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:97.30%;">Global Depositary Receipt
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;</DIV>
</DIV>
<DIV
style="margin-top:192pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">See accompanying Notes to Portfolio
of Investments.</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:Normal;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Notes to Portfolio of Investments<FONT
style="font-size:11pt;line-height:14pt;">&nbsp;<BR>
September 30, 2025 (unaudited)</FONT></DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
</DIV>
<DIV
style="margin-top:16.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">1.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant
Accounting Policies</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">a.&nbsp;&nbsp;&nbsp;&nbsp;Security Valuation:</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund values its securities
at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in
an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors
(the "Board") designated abrdn Investments Limited (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market
quotations are not readily available or deemed&#160;unreliable.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">Equity securities that are
traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the &#8220;Valuation Time&#8221; subject to application, when
appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m.
Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are
valued at the NASDAQ official closing price.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">Foreign equity securities that
are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent
pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign
securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices
with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that
applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is
unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">Short-term investments are
comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund&#160;sweeps available cash into the State Street Institutional U.S. Government Money Market Fund,
which has elected to qualify as a &#8220;government money market fund&#8221; pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these
investment types are categorized as Level 1 investments.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">In the event that a
security&#8217;s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued
at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been
fair valued by the Valuation Designee&#160;may be classified as Level 2 or Level 3 depending on the nature of the inputs.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">In accordance with the
authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques
used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to
valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable
inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk
inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable
inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable
inputs are inputs that reflect the reporting entity&#8217;s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in
the circumstances. A financial instrument&#8217;s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">Open-end mutual funds are valued
at the respective net asset value (&#8220;NAV&#8221;) as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under
which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time
(defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">The three-level hierarchy of
inputs is summarized below:</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Level 1 - quoted prices (unadjusted)
in active markets for identical investments;</DIV>
</DIV>
<DIV
style="margin-top:21pt;width:100%;" type="Block">
<DIV
style="text-align:right;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:4.71%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:7pt;padding-right:3pt;text-align:right;vertical-align:bottom;width:100%;">&#160;
</TD><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:3pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:76.92%;">5
</TD></TR></TABLE>
</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:18pt;font-style:Normal;font-weight:Normal;line-height:21pt;text-align:left;text-decoration:none;text-transform:none;">Notes to Portfolio of Investments<FONT
style="font-size:11pt;line-height:14pt;">&nbsp;&nbsp;<BR>
September 30, 2025 (unaudited)</FONT></DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
</DIV>
<DIV
style="margin-top:16.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Level 2 - other significant
observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Level 3 - significant unobservable
inputs (including the Fund&#8217;s own assumptions in determining the fair value of investments).</DIV>
<DIV
style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:Normal;line-height:12.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may also invest in
private equity private placement securities, which represented 0.0% of the net assets of the Fund as of September 30, 2025. The private equity private placement securities in which the Fund is invested are deemed to
be restricted securities. In the absence of readily ascertainable market values, these securities are valued at fair value as determined in good faith by, or under the direction of the Board, pursuant to valuation
policies and procedures established by the Board. The Fund&#8217;s estimate of fair value assumes a willing buyer and a willing seller neither of whom are acting under the compulsion to buy or sell. Although these
securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be
material. These securities are stated at fair value as determined by the Fund's Pricing Committee by utilizing the net asset valuations provided by the underlying funds as a practical expedient. In determining the
fair value of these investments, management uses the market approach which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various
factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these private equity
investments. &nbsp;</DIV>
</DIV>
<DIV
style="margin-top:488pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:3.08%;">6
</TD><TD
style="line-height:0pt;text-align:left;vertical-align:bottom;width:97.46%;">&#160;
</TD></TR></TABLE>
</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
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