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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KGHM POLSKA MIEDZ SA /PLN/</name>
        <lei>G30CO71KTT9JDYJESN22</lei>
        <title>KGHM POLSKA MIEDZ SA /PLN/ 0.00000000</title>
        <cusip>X45213109</cusip>
        <identifiers>
          <isin value="PLKGHM000017"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>2395308.99000000</valUSD>
        <pctVal>2.395624799467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIGO PHOTONICS SA /PLN/</name>
        <lei>259400UV4SDEMBUZ6J93</lei>
        <title>VIGO PHOTONICS SA /PLN/ 0.00000000</title>
        <cusip>X9797H104</cusip>
        <identifiers>
          <isin value="PLVIGOS00015"/>
        </identifiers>
        <balance>1750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>209448.97000000</valUSD>
        <pctVal>0.209476584795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLEGRO.EU SA /PLN/</name>
        <lei>222100VRLXV3FPMG4982</lei>
        <title>ALLEGRO.EU SA /PLN/ 144A 0.00000000</title>
        <cusip>L0R67D109</cusip>
        <identifiers>
          <isin value="LU2237380790"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>4459877.37000000</valUSD>
        <pctVal>4.460465382446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK PEKAO SA /PLN/</name>
        <lei>5493000LKS7B3UTF7H35</lei>
        <title>BANK PEKAO SA /PLN/ 0.00000000</title>
        <cusip>X0R77T117</cusip>
        <identifiers>
          <isin value="PLPEKAO00016"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>6028970.76000000</valUSD>
        <pctVal>6.029765649534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CD PROJEKT SA /PLN/</name>
        <lei>259400TYO5Q8SH8TL437</lei>
        <title>CD PROJEKT SA /PLN/ 0.00000000</title>
        <cusip>X0957E106</cusip>
        <identifiers>
          <isin value="PLOPTTC00011"/>
        </identifiers>
        <balance>100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>6725.93000000</valUSD>
        <pctVal>0.006726816780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPA PRACUJ SA /PLN/</name>
        <lei>259400BSBFEIIIDAAL82</lei>
        <title>GRUPA PRACUJ SA /PLN/ 0.00000000</title>
        <cusip>X324B6102</cusip>
        <identifiers>
          <isin value="PLGRPRC00015"/>
        </identifiers>
        <balance>57500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>985327.19000000</valUSD>
        <pctVal>0.985457100444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASTOR TRANSFORMATOR ENER /TRY/</name>
        <lei>N/A</lei>
        <title>ASTOR TRANSFORMATOR ENERJI T /TRY/ 0.00000000</title>
        <cusip>M1505L115</cusip>
        <identifiers>
          <isin value="TREASTR00013"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="40.59470000"/>
        <valUSD>1288345.52000000</valUSD>
        <pctVal>1.288515381890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MO-BRUK J MOKRZYCKI LTD /PLN/</name>
        <lei>259400SF7M4PJCF1PN49</lei>
        <title>MO-BRUK J MOKRZYCKI LTD /PLN/ 0.00000000</title>
        <cusip>X5428X104</cusip>
        <identifiers>
          <isin value="PLMOBRK00013"/>
        </identifiers>
        <balance>13500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>1019331.69000000</valUSD>
        <pctVal>1.019466083767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="75522.23000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALIOR BANK SA /PLN/</name>
        <lei>259400QHDOZWMJ103294</lei>
        <title>ALIOR BANK SA /PLN/ 0.00000000</title>
        <cusip>X0081M123</cusip>
        <identifiers>
          <isin value="PLALIOR00045"/>
        </identifiers>
        <balance>145000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>3930933.38000000</valUSD>
        <pctVal>3.931451653836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHOSAGRO PJSC</name>
        <lei>N/A</lei>
        <title>PHOSAGRO PJSC 0.00000000</title>
        <cusip>71922G407</cusip>
        <identifiers>
          <isin value="US71922G4073"/>
        </identifiers>
        <balance>576.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRUPA KETY SA /PLN/</name>
        <lei>2594007JKYYF3WGI0129</lei>
        <title>GRUPA KETY SA /PLN/ 0.00000000</title>
        <cusip>X32408100</cusip>
        <identifiers>
          <isin value="PLKETY000011"/>
        </identifiers>
        <balance>4250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>994564.64000000</valUSD>
        <pctVal>0.994695768355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAGNIT PJSC</name>
        <lei>2534009KKPTVL99W2Y12</lei>
        <title>MAGNIT PJSC 0.00000000</title>
        <cusip>X51729105</cusip>
        <identifiers>
          <isin value="RU000A0JKQU8"/>
        </identifiers>
        <balance>63909.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCC SA /PLN/</name>
        <lei>259400NWPQ2HCSMZP970</lei>
        <title>CCC SA /PLN/ 0.00000000</title>
        <cusip>X5818P109</cusip>
        <identifiers>
          <isin value="PLCCC0000016"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>1557111.49000000</valUSD>
        <pctVal>1.557316787334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KOMERCNI BANKA AS /CZK/</name>
        <lei>N/A</lei>
        <title>KOMERCNI BANKA AS /CZK/ 0.00000000</title>
        <cusip>X45471111</cusip>
        <identifiers>
          <isin value="CZ0008019106"/>
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        <balance>27500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="21.50000000"/>
        <valUSD>1316162.79000000</valUSD>
        <pctVal>1.316336319457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POWSZECHNY ZAKLAD UBEZPI /PLN/</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>POWSZECHNY ZAKLAD UBEZPIECZE /PLN/ 0.00000000</title>
        <cusip>X6919T107</cusip>
        <identifiers>
          <isin value="PLPZU0000011"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>6749491.27000000</valUSD>
        <pctVal>6.750381156546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEVELIA SA /PLN/</name>
        <lei>259400HUJAX3D4W3RL34</lei>
        <title>DEVELIA SA /PLN/ 0.00000000</title>
        <cusip>X48986107</cusip>
        <identifiers>
          <isin value="PLLCCRP00017"/>
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        <balance>275000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>616298.06000000</valUSD>
        <pctVal>0.616379315805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALROSA CO/OFAC FAIL/</name>
        <lei>894500DKUWVBYZLLE651</lei>
        <title>ALROSA CO 0.00000000</title>
        <cusip>X0085A109</cusip>
        <identifiers>
          <isin value="RU0007252813"/>
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        <balance>1670000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MAGNITOGORS-SPON GDR REGS</name>
        <lei>N/A</lei>
        <title>MAGNITOGORS-SPON GDR REG REG S 0.00000000</title>
        <cusip>559189204</cusip>
        <identifiers>
          <isin value="US5591892048"/>
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        <balance>74569.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INPOST SA /EUR/</name>
        <lei>2221003M23QLERR89585</lei>
        <title>INPOST SA /EUR/ 0.00000000</title>
        <cusip>L5125Z108</cusip>
        <identifiers>
          <isin value="LU2290522684"/>
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        <balance>165000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87389670"/>
        <valUSD>2382775.89000000</valUSD>
        <pctVal>2.383090047041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAGYAR TELEKOM TELECOMMU /HUF/</name>
        <lei>N/A</lei>
        <title>MAGYAR TELEKOM TELECOMMUNICA /HUF/ 0.00000000</title>
        <cusip>X5187V109</cusip>
        <identifiers>
          <isin value="HU0000073507"/>
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        <balance>390000.00000000</balance>
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        <currencyConditional curCd="HUF" exchangeRt="349.37000000"/>
        <valUSD>1944585.97000000</valUSD>
        <pctVal>1.944842353899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CEZ AS /CZK/</name>
        <lei>N/A</lei>
        <title>CEZ AS /CZK/ 0.00000000</title>
        <cusip>X2337V121</cusip>
        <identifiers>
          <isin value="CZ0005112300"/>
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        <balance>20000.00000000</balance>
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        <currencyConditional curCd="CZK" exchangeRt="21.50000000"/>
        <valUSD>1162790.70000000</valUSD>
        <pctVal>1.162944008117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PURCARI WINERIES PLC /RON/</name>
        <lei>N/A</lei>
        <title>PURCARI WINERIES PLC /RON/ REG S 0.00000000</title>
        <cusip>M8177D107</cusip>
        <identifiers>
          <isin value="CY0107600716"/>
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        <balance>700000.00000000</balance>
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        <currencyConditional curCd="RON" exchangeRt="4.43020000"/>
        <valUSD>3302333.98000000</valUSD>
        <pctVal>3.302769376160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MD</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORLEN SA /PLN/</name>
        <lei>259400VVMM70CQREJT74</lei>
        <title>ORLEN SA /PLN/ 0.00000000</title>
        <cusip>X6922W204</cusip>
        <identifiers>
          <isin value="PLPKN0000018"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>7840044.98000000</valUSD>
        <pctVal>7.841078650579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIX PRICE GROUP PLC-GDR REGS</name>
        <lei>549300EXJV1RPGZNH608</lei>
        <title>FIX PRICE GROUP PLC-GDR REGS REG S 0.00000000</title>
        <cusip>33835G205</cusip>
        <identifiers>
          <isin value="US33835G2057"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUDIMEX /PLN/</name>
        <lei>N/A</lei>
        <title>BUDIMEX /PLN/ 0.00000000</title>
        <cusip>X0788V103</cusip>
        <identifiers>
          <isin value="PLBUDMX00013"/>
        </identifiers>
        <balance>27500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>4142524.37000000</valUSD>
        <pctVal>4.143070541046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1793419.34000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOLIDCORE RESOURCES PLC</name>
        <lei>213800JKJ5HJWYS4GR61</lei>
        <title>SOLIDCORE RESOURCES PLC 0.00000000</title>
        <cusip>G7179S101</cusip>
        <identifiers>
          <isin value="JE00B6T5S470"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>281250.00000000</valUSD>
        <pctVal>0.281287081400</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>ORANGE POLSKA SA /PLN/</name>
        <lei>N/A</lei>
        <title>ORANGE POLSKA SA /PLN/ 0.00000000</title>
        <cusip>X5984X100</cusip>
        <identifiers>
          <isin value="PLTLKPL00017"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>1990949.98000000</valUSD>
        <pctVal>1.991212476761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLYUS PJSC-REG S-GDR</name>
        <lei>N/A</lei>
        <title>POLYUS PJSC-REG S-GDR REG S 0.00000000</title>
        <cusip>73181M117</cusip>
        <identifiers>
          <isin value="US73181M1172"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JERONIMO MARTINS /EUR/</name>
        <lei>N/A</lei>
        <title>JERONIMO MARTINS /EUR/ 0.00000000</title>
        <cusip>X40338109</cusip>
        <identifiers>
          <isin value="PTJMT0AE0001"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87389670"/>
        <valUSD>1836601.50000000</valUSD>
        <pctVal>1.836843646689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SBERBANK OF RUSSIA /USD/OFAC FAIL/</name>
        <lei>N/A</lei>
        <title>SBERBANK OF RUSSIA /USD/OFAC FAIL/ 0.00000000</title>
        <cusip>X76317100</cusip>
        <identifiers>
          <isin value="RU0009029540"/>
        </identifiers>
        <balance>3600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RICHTER GEDEON NYRT /HUF/</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>RICHTER GEDEON NYRT /HUF/ 0.00000000</title>
        <cusip>X3124S107</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="349.37000000"/>
        <valUSD>4516701.49000000</valUSD>
        <pctVal>4.517296994421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAURON POLSKA ENERGIA SA /PLN/</name>
        <lei>259400NAPDFBOTNCRL54</lei>
        <title>TAURON POLSKA ENERGIA SA /PLN/ 0.00000000</title>
        <cusip>X893AL104</cusip>
        <identifiers>
          <isin value="PLTAURN00011"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>1674386.85000000</valUSD>
        <pctVal>1.674607609502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMC NORILSK NICKEL PJSC-ADR</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC NORILSK NICKEL PJSC-ADR 0.00000000</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERCOM SA- D /PLN/</name>
        <lei>259400P9VT804CUH6G16</lei>
        <title>VERCOM SA- D /PLN/ 0.00000000</title>
        <cusip>X9754C106</cusip>
        <identifiers>
          <isin value="PLVRCM000016"/>
        </identifiers>
        <balance>17500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>596015.85000000</valUSD>
        <pctVal>0.596094431698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OTP BANK PLC /HUF/</name>
        <lei>529900W3MOO00A18X956</lei>
        <title>OTP BANK PLC /HUF/ 0.00000000</title>
        <cusip>X60746181</cusip>
        <identifiers>
          <isin value="HU0000061726"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="349.37000000"/>
        <valUSD>8973294.79000000</valUSD>
        <pctVal>8.974477873879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC 0.00000000</title>
        <cusip>X6983S100</cusip>
        <identifiers>
          <isin value="RU0009024277"/>
        </identifiers>
        <balance>209500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LPP SA /PLN/</name>
        <lei>259400NUS7MKGPJL4752</lei>
        <title>LPP SA /PLN/ 0.00000000</title>
        <cusip>X5053G103</cusip>
        <identifiers>
          <isin value="PLLPP0000011"/>
        </identifiers>
        <balance>1500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>6703170.18000000</valUSD>
        <pctVal>6.704053959343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THEON INTERNATIONAL PLC /EUR/</name>
        <lei>2138002Y6CEIWHLN8775</lei>
        <title>THEON INTERNATIONAL PLC /EUR/ 0.00000000</title>
        <cusip>M878AK117</cusip>
        <identifiers>
          <isin value="CY0200751713"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87389670"/>
        <valUSD>457433.93000000</valUSD>
        <pctVal>0.457494240367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENEA SA /PLN/</name>
        <lei>N/A</lei>
        <title>ENEA SA /PLN/ 0.00000000</title>
        <cusip>X2232G104</cusip>
        <identifiers>
          <isin value="PLENEA000013"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>1142229.84000000</valUSD>
        <pctVal>1.142380437271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHOSAGRO PJSC-GDR REG S</name>
        <lei>25340053KRUNNYUWF472</lei>
        <title>PHOSAGRO PJSC-GDR REG S REG S 0.00000000</title>
        <cusip>71922G308</cusip>
        <identifiers>
          <isin value="US71922G3083"/>
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        <balance>89424.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONETA MONEY BANK AS /CZK/</name>
        <lei>I6USJ58BDV2BO5KP3C31</lei>
        <title>MONETA MONEY BANK AS /CZK/ 144A 0.00000000</title>
        <cusip>X3R0GS100</cusip>
        <identifiers>
          <isin value="CZ0008040318"/>
        </identifiers>
        <balance>1000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CZK" exchangeRt="21.50000000"/>
        <valUSD>6986.05000000</valUSD>
        <pctVal>0.006986971075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS Gov and Agency Sec Portfolio DWS Gov Cash Inst Shs</title>
        <cusip>147539670</cusip>
        <identifiers>
          <isin value="US1475396701"/>
        </identifiers>
        <balance>2248082.65000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2248082.65000000</valUSD>
        <pctVal>2.248379048413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2248082.65000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOM DEVELOPMENT SA /PLN/</name>
        <lei>N/A</lei>
        <title>DOM DEVELOPMENT SA /PLN/ 0.00000000</title>
        <cusip>X1889P102</cusip>
        <identifiers>
          <isin value="PLDMDVL00012"/>
        </identifiers>
        <balance>8500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>534834.53000000</valUSD>
        <pctVal>0.534905045248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEGASUS HAVA TASIMACILIG /TRY/</name>
        <lei>N/A</lei>
        <title>PEGASUS HAVA TASIMACILIGI AS /TRY/ 0.00000000</title>
        <cusip>M7846J107</cusip>
        <identifiers>
          <isin value="TREPEGS00016"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="40.59470000"/>
        <valUSD>465578.02000000</valUSD>
        <pctVal>0.465639404125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TURKIYE SINAI KALKINMA B /TRY/</name>
        <lei>N/A</lei>
        <title>TURKIYE SINAI KALKINMA BANK /TRY/ 0.00000000</title>
        <cusip>M8973M103</cusip>
        <identifiers>
          <isin value="TRATSKBW91N0"/>
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        <balance>3250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="40.59470000"/>
        <valUSD>1102422.24000000</valUSD>
        <pctVal>1.102567588839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DWS</name>
        <lei>N/A</lei>
        <title>DWS CENTRAL CASH MANAGEMENT GOVERNMENT FUND 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="495583"/>
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        <balance>1757490.97000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1757490.97000000</valUSD>
        <pctVal>1.757722686363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MMC NORILSK NICKEL PJSC-ADR</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC NORILSK NICKEL PJSC-ADR 0.00000000</title>
        <cusip>55315J102</cusip>
        <identifiers>
          <isin value="US55315J1025"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAZPROM PJSC</name>
        <lei>N/A</lei>
        <title>GAZPROM PJSC 0.00000000</title>
        <cusip>X3123F106</cusip>
        <identifiers>
          <isin value="RU0007661625"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MURAPOL SA /PLN/</name>
        <lei>259400LPW06NDBYTN565</lei>
        <title>MURAPOL SA /PLN/ 0.00000000</title>
        <cusip>X5S9EL110</cusip>
        <identifiers>
          <isin value="PLMURPL00190"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>904666.92000000</valUSD>
        <pctVal>0.904786195792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PKO BANK POLSKI SA /PLN/</name>
        <lei>P4GTT6GF1W40CVIMFR43</lei>
        <title>PKO BANK POLSKI SA /PLN/ 0.00000000</title>
        <cusip>X6919X108</cusip>
        <identifiers>
          <isin value="PLPKO0000016"/>
        </identifiers>
        <balance>237500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.73480000"/>
        <valUSD>5238633.93000000</valUSD>
        <pctVal>5.239324617589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOL HUNGARIAN OIL AND GA /HUF/</name>
        <lei>213800R83KX5FQFGXS67</lei>
        <title>MOL HUNGARIAN OIL AND GAS PL /HUF/ 0.00000000</title>
        <cusip>X5S32S129</cusip>
        <identifiers>
          <isin value="HU0000153937"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="349.37000000"/>
        <valUSD>3055499.90000000</valUSD>
        <pctVal>3.055902752325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-29</ncom:dateSigned>
      <ncom:nameOfApplicant>The Central and Eastern Europe Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Diane Kenneally </ncom:signature>
      <ncom:signerName>Diane Kenneally </ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer </ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>