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        <fairValLevel>1</fairValLevel>
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        <name>BML INC ORD JPY1</name>
        <lei>N/A</lei>
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          <ticker value="4694"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Dustin Group AB ORD SEK 5</name>
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        <name>Prosegur Cash SA ORD EUR 1</name>
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        <name>CLARKSON PLC ORD GBP0.25</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>58.COM INC UNSPONSORED ADR</name>
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          <ticker value="WUBA"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CTS EVENTIM AG &amp; CO KGAA ORD EUR1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TRAVELSKY TECHNOLOGY LTD ORD H HKD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>IMA Industria Macchine Automatiche SpA ORD EUR.52</name>
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          <ticker value="IMA"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LOOMIS AB ORD SEK NPV CL B</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HEXPOL AB ORD SEK NPV</name>
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        <name>U S TREASURY NOTE</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>U S TREASURY NOTE</name>
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        <name>HAW PAR CORP LTD ORD SGD NPV</name>
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        <name>LAR ESPANA REAL ESTATE SOCIMI SA REIT EUR NPV</name>
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        <name>DIANA SHIPPING INC ORD USD.01</name>
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        <name>RENAISSANCERE HOLDINGS LTD ORD USD1</name>
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        <name>Shurgard Self Storage SA ORD EUR 1</name>
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        <name>U S TREASURY NOTE</name>
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      <invstOrSec>
        <name>HANG LUNG GROUP LTD ORD HKD1</name>
        <lei>529900V2T2EPOQYH0981</lei>
        <title>HANG LUNG GROUP LTD ORD HKD1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HK0010000088"/>
          <other otherDesc="Internal Identifier" value="652"/>
        </identifiers>
        <balance>1752400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75005000"/>
        <valUSD>4002622.52000000</valUSD>
        <pctVal>3.026549862006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEADLAM GROUP PLC ORD GBP.05</name>
        <lei>213800I4AZZUJEYX9O90</lei>
        <title>HEADLAM GROUP PLC ORD GBP.05</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004170089"/>
          <other otherDesc="Internal Identifier" value="319379"/>
        </identifiers>
        <balance>1110204.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>4194739.18000000</valUSD>
        <pctVal>3.171817283030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912803AU7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912803AU7"/>
        </identifiers>
        <balance>130.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>130.31000000</valUSD>
        <pctVal>0.000098532827</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>130.31000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>132.92000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FAIRFAX INDIA HOLDINGS CORP ORD USD NPV</name>
        <lei>549300K2JHXU7AX7CV78</lei>
        <title>FAIRFAX INDIA HOLDINGS CORP ORD USD NPV</title>
        <cusip>303897102</cusip>
        <identifiers>
          <ticker value="FIH/U"/>
          <other otherDesc="Internal Identifier" value="602261"/>
        </identifiers>
        <balance>480200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3721550.00000000</valUSD>
        <pctVal>2.814019204326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912803BB8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912803BB8"/>
        </identifiers>
        <balance>15.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15.18000000</valUSD>
        <pctVal>0.000011478231</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>15.18000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>15.48000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FAIRFAX FINANCIAL HOLDINGS LTD ORD SUB VTG NPV</name>
        <lei>GLS7OQD0WOEDI8YAP031</lei>
        <title>FAIRFAX FINANCIAL HOLDINGS LTD ORD SUB VTG NPV</title>
        <cusip>303901102</cusip>
        <identifiers>
          <ticker value="FFH"/>
          <other otherDesc="Internal Identifier" value="3804"/>
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        <balance>12100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>3281205.63000000</valUSD>
        <pctVal>2.481056456628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828YN4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828YN4"/>
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        <balance>4.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4.39000000</valUSD>
        <pctVal>0.000003319462</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>4.39000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4.48000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912833LK4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912833LK4"/>
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        <balance>1286.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1286.04000000</valUSD>
        <pctVal>0.000972428492</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1286.04000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1311.76000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BIFFA PLC ORD GBP.0001</name>
        <lei>2138008RB4WDK7HYYS91</lei>
        <title>BIFFA PLC ORD GBP.0001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BD8DR117"/>
          <other otherDesc="Internal Identifier" value="656728"/>
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        <balance>1706754.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>4729056.80000000</valUSD>
        <pctVal>3.575837125271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELIS SA ORD EUR 1</name>
        <lei>969500UX71LCE8MAY492</lei>
        <title>ELIS SA ORD EUR 1</title>
        <cusip>F2976F106</cusip>
        <identifiers>
          <ticker value="ELIS"/>
          <other otherDesc="Internal Identifier" value="601000"/>
        </identifiers>
        <balance>274760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91945570"/>
        <valUSD>3401916.12000000</valUSD>
        <pctVal>2.572330693713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</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>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>9128283G3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9128283G3"/>
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        <balance>4.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4.99000000</valUSD>
        <pctVal>0.000003773147</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>4.99000000</principalAmt>
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              <collateralVal>5.09000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HYVE GROUP PLC ORD GBP.01</name>
        <lei>549300ZOQOW485BCD047</lei>
        <title>HYVE GROUP PLC ORD GBP.01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0002520509"/>
          <other otherDesc="Internal Identifier" value="319340"/>
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        <balance>5852683.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>1684310.38000000</valUSD>
        <pctVal>1.273577341528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>K-BRO LINEN INC ORD CAD NPV</name>
        <lei>N/A</lei>
        <title>K-BRO LINEN INC ORD CAD NPV</title>
        <cusip>48243M107</cusip>
        <identifiers>
          <ticker value="KBL"/>
          <other otherDesc="Internal Identifier" value="541033"/>
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        <balance>133800.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>2594670.21000000</valUSD>
        <pctVal>1.961938385843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</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>MAINFREIGHT LTD ORD NZD NPV</name>
        <lei>5493007BE0VNXX7RYQ88</lei>
        <title>MAINFREIGHT LTD ORD NZD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZMFTE0001S9"/>
          <other otherDesc="Internal Identifier" value="350538"/>
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        <balance>64147.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.63158750"/>
        <valUSD>1423061.99000000</valUSD>
        <pctVal>1.076036535531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IMCD GROUP NV ORD EUR NPV</name>
        <lei>724500NSJPNFJPDAUP02</lei>
        <title>IMCD GROUP NV ORD EUR NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0010801007"/>
          <other otherDesc="Internal Identifier" value="592269"/>
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        <balance>55500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91945570"/>
        <valUSD>4908692.03000000</valUSD>
        <pctVal>3.711666816392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</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>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912803BA0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912803BA0"/>
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        <balance>1461.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1461.73000000</valUSD>
        <pctVal>0.001105275030</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>1461.73000000</principalAmt>
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              <collateralVal>1490.96000000</collateralVal>
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              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANSEN TECHNOLOGIES LTD ORD AUD NPV</name>
        <lei>N/A</lei>
        <title>HANSEN TECHNOLOGIES LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000HSN3"/>
          <other otherDesc="Internal Identifier" value="592588"/>
        </identifiers>
        <balance>2351064.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.52741710"/>
        <valUSD>4275151.17000000</valUSD>
        <pctVal>3.232620143160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828T91</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828T91"/>
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        <balance>336.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>336.71000000</valUSD>
        <pctVal>0.000254600477</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>336.71000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>343.44000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZARDOYA OTIS SA ORD EUR.1</name>
        <lei>549300JUQ1YDAUW4BB42</lei>
        <title>ZARDOYA OTIS SA ORD EUR.1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0184933812"/>
          <other otherDesc="Internal Identifier" value="221465"/>
        </identifiers>
        <balance>587208.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91945570"/>
        <valUSD>4085614.05000000</valUSD>
        <pctVal>3.089303219939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orion Corp/Republic of Korea ORD KRW 500</name>
        <lei>N/A</lei>
        <title>Orion Corp/Republic of Korea ORD KRW 500</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7271560005"/>
          <other otherDesc="Internal Identifier" value="808560"/>
        </identifiers>
        <balance>45200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1212.05000000"/>
        <valUSD>4644524.87000000</valUSD>
        <pctVal>3.511919006638</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>FOXTONS GROUP PLC ORD GBP.01</name>
        <lei>5493001HCMG6R1MYKC59</lei>
        <title>FOXTONS GROUP PLC ORD GBP.01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BCKFY513"/>
          <other otherDesc="Internal Identifier" value="573086"/>
        </identifiers>
        <balance>2801600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>1506658.84000000</valUSD>
        <pctVal>1.139247601168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOHN WOOD GROUP PLC ORD GBP.042857</name>
        <lei>549300PLYY6I10B6S323</lei>
        <title>JOHN WOOD GROUP PLC ORD GBP.042857</title>
        <cusip>G9745T118</cusip>
        <identifiers>
          <ticker value="WG/"/>
          <other otherDesc="Internal Identifier" value="250884"/>
        </identifiers>
        <balance>1399375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>3570709.11000000</valUSD>
        <pctVal>2.699962114872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IIFL Wealth Management Ltd ORD INR 2</name>
        <lei>335800DDYMCDBO5OLL32</lei>
        <title>IIFL Wealth Management Ltd ORD INR 2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE466L01020"/>
          <other otherDesc="Internal Identifier" value="1013542"/>
        </identifiers>
        <balance>246800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.45500000"/>
        <valUSD>3091647.16000000</valUSD>
        <pctVal>2.337723389781</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>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912833LE8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912833LE8"/>
        </identifiers>
        <balance>0.00000001</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000001</valUSD>
        <pctVal>0.000000000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00027655</repurchaseRt>
          <maturityDt>2020-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>0.00000001</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>0.00000001</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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>2020-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
