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      <regZipOrPostalCode>532123948</regZipOrPostalCode>
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      <seriesName>Vaughan Nelson Emerging Markets Opportunity Fund</seriesName>
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      <repPdEnd>2020-10-31</repPdEnd>
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        <balance>172998</balance>
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        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>244615.62</valUSD>
        <pctVal>1.3088468708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yuanta Financial</name>
        <lei>21380045JG57LJEFFE13</lei>
        <title>Yuanta Financial Holding Co., Ltd.</title>
        <cusip>Y2169H108</cusip>
        <identifiers>
          <isin value="TW0002885001"/>
          <ticker value="2885 TT"/>
        </identifiers>
        <balance>418172</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>238349.53</valUSD>
        <pctVal>1.2753193622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Getac Technology Corp</name>
        <lei>N/A</lei>
        <title>Getac Technology Corp.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="TW0003005005"/>
          <ticker value="3005 TT"/>
        </identifiers>
        <balance>239668</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>357129.62</valUSD>
        <pctVal>1.9108672848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sinbon Electronics Co Ltd</name>
        <lei>N/A</lei>
        <title>Sinbon Electronics Co., Ltd.</title>
        <cusip>Y7989R103</cusip>
        <identifiers>
          <isin value="TW0003023008"/>
          <ticker value="3023 TT"/>
        </identifiers>
        <balance>76000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>369937.12</valUSD>
        <pctVal>1.9793954364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tripod Technology Corp</name>
        <lei>N/A</lei>
        <title>Tripod Technology Corp.</title>
        <cusip>Y8974X105</cusip>
        <identifiers>
          <isin value="TW0003044004"/>
          <ticker value="3044 TT"/>
        </identifiers>
        <balance>95990</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>339170.91</valUSD>
        <pctVal>1.8147769313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Far East Horizon Ltd</name>
        <lei>549300S9XRGO1ZPUHE62</lei>
        <title>Far East Horizon Ltd.</title>
        <cusip>Y24286109</cusip>
        <identifiers>
          <isin value="HK0000077468"/>
          <ticker value="3360 HK"/>
        </identifiers>
        <balance>308122</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>249434.74</valUSD>
        <pctVal>1.3346321830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YONGDA AUTO</name>
        <lei>529900G4APWIO18G0C95</lei>
        <title>China Yongda Automobiles Services Holdings Ltd.</title>
        <cusip>G2162W102</cusip>
        <identifiers>
          <isin value="KYG2162W1024"/>
          <ticker value="3669 HK"/>
        </identifiers>
        <balance>251037</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>253080.27</valUSD>
        <pctVal>1.3541380532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WPG Holdings Ltd</name>
        <lei>N/A</lei>
        <title>WPG Holdings Ltd.</title>
        <cusip>Y9698R101</cusip>
        <identifiers>
          <isin value="TW0003702007"/>
          <ticker value="3702 TT"/>
        </identifiers>
        <balance>281059</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>366129.52</valUSD>
        <pctVal>1.9590223901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA CRSC</name>
        <lei>529900GK68ZHDM38WD21</lei>
        <title>China Railway Signal &amp; Communication Corp. Ltd. - Class H</title>
        <cusip>Y1R0AG105</cusip>
        <identifiers>
          <isin value="CNE1000021L3"/>
          <ticker value="3969 HK"/>
        </identifiers>
        <balance>462501</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>228586.76</valUSD>
        <pctVal>1.2230824243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONCH VENTURE</name>
        <lei>N/A</lei>
        <title>China Conch Venture Holdings Ltd.</title>
        <cusip>G2116J108</cusip>
        <identifiers>
          <isin value="KYG2116J1085"/>
          <ticker value="586 HK"/>
        </identifiers>
        <balance>48374</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>231294.17</valUSD>
        <pctVal>1.2375687646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</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>Y7083H100</cusip>
        <identifiers>
          <isin value="TW0005904007"/>
          <ticker value="5904 TT"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>417829.01</valUSD>
        <pctVal>2.2356470624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Powertech Technology Inc</name>
        <lei>254900O6KNZXH2RI9Q14</lei>
        <title>Powertech Technology, Inc.</title>
        <cusip>Y7083Y103</cusip>
        <identifiers>
          <isin value="TW0006239007"/>
          <ticker value="6239 TT"/>
        </identifiers>
        <balance>86102</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>287930.43</valUSD>
        <pctVal>1.5406082502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fosun International Ltd</name>
        <lei>213800Z99WQEXDF82F09</lei>
        <title>Fosun International Ltd.</title>
        <cusip>Y2618Y108</cusip>
        <identifiers>
          <isin value="HK0656038673"/>
          <ticker value="656 HK"/>
        </identifiers>
        <balance>207333</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>260299.53</valUSD>
        <pctVal>1.3927656186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NWS Holdings Ltd</name>
        <lei>2549002WHK9XGQC01O62</lei>
        <title>NWS Holdings Ltd.</title>
        <cusip>G66897110</cusip>
        <identifiers>
          <isin value="BMG668971101"/>
          <ticker value="659 HK"/>
        </identifiers>
        <balance>184772</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>192563.29</valUSD>
        <pctVal>1.0303342834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xinyi Glass Holdings Ltd</name>
        <lei>52990082YXVVZFK1QJ17</lei>
        <title>Xinyi Glass Holdings Ltd.</title>
        <cusip>G9828G108</cusip>
        <identifiers>
          <isin value="KYG9828G1082"/>
          <ticker value="868 HK"/>
        </identifiers>
        <balance>193496</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>224098.44</valUSD>
        <pctVal>1.1990670994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sinopec Kantons Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Sinopec Kantons Holdings Ltd.</title>
        <cusip>G8165U100</cusip>
        <identifiers>
          <isin value="BMG8165U1009"/>
          <ticker value="934 HK"/>
        </identifiers>
        <balance>847968</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7525"/>
        <valUSD>374801.31</valUSD>
        <pctVal>2.0054219013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco ABC Brasil SA</name>
        <lei>549300K1V1WOTCGNSI96</lei>
        <title>Banco ABC Brasil S.A.</title>
        <cusip>P0763M135</cusip>
        <identifiers>
          <isin value="BRABCBACNPR4"/>
          <ticker value="ABCB4 BZ"/>
        </identifiers>
        <balance>87602</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>230205.15</valUSD>
        <pctVal>1.2317418251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Preferred"/>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ambuja Cements Ltd</name>
        <lei>335800NT6LQHR1428E20</lei>
        <title>Ambuja Cements Ltd.</title>
        <cusip>Y6140K106</cusip>
        <identifiers>
          <isin value="INE079A01024"/>
          <ticker value="ACEM IN"/>
        </identifiers>
        <balance>44269</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>100252.73</valUSD>
        <pctVal>0.5364149352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascendas India Trust</name>
        <lei>N/A</lei>
        <title>Ascendas India Trust</title>
        <cusip>Y0259C104</cusip>
        <identifiers>
          <isin value="SG1V35936920"/>
          <ticker value="AIT SP"/>
        </identifiers>
        <balance>253391</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.4102"/>
        <valUSD>226492.24</valUSD>
        <pctVal>1.2118754296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Unit"/>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Befesa SA</name>
        <lei>222100VXGA8L6J4ZWG61</lei>
        <title>Befesa S.A.</title>
        <cusip>L0R30V103</cusip>
        <identifiers>
          <isin value="LU1704650164"/>
          <ticker value="BFSA GR"/>
        </identifiers>
        <balance>6807</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9125"/>
        <valUSD>215053.46</valUSD>
        <pctVal>1.1506707878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BR Properties SA</name>
        <lei>5299006YP26ETK0IV586</lei>
        <title>BR Properties S.A.</title>
        <cusip>P1909V120</cusip>
        <identifiers>
          <isin value="BRBRPRACNOR9"/>
          <ticker value="BRPR3 BZ"/>
        </identifiers>
        <balance>52957</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>85114.51</valUSD>
        <pctVal>0.4554159709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cosan Ltd</name>
        <lei>6354007UNEBWHVSGS270</lei>
        <title>Cosan Ltd. - Class A</title>
        <cusip>G25343107</cusip>
        <identifiers>
          <isin value="BMG253431073"/>
          <ticker value="CZZ"/>
        </identifiers>
        <balance>16459</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>219563.06</valUSD>
        <pctVal>1.1747999740</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>Concentradora Fibra Danhos SA</name>
        <lei>N/A</lei>
        <title>Concentradora Fibra Danhos S.A. de C.V. - REIT</title>
        <cusip>P2825H138</cusip>
        <identifiers>
          <isin value="MXCFDA020005"/>
          <ticker value="DANHOS13"/>
        </identifiers>
        <balance>154024</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="24.1010"/>
        <valUSD>118996.18</valUSD>
        <pctVal>0.6367041394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Reit"/>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Detsky Mir PJSC</name>
        <lei>25340094SFG83VJ0YP24</lei>
        <title>Detsky Mir PJSC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="RU000A0JSQ90"/>
          <ticker value="DSKY RM"/>
        </identifiers>
        <balance>182514</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="74.2175"/>
        <valUSD>215566.33</valUSD>
        <pctVal>1.1534149637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Detsky Mir PJSC</name>
        <lei>25340094SFG83VJ0YP24</lei>
        <title>Detsky Mir PJSC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="RU000A0JSQ90"/>
          <ticker value="DSKY RU"/>
        </identifiers>
        <balance>29298</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34659.81</valUSD>
        <pctVal>0.1854517053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duratex SA</name>
        <lei>N/A</lei>
        <title>Duratex S.A.</title>
        <cusip>P3593G146</cusip>
        <identifiers>
          <isin value="BRDTEXACNOR3"/>
          <ticker value="DTEX3 BZ"/>
        </identifiers>
        <balance>108887</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>195031.06</valUSD>
        <pctVal>1.0435383995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enauta Participacoes SA</name>
        <lei>N/A</lei>
        <title>Enauta Participacoes S.A.</title>
        <cusip>P3762E104</cusip>
        <identifiers>
          <isin value="BRENATACNOR0"/>
          <ticker value="ENAT3 BZ"/>
        </identifiers>
        <balance>60448</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>101489.59</valUSD>
        <pctVal>0.5430329113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fairfax India Holdings Corp</name>
        <lei>549300K2JHXU7AX7CV78</lei>
        <title>Fairfax India Holdings Corp.</title>
        <cusip>303897102</cusip>
        <identifiers>
          <isin value="CA3038971022"/>
          <ticker value="FIH/U CN"/>
        </identifiers>
        <balance>38785</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>304846.22</valUSD>
        <pctVal>1.6311183281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Finolex Industries Ltd</name>
        <lei>335800DLFD2ERNKIDE17</lei>
        <title>Finolex Industries Ltd.</title>
        <cusip>Y2495J109</cusip>
        <identifiers>
          <isin value="INE183A01016"/>
          <ticker value="FNXP IN"/>
        </identifiers>
        <balance>33329</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>177624.46</valUSD>
        <pctVal>0.9504021806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAIL India Ltd</name>
        <lei>335800N82LJD42ZA5L32</lei>
        <title>GAIL India Ltd.</title>
        <cusip>Y2682X135</cusip>
        <identifiers>
          <isin value="INE129A01019"/>
          <ticker value="GAIL IN"/>
        </identifiers>
        <balance>180593</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>228510.57</valUSD>
        <pctVal>1.2226747600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GBP SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>GBP SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="GBP FWD"/>
        </identifiers>
        <balance>110493.17</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.7940"/>
        <valUSD>139160.16</valUSD>
        <pctVal>0.7445940695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GMexico Transportes SAB de CV</name>
        <lei>4469000001BXJ8FN4U73</lei>
        <title>GMexico Transportes S.A.B. de C.V.</title>
        <cusip>P4R1BE119</cusip>
        <identifiers>
          <isin value="MX01GM1Z0019"/>
          <ticker value="GMXT* MM"/>
        </identifiers>
        <balance>215913</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="24.1010"/>
        <valUSD>199151.32</valUSD>
        <pctVal>1.0655843727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grendene SA</name>
        <lei>N/A</lei>
        <title>Grendene S.A.</title>
        <cusip>P49516100</cusip>
        <identifiers>
          <isin value="BRGRNDACNOR3"/>
          <ticker value="GRND3 BZ"/>
        </identifiers>
        <balance>134286</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>172120.38</valUSD>
        <pctVal>0.9209519031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Helios Towers PLC</name>
        <lei>213800DGC7GS4XCHCU30</lei>
        <title>Helios Towers PLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GB00BJVQC708"/>
          <ticker value="HTWS LN"/>
        </identifiers>
        <balance>84888</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7940"/>
        <valUSD>133457.41</valUSD>
        <pctVal>0.7140807830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>India Grid Trust</name>
        <lei>335800TGEQ4SXIIDKF52</lei>
        <title>India Grid Trust</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE219X23014"/>
          <ticker value="INDIGRID"/>
        </identifiers>
        <balance>323190</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>411376.39</valUSD>
        <pctVal>2.2011215014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Unit"/>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JSE Ltd</name>
        <lei>213800MZ1VUQEBWRFO39</lei>
        <title>JSE Ltd.</title>
        <cusip>S4254A102</cusip>
        <identifiers>
          <isin value="ZAE000079711"/>
          <ticker value="JSE SJ"/>
        </identifiers>
        <balance>46568</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.5355"/>
        <valUSD>259900.47</valUSD>
        <pctVal>1.3906303975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kosmos Energy Ltd</name>
        <lei>213800YDFJ3OT9B5P157</lei>
        <title>Kosmos Energy Ltd.</title>
        <cusip>500688106</cusip>
        <identifiers>
          <isin value="US5006881065"/>
          <ticker value="KOS"/>
        </identifiers>
        <balance>29375</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48468.75</valUSD>
        <pctVal>0.2593381885</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>Lojas Renner SA</name>
        <lei>N/A</lei>
        <title>Lojas Renner S.A.</title>
        <cusip>P6332C102</cusip>
        <identifiers>
          <isin value="BRLRENACNOR1"/>
          <ticker value="LREN3 BZ"/>
        </identifiers>
        <balance>17971</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>126870.06</valUSD>
        <pctVal>0.6788343321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Bank &amp; Trust Co</name>
        <lei>549300SQYI82RVWFN715</lei>
        <title>Metropolitan Bank &amp; Trust Co.</title>
        <cusip>Y6028G136</cusip>
        <identifiers>
          <isin value="PHY6028G1361"/>
          <ticker value="MBT PM"/>
        </identifiers>
        <balance>0.45</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.41"/>
        <valUSD>0.34</valUSD>
        <pctVal>0.0000018192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mahindra &amp; Mahindra Ltd</name>
        <lei>3358003B573EV4KB4Z02</lei>
        <title>Mahindra &amp; Mahindra Ltd.</title>
        <cusip>Y54164150</cusip>
        <identifiers>
          <isin value="INE101A01026"/>
          <ticker value="MM IN"/>
        </identifiers>
        <balance>22940</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>110674.82</valUSD>
        <pctVal>0.5921796483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB MONEY MARKET FIDUCIARY   /</name>
        <lei>N/A</lei>
        <title>UMB MONEY MARKET FIDUCIARY   /</title>
        <cusip>SF8888528</cusip>
        <identifiers>
          <ticker value="MMFIDU"/>
        </identifiers>
        <balance>584079.33</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>584079.33</valUSD>
        <pctVal>3.1251904656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Mondi PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi PLC</title>
        <cusip>G6258S107</cusip>
        <identifiers>
          <isin value="GB00B1CRLC47"/>
          <ticker value="MNP SJ"/>
        </identifiers>
        <balance>17775</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.5355"/>
        <valUSD>316751.55</valUSD>
        <pctVal>1.6948193048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mphasis Ltd</name>
        <lei>335800NSYTIQLQKUYP62</lei>
        <title>Mphasis Ltd.</title>
        <cusip>Y6144V108</cusip>
        <identifiers>
          <isin value="INE356A01018"/>
          <ticker value="MPHL IN"/>
        </identifiers>
        <balance>22850</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>222047.90</valUSD>
        <pctVal>1.1880954253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MRV Engenharia e Participacoes</name>
        <lei>N/A</lei>
        <title>MRV Engenharia e Participacoes S.A.</title>
        <cusip>P6986W107</cusip>
        <identifiers>
          <isin value="BRMRVEACNOR2"/>
          <ticker value="MRVE3 BZ"/>
        </identifiers>
        <balance>78840</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>219648.39</valUSD>
        <pctVal>1.1752565430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ninety One PLC</name>
        <lei>549300G0TJCT3K15ZG14</lei>
        <title>Ninety One PLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GB00BJHPLV88"/>
          <ticker value="N91 LN"/>
        </identifiers>
        <balance>31732</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7940"/>
        <valUSD>67820.16</valUSD>
        <pctVal>0.3628803598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northam Platinum Ltd</name>
        <lei>378900EB75D7D2C73323</lei>
        <title>Northam Platinum Ltd.</title>
        <cusip>S56540156</cusip>
        <identifiers>
          <isin value="ZAE000030912"/>
          <ticker value="NHM SJ"/>
        </identifiers>
        <balance>50395</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.5355"/>
        <valUSD>249779.54</valUSD>
        <pctVal>1.3364770791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIIT Technologies Ltd</name>
        <lei>3358004YL9JGBNP4KF72</lei>
        <title>NIIT Technologies Ltd.</title>
        <cusip>Y62769107</cusip>
        <identifiers>
          <isin value="INE591G01017"/>
          <ticker value="NITEC IN"/>
        </identifiers>
        <balance>8003</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>127156.30</valUSD>
        <pctVal>0.6803658955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Puregold Price Club Inc</name>
        <lei>N/A</lei>
        <title>Puregold Price Club, Inc.</title>
        <cusip>Y71617107</cusip>
        <identifiers>
          <isin value="PHY716171079"/>
          <ticker value="PGOLD PM"/>
        </identifiers>
        <balance>377559</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.41"/>
        <valUSD>343639.36</valUSD>
        <pctVal>1.8386859392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Polymetal International PLC</name>
        <lei>213800JKJ5HJWYS4GR61</lei>
        <title>Polymetal International PLC</title>
        <cusip>G7179S101</cusip>
        <identifiers>
          <isin value="JE00B6T5S470"/>
          <ticker value="POLY LN"/>
        </identifiers>
        <balance>12642</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7940"/>
        <valUSD>258883.96</valUSD>
        <pctVal>1.3851914319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PZU</name>
        <lei>QLPCKOOKVX32FUELX240</lei>
        <title>Powszechny Zaklad Ubezpieczen S.A.</title>
        <cusip>X6919T107</cusip>
        <identifiers>
          <isin value="PLPZU0000011"/>
          <ticker value="PZU PW"/>
        </identifiers>
        <balance>35760</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.1488"/>
        <valUSD>263948.93</valUSD>
        <pctVal>1.4122921957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Quess Corp Ltd</name>
        <lei>335800IMP1C9KOQZDK11</lei>
        <title>Quess Corp. Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE615P01015"/>
          <ticker value="QUESS IN"/>
        </identifiers>
        <balance>37802</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>102806.39</valUSD>
        <pctVal>0.5500786166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Randon SA Implementos e Partic</name>
        <lei>N/A</lei>
        <title>Randon S.A. Implementos e Participacoes</title>
        <cusip>P7988W103</cusip>
        <identifiers>
          <isin value="BRRAPTACNPR4"/>
          <ticker value="RAPT4 BZ"/>
        </identifiers>
        <balance>179049</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.4379"/>
        <valUSD>279872.10</valUSD>
        <pctVal>1.4974911345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Preferred"/>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redington India Ltd</name>
        <lei>335800DTFNX7F2LM5227</lei>
        <title>Redington India Ltd.</title>
        <cusip>Y72020111</cusip>
        <identifiers>
          <isin value="INE891D01026"/>
          <ticker value="REDI IN"/>
        </identifiers>
        <balance>188811</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.0950"/>
        <valUSD>184254.34</valUSD>
        <pctVal>0.9858761936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Riverstone Holdings Ltd/Singap</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd./Singapore</title>
        <cusip>Y7302Q105</cusip>
        <identifiers>
          <isin value="SG1U22933048"/>
          <ticker value="RSTON SP"/>
        </identifiers>
        <balance>460531</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.4102"/>
        <valUSD>381566.03</valUSD>
        <pctVal>2.0416173929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rubis SCA</name>
        <lei>969500MGFIKUGLTC9742</lei>
        <title>Rubis SCA</title>
        <cusip>F7686C152</cusip>
        <identifiers>
          <isin value="FR0013269123"/>
          <ticker value="RUI FP"/>
        </identifiers>
        <balance>6142</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9125"/>
        <valUSD>275187.18</valUSD>
        <pctVal>1.4724238764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salmones Camanchaca SA</name>
        <lei>21380089WO6GDSOQSA65</lei>
        <title>Salmones Camanchaca S.A.</title>
        <cusip>P8325N103</cusip>
        <identifiers>
          <isin value="CL0002409135"/>
          <ticker value="SALMONNO"/>
        </identifiers>
        <balance>44391</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.2451"/>
        <valUSD>241154.52</valUSD>
        <pctVal>1.2903278167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sarana Menara Nusantara Tbk PT</name>
        <lei>N/A</lei>
        <title>Sarana Menara Nusantara Tbk P.T.</title>
        <cusip>Y71369113</cusip>
        <identifiers>
          <isin value="ID1000128804"/>
          <ticker value="TOWR IJ"/>
        </identifiers>
        <balance>5110723</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14875"/>
        <valUSD>307761.35</valUSD>
        <pctVal>1.6467161005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAIWANESE DOLLAR  /</name>
        <lei>N/A</lei>
        <title>TAIWANESE DOLLAR  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="TWD"/>
        </identifiers>
        <balance>2928472</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="TWD" exchangeRt="29.7365"/>
        <valUSD>98480.72</valUSD>
        <pctVal>0.5269335711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ulker Biskuvi Sanayi AS</name>
        <lei>7890009HEU9BS7J3DA93</lei>
        <title>Ulker Biskuvi Sanayi A.S.</title>
        <cusip>M90358108</cusip>
        <identifiers>
          <isin value="TREULKR00015"/>
          <ticker value="ULKER TI"/>
        </identifiers>
        <balance>85997</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="6.9895"/>
        <valUSD>291598.67</valUSD>
        <pctVal>1.5602356332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vivo Energy PLC</name>
        <lei>213800TR7V9QN896AU56</lei>
        <title>Vivo Energy PLC</title>
        <cusip>G9375M102</cusip>
        <identifiers>
          <isin value="GB00BDGT2M75"/>
          <ticker value="VVO LN"/>
        </identifiers>
        <balance>240681</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7940"/>
        <valUSD>236740.38</valUSD>
        <pctVal>1.2667094013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-05-06</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>/s/ Terrance P. Gallagher</ncom:signature>
      <ncom:signerName>Terrance P. Gallagher</ncom:signerName>
      <ncom:title>Assistant Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
