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      <regLei>549300ESWU4ZNAH5Y054</regLei>
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      <regZipOrPostalCode>532123948</regZipOrPostalCode>
      <regPhone>4142992000</regPhone>
      <seriesName>Vaughan Nelson Emerging Markets Opportunity Fund</seriesName>
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      <repPdEnd>2020-10-31</repPdEnd>
      <repPdDate>2020-07-31</repPdDate>
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        <name>INDIAN RUPIES  /</name>
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        <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>741442.91</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>741442.91</valUSD>
        <pctVal>3.1482796918</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="17.0938"/>
        <valUSD>321925.72</valUSD>
        <pctVal>1.3669457120</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="74.8125"/>
        <valUSD>353530.34</valUSD>
        <pctVal>1.5011437494</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="5.2166"/>
        <valUSD>289268.41</valUSD>
        <pctVal>1.2282777924</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>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="17.0938"/>
        <valUSD>397797.32</valUSD>
        <pctVal>1.6891080987</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>Coforge Ltd</name>
        <lei>3358004YL9JGBNP4KF72</lei>
        <title>Coforge Ltd.</title>
        <cusip>Y62769107</cusip>
        <identifiers>
          <isin value="INE591G01017"/>
          <ticker value="NITEC IN"/>
        </identifiers>
        <balance>10660</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.8125"/>
        <valUSD>273948.83</valUSD>
        <pctVal>1.1632285190</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="49.1440"/>
        <valUSD>368564.85</valUSD>
        <pctVal>1.5649825721</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>Petronet LNG Ltd</name>
        <lei>335800KIIKNA7GRD9351</lei>
        <title>Petronet LNG Ltd.</title>
        <cusip>Y68259103</cusip>
        <identifiers>
          <isin value="INE347G01014"/>
          <ticker value="PLNG IN"/>
        </identifiers>
        <balance>64853</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.8125"/>
        <valUSD>214630.08</valUSD>
        <pctVal>0.9113520583</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>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>18097</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7639"/>
        <valUSD>447675.10</valUSD>
        <pctVal>1.9008967607</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>Qualicorp Consultoria e Corret</name>
        <lei>N/A</lei>
        <title>Qualicorp Consultoria e Corretora de Seguros S.A.</title>
        <cusip>P7S21H105</cusip>
        <identifiers>
          <isin value="BRQUALACNOR6"/>
          <ticker value="QUAL3 BZ"/>
        </identifiers>
        <balance>51375</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2166"/>
        <valUSD>275754.32</valUSD>
        <pctVal>1.1708949049</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>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>124029</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2166"/>
        <valUSD>279366.01</valUSD>
        <pctVal>1.1862306915</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>239577</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.8125"/>
        <valUSD>288875.50</valUSD>
        <pctVal>1.2266094366</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>121940</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3740"/>
        <valUSD>335414.87</valUSD>
        <pctVal>1.4242227005</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="0.8489"/>
        <valUSD>289741.92</valUSD>
        <pctVal>1.2302883881</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="9.1019"/>
        <valUSD>285172.15</valUSD>
        <pctVal>1.2108844476</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>Surya Citra Media Tbk PT</name>
        <lei>N/A</lei>
        <title>Surya Citra Media Tbk P.T.</title>
        <cusip>Y7148M110</cusip>
        <identifiers>
          <isin value="ID1000125305"/>
          <ticker value="SCMA IJ"/>
        </identifiers>
        <balance>2691256</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14600"/>
        <valUSD>237285.13</valUSD>
        <pctVal>1.0075488563</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>SGD SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>SGD SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="SGD FWD"/>
        </identifiers>
        <balance>-94939.68</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="SGD" exchangeRt="1.3740"/>
        <valUSD>-69097.29</valUSD>
        <pctVal>-0.2933976331</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>SG</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>3035527</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14600"/>
        <valUSD>236555.23</valUSD>
        <pctVal>1.0044495895</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>2928471.51</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>99966.60</valUSD>
        <pctVal>0.4244734320</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="6.9930"/>
        <valUSD>319849.07</valUSD>
        <pctVal>1.3581279394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPL Ltd</name>
        <lei>335800RJSM1SLHO4UA95</lei>
        <title>UPL Ltd.</title>
        <cusip>Y9305P100</cusip>
        <identifiers>
          <isin value="INE628A01036"/>
          <ticker value="UPLL IN"/>
        </identifiers>
        <balance>29016</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.8125"/>
        <valUSD>185163.99</valUSD>
        <pctVal>0.7862345455</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>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>327319</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7639"/>
        <valUSD>315364.29</valUSD>
        <pctVal>1.3390848794</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>
      <invstOrSec>
        <name>LG Corp</name>
        <lei>N/A</lei>
        <title>LG Corp.</title>
        <cusip>Y52755108</cusip>
        <identifiers>
          <isin value="KR7003550001"/>
          <ticker value="003550KS"/>
        </identifiers>
        <balance>5660</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>351471.13</valUSD>
        <pctVal>1.4924000296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung SDI Co Ltd</name>
        <lei>9884002AESDO4YW87G32</lei>
        <title>Samsung SDI Co., Ltd.</title>
        <cusip>Y74866107</cusip>
        <identifiers>
          <isin value="KR7006400006"/>
          <ticker value="006400KS"/>
        </identifiers>
        <balance>705</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>236021.04</valUSD>
        <pctVal>1.0021813373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Electro-Mechanics Co L</name>
        <lei>N/A</lei>
        <title>Samsung Electro-Mechanics Co., Ltd.</title>
        <cusip>Y7470U102</cusip>
        <identifiers>
          <isin value="KR7009150004"/>
          <ticker value="009150KS"/>
        </identifiers>
        <balance>2472</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>292441.35</valUSD>
        <pctVal>1.2417505796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S-1 Corp</name>
        <lei>N/A</lei>
        <title>S-1 Corp.</title>
        <cusip>Y75435100</cusip>
        <identifiers>
          <isin value="KR7012750006"/>
          <ticker value="012750KS"/>
        </identifiers>
        <balance>3932</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>298692.96</valUSD>
        <pctVal>1.2682958693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zinus Inc</name>
        <lei>N/A</lei>
        <title>Zinus, Inc.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7013890009"/>
          <ticker value="013890KS"/>
        </identifiers>
        <balance>4025</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>268795.52</valUSD>
        <pctVal>1.1413467786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung SDS Co Ltd</name>
        <lei>N/A</lei>
        <title>Samsung SDS Co., Ltd.</title>
        <cusip>Y7T72C103</cusip>
        <identifiers>
          <isin value="KR7018260000"/>
          <ticker value="018260KS"/>
        </identifiers>
        <balance>1198</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>167905.94</valUSD>
        <pctVal>0.7129542328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hanon Systems</name>
        <lei>5493004WIDNO4WOEYG91</lei>
        <title>Hanon Systems</title>
        <cusip>Y29874107</cusip>
        <identifiers>
          <isin value="KR7018880005"/>
          <ticker value="018880KS"/>
        </identifiers>
        <balance>28241</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>236487.35</valUSD>
        <pctVal>1.0041613607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cheil Worldwide Inc</name>
        <lei>N/A</lei>
        <title>Cheil Worldwide, Inc.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7030000004"/>
          <ticker value="030000KS"/>
        </identifiers>
        <balance>19767</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>319060.21</valUSD>
        <pctVal>1.3547783195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NICE Information Service Co Lt</name>
        <lei>N/A</lei>
        <title>NICE Information Service Co., Ltd.</title>
        <cusip>Y6436G108</cusip>
        <identifiers>
          <isin value="KR7030190003"/>
          <ticker value="030190KS"/>
        </identifiers>
        <balance>13923</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>237236.74</valUSD>
        <pctVal>1.0073433849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Soulbrain Holdings Co Ltd</name>
        <lei>N/A</lei>
        <title>Soulbrain Holdings Co., Ltd.</title>
        <cusip>Y85634106</cusip>
        <identifiers>
          <isin value="KR7036830008"/>
          <ticker value="036830KS"/>
        </identifiers>
        <balance>3772</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>319901.31</valUSD>
        <pctVal>1.3583497584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fila Holdings Corp</name>
        <lei>N/A</lei>
        <title>Fila Holdings Corp.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7081660003"/>
          <ticker value="081660KS"/>
        </identifiers>
        <balance>7750</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>217986.44</valUSD>
        <pctVal>0.9256036748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KB Financial Group Inc</name>
        <lei>529900TKE4MXG3Q6GW86</lei>
        <title>KB Financial Group, Inc.</title>
        <cusip>Y46007103</cusip>
        <identifiers>
          <isin value="KR7105560007"/>
          <ticker value="105560KS"/>
        </identifiers>
        <balance>10759</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>318415.72</valUSD>
        <pctVal>1.3520417167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haier Electronics Group Co Ltd</name>
        <lei>2549005C2Y8BRVJ7PQ20</lei>
        <title>Haier Electronics Group Co., Ltd.</title>
        <cusip>G42313125</cusip>
        <identifiers>
          <isin value="BMG423131256"/>
          <ticker value="1169 HK"/>
        </identifiers>
        <balance>111332</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>419166.71</valUSD>
        <pctVal>1.7798457882</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>Tong Yang Industry Co Ltd</name>
        <lei>N/A</lei>
        <title>Tong Yang Industry Co., Ltd.</title>
        <cusip>Y8886R105</cusip>
        <identifiers>
          <isin value="TW0001319002"/>
          <ticker value="1319 TT"/>
        </identifiers>
        <balance>205313</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>242387.01</valUSD>
        <pctVal>1.0292122170</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>KWG Group Holdings Ltd</name>
        <lei>549300LK82ZOM9ZE7H90</lei>
        <title>KWG Group Holdings Ltd.</title>
        <cusip>G53224104</cusip>
        <identifiers>
          <isin value="KYG532241042"/>
          <ticker value="1813 HK"/>
        </identifiers>
        <balance>219729</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>391918.99</valUSD>
        <pctVal>1.6641478129</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>HAITIAN INT'L</name>
        <lei>30030093DDRS825TVP62</lei>
        <title>Haitian International Holdings Ltd.</title>
        <cusip>G4232C108</cusip>
        <identifiers>
          <isin value="KYG4232C1087"/>
          <ticker value="1882 HK"/>
        </identifiers>
        <balance>134084</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>308512.75</valUSD>
        <pctVal>1.3099921955</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>Innocean Worldwide Inc</name>
        <lei>9884004U41HRH3VEBX04</lei>
        <title>Innocean Worldwide, Inc.</title>
        <cusip>Y3862P108</cusip>
        <identifiers>
          <isin value="KR7214320004"/>
          <ticker value="214320KS"/>
        </identifiers>
        <balance>7528</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.40"/>
        <valUSD>315815.08</valUSD>
        <pctVal>1.3409990025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lite-On Technology Corp</name>
        <lei>2549005GU1PQ73SZBT32</lei>
        <title>Lite-On Technology Corp.</title>
        <cusip>Y5313K109</cusip>
        <identifiers>
          <isin value="TW0002301009"/>
          <ticker value="2301 TT"/>
        </identifiers>
        <balance>222869</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>377047.99</valUSD>
        <pctVal>1.6010032785</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>Micro-Star International Co Lt</name>
        <lei>254900F4E0BDGJSSD870</lei>
        <title>Micro-Star International Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="TW0002377009"/>
          <ticker value="2377 TT"/>
        </identifiers>
        <balance>78379</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>348692.04</valUSD>
        <pctVal>1.4805995896</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>MediaTek Inc</name>
        <lei>254900UEGBK1I4DM4E14</lei>
        <title>MediaTek, Inc.</title>
        <cusip>Y5945U103</cusip>
        <identifiers>
          <isin value="TW0002454006"/>
          <ticker value="2454 TT"/>
        </identifiers>
        <balance>10806</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>258026.34</valUSD>
        <pctVal>1.0956191977</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>ENN Energy Holdings Ltd</name>
        <lei>549300V7BXPWT6WIPR03</lei>
        <title>ENN Energy Holdings Ltd.</title>
        <cusip>G3066L101</cusip>
        <identifiers>
          <isin value="KYG3066L1014"/>
          <ticker value="2688 HK"/>
        </identifiers>
        <balance>21748</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>263624.10</valUSD>
        <pctVal>1.1193881405</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>WH Group Ltd</name>
        <lei>254900A4AYEDRWYSE928</lei>
        <title>WH Group Ltd.</title>
        <cusip>G96007102</cusip>
        <identifiers>
          <isin value="KYG960071028"/>
          <ticker value="288 HK"/>
        </identifiers>
        <balance>311552</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>277330.84</valUSD>
        <pctVal>1.1775890493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fubon Financial Holding Co Ltd</name>
        <lei>549300G7Y2TS2XNIB476</lei>
        <title>Fubon Financial Holding Co., Ltd.</title>
        <cusip>Y26528102</cusip>
        <identifiers>
          <isin value="TW0002881000"/>
          <ticker value="2881 TT"/>
        </identifiers>
        <balance>172998</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>246381.23</valUSD>
        <pctVal>1.0461722843</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>565172</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>347738.64</valUSD>
        <pctVal>1.4765513077</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="29.2945"/>
        <valUSD>344152.60</valUSD>
        <pctVal>1.4613244349</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>51852</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>308240.49</valUSD>
        <pctVal>1.3088361380</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>80074</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>347589.96</valUSD>
        <pctVal>1.4759199898</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="7.7503"/>
        <valUSD>254200.75</valUSD>
        <pctVal>1.0793751590</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>292077</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>301359.04</valUSD>
        <pctVal>1.2796164516</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="29.2945"/>
        <valUSD>382332.15</valUSD>
        <pctVal>1.6234406279</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="7.7503"/>
        <valUSD>201207</valUSD>
        <pctVal>0.8543556131</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>52316</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>225047.97</valUSD>
        <pctVal>0.9555880083</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>14018</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>294359</valUSD>
        <pctVal>1.2498932140</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>Topsports International Holdin</name>
        <lei>N/A</lei>
        <title>Topsports International Holdings Ltd.</title>
        <cusip>G8924B104</cusip>
        <identifiers>
          <isin value="KYG8924B1041"/>
          <ticker value="6110 HK"/>
        </identifiers>
        <balance>147848</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>178047.89</valUSD>
        <pctVal>0.7560184995</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>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>94452</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>315533.10</valUSD>
        <pctVal>1.3398016724</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>Taiwan Union Technology Corp</name>
        <lei>N/A</lei>
        <title>Taiwan Union Technology Corp.</title>
        <cusip>Y84735102</cusip>
        <identifiers>
          <isin value="TW0006274004"/>
          <ticker value="6274 TT"/>
        </identifiers>
        <balance>49402</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.2945"/>
        <valUSD>228962.24</valUSD>
        <pctVal>0.9722085958</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="7.7503"/>
        <valUSD>236414.67</valUSD>
        <pctVal>1.0038527503</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>TravelSky Technology Ltd</name>
        <lei>5299007TAWP4DZ6QFG73</lei>
        <title>TravelSky Technology Ltd. - Class H</title>
        <cusip>Y8972V101</cusip>
        <identifiers>
          <isin value="CNE1000004J3"/>
          <ticker value="696 HK"/>
        </identifiers>
        <balance>124896</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>240235.81</valUSD>
        <pctVal>1.0200778936</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>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>254178</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>372918.81</valUSD>
        <pctVal>1.5834701504</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>650201</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7503"/>
        <valUSD>283451.49</valUSD>
        <pctVal>1.2035782628</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="5.2166"/>
        <valUSD>236108.60</valUSD>
        <pctVal>1.0025531304</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>88189</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.8125"/>
        <valUSD>258650.72</valUSD>
        <pctVal>1.0982704104</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="1.3740"/>
        <valUSD>259384.60</valUSD>
        <pctVal>1.1013865768</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="0.8489"/>
        <valUSD>274490.73</valUSD>
        <pctVal>1.1655295090</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>124675</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2166"/>
        <valUSD>221549.91</valUSD>
        <pctVal>0.9407347120</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>332471.80</valUSD>
        <pctVal>1.4117259764</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>226169</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.2550"/>
        <valUSD>217479.96</valUSD>
        <pctVal>0.9234530835</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>
    </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>2020-08-12</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>
  <documents>XXXX</documents>
</edgarSubmission>
