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        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>357186.23</valUSD>
        <pctVal>1.0561469215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>559538</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>463610.41</valUSD>
        <pctVal>1.3708275017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>Y</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>588456</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>535205.62</valUSD>
        <pctVal>1.5825239622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>221204</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>444972.43</valUSD>
        <pctVal>1.3157177478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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="27.9650"/>
        <valUSD>344318.49</valUSD>
        <pctVal>1.0180989150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>337320</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>359839.25</valUSD>
        <pctVal>1.0639915098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lotes Co Ltd</name>
        <lei>N/A</lei>
        <title>Lotes Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="TW0003533006"/>
          <ticker value="3533 TT"/>
        </identifiers>
        <balance>17154</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>351335.70</valUSD>
        <pctVal>1.0388477685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Soulbrain Co Ltd/New</name>
        <lei>N/A</lei>
        <title>Soulbrain Co., Ltd./New</title>
        <cusip>Y8076W120</cusip>
        <identifiers>
          <isin value="KR7357780006"/>
          <ticker value="357780KS"/>
        </identifiers>
        <balance>1498</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1150.25"/>
        <valUSD>443512.52</valUSD>
        <pctVal>1.3114010096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>234877</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>438565.82</valUSD>
        <pctVal>1.2967743484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>231330</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>452229.68</valUSD>
        <pctVal>1.3371763641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KWG Living Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>KWG Living Group Holdings Ltd.</title>
        <cusip>G5322R103</cusip>
        <identifiers>
          <isin value="KYG5322R1039"/>
          <ticker value="3913 HK"/>
        </identifiers>
        <balance>0.50</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>0.48</valUSD>
        <pctVal>0.0000014193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sino-American Silicon Products</name>
        <lei>529900DMZ4STK7NEXO95</lei>
        <title>Sino-American Silicon Products, Inc.</title>
        <cusip>Y8022X107</cusip>
        <identifiers>
          <isin value="TW0005483002"/>
          <ticker value="5483 TT"/>
        </identifiers>
        <balance>62675</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>425148.29</valUSD>
        <pctVal>1.2571006941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>18228</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>389752.77</valUSD>
        <pctVal>1.1524413698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENN Natural Gas Co Ltd</name>
        <lei>300300KVDMGNQNP52Z98</lei>
        <title>ENN Natural Gas Co., Ltd. - Class A</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="CNE000000DG7"/>
          <ticker value="600803CH"/>
        </identifiers>
        <balance>169192</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.4563"/>
        <valUSD>460138.40</valUSD>
        <pctVal>1.3605612809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</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>241381</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>336856.21</valUSD>
        <pctVal>0.9960340553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chipbond Technology Corp</name>
        <lei>254900AK7VTHB4UYLR40</lei>
        <title>Chipbond Technology Corp.</title>
        <cusip>Y15657102</cusip>
        <identifiers>
          <isin value="TW0006147002"/>
          <ticker value="6147 TT"/>
        </identifiers>
        <balance>145684</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>391523.47</valUSD>
        <pctVal>1.1576770682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>136620</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>541387.96</valUSD>
        <pctVal>1.6008042283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ennoconn Corp</name>
        <lei>N/A</lei>
        <title>Ennoconn Corp.</title>
        <cusip>Y229BK101</cusip>
        <identifiers>
          <isin value="TW0006414006"/>
          <ticker value="6414 TT"/>
        </identifiers>
        <balance>59944</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.9650"/>
        <valUSD>481851.37</valUSD>
        <pctVal>1.4247633260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haier Smart Home Co Ltd</name>
        <lei>3003002BYTNGNJTWSH07</lei>
        <title>Haier Smart Home Co., Ltd. - Class H</title>
        <cusip>Y298BN100</cusip>
        <identifiers>
          <isin value="CNE1000048K8"/>
          <ticker value="6690 HK"/>
        </identifiers>
        <balance>68979</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>236573.86</valUSD>
        <pctVal>0.6995139593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>211466</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>359232.60</valUSD>
        <pctVal>1.0621977353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Education Group Holdings</name>
        <lei>549300A81YHS5D5PYD04</lei>
        <title>China Education Group Holdings Ltd.</title>
        <cusip>G2163M103</cusip>
        <identifiers>
          <isin value="KYG2163M1033"/>
          <ticker value="839 HK"/>
        </identifiers>
        <balance>171206</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>310454.08</valUSD>
        <pctVal>0.9179668568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>79757</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>298078.86</valUSD>
        <pctVal>0.8813751593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Times Neighborhood Holdings Lt</name>
        <lei>N/A</lei>
        <title>Times Neighborhood Holdings Ltd.</title>
        <cusip>G8903A101</cusip>
        <identifiers>
          <isin value="KYG8903A1013"/>
          <ticker value="9928 HK"/>
        </identifiers>
        <balance>517930</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>346399.68</valUSD>
        <pctVal>1.0242526864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baozun Inc</name>
        <lei>549300IF0HZ7T4762633</lei>
        <title>Baozun, Inc. - Class A</title>
        <cusip>G0891M106</cusip>
        <identifiers>
          <isin value="KYG0891M1069"/>
          <ticker value="9991 HK"/>
        </identifiers>
        <balance>23563</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7712"/>
        <valUSD>196358.94</valUSD>
        <pctVal>0.5806043811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</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>108150</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>309397.50</valUSD>
        <pctVal>0.9148427058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Preferred"/>
        <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>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>78825</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>436384.90</valUSD>
        <pctVal>1.2903256901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Advtech Ltd</name>
        <lei>N/A</lei>
        <title>Advtech Ltd.</title>
        <cusip>S0065B115</cusip>
        <identifiers>
          <isin value="ZAE000031035"/>
          <ticker value="ADH SJ"/>
        </identifiers>
        <balance>432275</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.6513"/>
        <valUSD>424860.59</valUSD>
        <pctVal>1.2562500077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Afya Ltd</name>
        <lei>54930008Y7J8Z1BSDT57</lei>
        <title>Afya Ltd. - Class A</title>
        <cusip>G01125106</cusip>
        <identifiers>
          <isin value="KYG011251066"/>
          <ticker value="AFYA"/>
        </identifiers>
        <balance>10406</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>239338</valUSD>
        <pctVal>0.7076871130</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>Befesa SA</name>
        <lei>222100VXGA8L6J4ZWG61</lei>
        <title>Befesa S.A.</title>
        <cusip>L0R30V103</cusip>
        <identifiers>
          <isin value="LU1704650164"/>
          <ticker value="BFSA GR"/>
        </identifiers>
        <balance>5790</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8430"/>
        <valUSD>454604.29</valUSD>
        <pctVal>1.3441977351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bid Corp Ltd</name>
        <lei>N/A</lei>
        <title>Bid Corp. Ltd.</title>
        <cusip>S11881109</cusip>
        <identifiers>
          <isin value="ZAE000216537"/>
          <ticker value="BID SJ"/>
        </identifiers>
        <balance>20211</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.6513"/>
        <valUSD>443623.12</valUSD>
        <pctVal>1.3117280375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cosan SA</name>
        <lei>549300PGFCX2JMKKLC96</lei>
        <title>Cosan S.A. - ADR</title>
        <cusip>22113B103</cusip>
        <identifiers>
          <isin value="US22113B1035"/>
          <ticker value="CSAN"/>
        </identifiers>
        <balance>16533</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324708.12</valUSD>
        <pctVal>0.9601139476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Cyient Ltd</name>
        <lei>335800MJOXTUJ22Y4T72</lei>
        <title>Cyient Ltd.</title>
        <cusip>Y4082D131</cusip>
        <identifiers>
          <isin value="INE136B01020"/>
          <ticker value="CYL IN"/>
        </identifiers>
        <balance>31615</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>419556.77</valUSD>
        <pctVal>1.2405673954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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="73.1438"/>
        <valUSD>350100.51</valUSD>
        <pctVal>1.0351954941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>44229</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>84832.34</valUSD>
        <pctVal>0.2508366986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>90182</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>381450.66</valUSD>
        <pctVal>1.1278932569</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>Eregli Demir ve Celik Fabrikal</name>
        <lei>789000VYQF5IDGG49908</lei>
        <title>Eregli Demir ve Celik Fabrikalari TAS</title>
        <cusip>M40710101</cusip>
        <identifiers>
          <isin value="TRAEREGL91G3"/>
          <ticker value="EREGL TI"/>
        </identifiers>
        <balance>143945</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="8.4260"/>
        <valUSD>341953.94</valUSD>
        <pctVal>1.0111072900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>510410.60</valUSD>
        <pctVal>1.5092087505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>999999999</cusip>
        <identifiers>
          <isin value="INE183A01024"/>
          <ticker value="FNXP IN"/>
        </identifiers>
        <balance>138295</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>329153.99</valUSD>
        <pctVal>0.9732597285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>247936</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.9063"/>
        <valUSD>419240.43</valUSD>
        <pctVal>1.2396320248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hindalco Industries Ltd</name>
        <lei>335800KXLE5NO5B4GF90</lei>
        <title>Hindalco Industries Ltd.</title>
        <cusip>Y3196V185</cusip>
        <identifiers>
          <isin value="INE038A01020"/>
          <ticker value="HNDL IN"/>
        </identifiers>
        <balance>103407</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>619549.04</valUSD>
        <pctVal>1.8319149966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Helios Towers PLC</name>
        <lei>213800DGC7GS4XCHCU30</lei>
        <title>Helios Towers PLC</title>
        <cusip>G4431S102</cusip>
        <identifiers>
          <isin value="GB00BJVQC708"/>
          <ticker value="HTWS LN"/>
        </identifiers>
        <balance>183907</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7194"/>
        <valUSD>418226.09</valUSD>
        <pctVal>1.2366327712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hypera SA</name>
        <lei>N/A</lei>
        <title>Hypera S.A.</title>
        <cusip>P5230A101</cusip>
        <identifiers>
          <isin value="BRHYPEACNOR0"/>
          <ticker value="HYPE3 BZ"/>
        </identifiers>
        <balance>60715</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>415584.69</valUSD>
        <pctVal>1.2288225416</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>India Grid Trust</name>
        <lei>335800TGEQ4SXIIDKF52</lei>
        <title>India Grid Trust</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE219X23014"/>
          <ticker value="INDIGRID"/>
        </identifiers>
        <balance>190512</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>362283.86</valUSD>
        <pctVal>1.0712198604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Unit"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDIAN RUPIES  /</name>
        <lei>N/A</lei>
        <title>INDIAN RUPIES  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="INR"/>
        </identifiers>
        <balance>1385153</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>18613.90</valUSD>
        <pctVal>0.0550385528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intelbras SA Industria de Tele</name>
        <lei>N/A</lei>
        <title>Intelbras S.A. Industria de Telecomunicacao Eletronica Brasileira</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="BRINTBACNOR9"/>
          <ticker value="INTB3 BZ"/>
        </identifiers>
        <balance>59692</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>331221.09</valUSD>
        <pctVal>0.9793718379</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>JSL SA</name>
        <lei>N/A</lei>
        <title>JSL S.A.</title>
        <cusip>P6065E101</cusip>
        <identifiers>
          <isin value="BRJSLGACNOR2"/>
          <ticker value="JSLG3 BZ"/>
        </identifiers>
        <balance>154920</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>341768.10</valUSD>
        <pctVal>1.0105577885</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>KEI Industries Ltd</name>
        <lei>335800UDWBC2AWPU7M56</lei>
        <title>KEI Industries Ltd.</title>
        <cusip>Y4640F115</cusip>
        <identifiers>
          <isin value="INE878B01027"/>
          <ticker value="KEII IN"/>
        </identifiers>
        <balance>35254</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>336170.80</valUSD>
        <pctVal>0.9940073992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kosmos Energy Ltd</name>
        <lei>213800YDFJ3OT9B5P157</lei>
        <title>Kosmos Energy Ltd.</title>
        <cusip>500688106</cusip>
        <identifiers>
          <isin value="US5006881065"/>
          <ticker value="KOS"/>
        </identifiers>
        <balance>56300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>130053</valUSD>
        <pctVal>0.3845475106</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>Genomma Lab Internacional SAB</name>
        <lei>N/A</lei>
        <title>Genomma Lab Internacional S.A.B. de C.V. - Class B</title>
        <cusip>P48318102</cusip>
        <identifiers>
          <isin value="MX01LA010006"/>
          <ticker value="LABB MM"/>
        </identifiers>
        <balance>408087</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.9063"/>
        <valUSD>396477.63</valUSD>
        <pctVal>1.1723257875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LiveChat Software SA</name>
        <lei>259400W35VF4Q1XFFE11</lei>
        <title>LiveChat Software S.A.</title>
        <cusip>X4901B101</cusip>
        <identifiers>
          <isin value="PLLVTSF00010"/>
          <ticker value="LVC PW"/>
        </identifiers>
        <balance>10762</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.8525"/>
        <valUSD>359245.48</valUSD>
        <pctVal>1.0622358196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>36064</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>360991.75</valUSD>
        <pctVal>1.0673992820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB MONEY MARKET FIDUCIARY   /</name>
        <lei>N/A</lei>
        <title>UMB MONEY MARKET FIDUCIARY   /</title>
        <cusip>SF8888528</cusip>
        <identifiers>
          <ticker value="MMFIDU"/>
        </identifiers>
        <balance>543060.40</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>543060.40</valUSD>
        <pctVal>1.6057493864</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>Media Nusantara Citra Tbk PT</name>
        <lei>254900Y0ZF75CIA04X94</lei>
        <title>Media Nusantara Citra Tbk P.T.</title>
        <cusip>Y71280104</cusip>
        <identifiers>
          <isin value="ID1000106206"/>
          <ticker value="MNCN IJ"/>
        </identifiers>
        <balance>6158967</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14462.50"/>
        <valUSD>336501.21</valUSD>
        <pctVal>0.9949843728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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="14.6513"/>
        <valUSD>494761.87</valUSD>
        <pctVal>1.4629377674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>9303</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>325362.77</valUSD>
        <pctVal>0.9620496510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>27082</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.6513"/>
        <valUSD>426464.28</valUSD>
        <pctVal>1.2609918822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</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>419634</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="49.9850"/>
        <valUSD>338326.50</valUSD>
        <pctVal>1.0003814857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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>20072</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7194"/>
        <valUSD>436168.41</valUSD>
        <pctVal>1.2896855612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pakuwon Jati Tbk PT</name>
        <lei>254900GUXQAQB065PM73</lei>
        <title>Pakuwon Jati Tbk P.T.</title>
        <cusip>Y712CA107</cusip>
        <identifiers>
          <isin value="ID1000122500"/>
          <ticker value="PWON IJ"/>
        </identifiers>
        <balance>13094603</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14462.50"/>
        <valUSD>362435.25</valUSD>
        <pctVal>1.0716674983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>61155</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>302352.26</valUSD>
        <pctVal>0.8940109718</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>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>139449</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>363596.07</valUSD>
        <pctVal>1.0750998716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Preferred"/>
        <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>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>72685</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>320322.59</valUSD>
        <pctVal>0.9471465832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIS Ltd</name>
        <lei>335800TDIAQ4LLKESR87</lei>
        <title>SIS Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE285J01028"/>
          <ticker value="SECIS IN"/>
        </identifiers>
        <balance>74105</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>479469.06</valUSD>
        <pctVal>1.4177191872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLC Agricola SA</name>
        <lei>54930017BQDYJPIJXG79</lei>
        <title>SLC Agricola S.A.</title>
        <cusip>P8711D107</cusip>
        <identifiers>
          <isin value="BRSLCEACNOR2"/>
          <ticker value="SLCE3 BZ"/>
        </identifiers>
        <balance>36792</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2083"/>
        <valUSD>317884.91</valUSD>
        <pctVal>0.9399387235</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>Sobha Ltd</name>
        <lei>3358009VFP3MXXLJDN54</lei>
        <title>Sobha Ltd.</title>
        <cusip>Y806AJ100</cusip>
        <identifiers>
          <isin value="INE671H01015"/>
          <ticker value="SOBHA IN"/>
        </identifiers>
        <balance>63320</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>507502.72</valUSD>
        <pctVal>1.5006105789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truworths International Ltd</name>
        <lei>37890099AFD770037522</lei>
        <title>Truworths International Ltd.</title>
        <cusip>S8793H130</cusip>
        <identifiers>
          <isin value="ZAE000028296"/>
          <ticker value="TRU SJ"/>
        </identifiers>
        <balance>83550</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.6513"/>
        <valUSD>352418.56</valUSD>
        <pctVal>1.0420496255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </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="27.9650"/>
        <valUSD>104719.18</valUSD>
        <pctVal>0.3096391470</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>UPL Ltd</name>
        <lei>335800RJSM1SLHO4UA95</lei>
        <title>UPL Ltd.</title>
        <cusip>Y9305P100</cusip>
        <identifiers>
          <isin value="INE628A01036"/>
          <ticker value="UPLL IN"/>
        </identifiers>
        <balance>39094</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.4150"/>
        <valUSD>425911.62</valUSD>
        <pctVal>1.2593577482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corp Inmobiliaria Vesta SAB de</name>
        <lei>4469000001BIRIFZJ959</lei>
        <title>Corp Inmobiliaria Vesta S.A.B. de C.V.</title>
        <cusip>P9781N108</cusip>
        <identifiers>
          <isin value="MX01VE0M0003"/>
          <ticker value="VESTA*MM"/>
        </identifiers>
        <balance>211020</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.9063"/>
        <valUSD>414485.97</valUSD>
        <pctVal>1.2255737888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</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>343867</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7194"/>
        <valUSD>501890.95</valUSD>
        <pctVal>1.4840174039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>2021-08-09</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>
