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        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>433932.97</valUSD>
        <pctVal>1.4940786614</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>LONGSHINE</name>
        <lei>N/A</lei>
        <title>Longshine Technology Group Co., Ltd. - Class A</title>
        <cusip>Y5324Y106</cusip>
        <identifiers>
          <isin value="CNE1000034B7"/>
          <ticker value="300682CH"/>
        </identifiers>
        <balance>68595</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7372"/>
        <valUSD>313510.67</valUSD>
        <pctVal>1.0794515157</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>TIGERMED</name>
        <lei>300300CP4N8WDF6DOO67</lei>
        <title>Hangzhou Tigermed Consulting Co., Ltd. - Class H</title>
        <cusip>Y3043G118</cusip>
        <identifiers>
          <isin value="CNE1000040M1"/>
          <ticker value="3347 HK"/>
        </identifiers>
        <balance>29290</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>304222.87</valUSD>
        <pctVal>1.0474726048</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>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="7.8499"/>
        <valUSD>278032.57</valUSD>
        <pctVal>0.9572965383</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>Lotes Co Ltd</name>
        <lei>N/A</lei>
        <title>Lotes Co., Ltd.</title>
        <cusip>Y53302116</cusip>
        <identifiers>
          <isin value="TW0003533006"/>
          <ticker value="3533 TT"/>
        </identifiers>
        <balance>18024</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.9410"/>
        <valUSD>422817.96</valUSD>
        <pctVal>1.4558084667</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>1588</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1299.10"/>
        <valUSD>285616.86</valUSD>
        <pctVal>0.9834100780</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>448507</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>386732.23</valUSD>
        <pctVal>1.3315613527</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>Zhen Ding Technology Holding L</name>
        <lei>549300H7R4K33675UP38</lei>
        <title>Zhen Ding Technology Holding Ltd.</title>
        <cusip>G98922100</cusip>
        <identifiers>
          <isin value="KYG989221000"/>
          <ticker value="4958 TT"/>
        </identifiers>
        <balance>119940</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.9410"/>
        <valUSD>454291.43</valUSD>
        <pctVal>1.5641750652</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>Y3119Q107</cusip>
        <identifiers>
          <isin value="CNE000000DG7"/>
          <ticker value="600803CH"/>
        </identifiers>
        <balance>169192</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7372"/>
        <valUSD>433708.32</valUSD>
        <pctVal>1.4933051669</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>333750</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>278385.06</valUSD>
        <pctVal>0.9585101999</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>Ennoconn Corp</name>
        <lei>N/A</lei>
        <title>Ennoconn Corp.</title>
        <cusip>Y229BK101</cusip>
        <identifiers>
          <isin value="TW0006414006"/>
          <ticker value="6414 TT"/>
        </identifiers>
        <balance>58380</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.9410"/>
        <valUSD>422400.29</valUSD>
        <pctVal>1.4543703832</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>Wiwynn Corp</name>
        <lei>254900FV2R15PMKXFL69</lei>
        <title>Wiwynn Corp.</title>
        <cusip>Y9673D101</cusip>
        <identifiers>
          <isin value="TW0006669005"/>
          <ticker value="6669 TT"/>
        </identifiers>
        <balance>14931</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.9410"/>
        <valUSD>369341.26</valUSD>
        <pctVal>1.2716823415</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>85074</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>272280.37</valUSD>
        <pctVal>0.9374910847</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>L'Occitane International SA</name>
        <lei>549300TLZP9DZV3ROI47</lei>
        <title>L'Occitane International S.A.</title>
        <cusip>L6071D109</cusip>
        <identifiers>
          <isin value="LU0501835309"/>
          <ticker value="973 HK"/>
        </identifiers>
        <balance>94310</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>321726.14</valUSD>
        <pctVal>1.1077382772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</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>99925</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1741"/>
        <valUSD>332755.02</valUSD>
        <pctVal>1.1457119169</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>Ayala Corp</name>
        <lei>254900QJ68UH8GKNGI69</lei>
        <title>Ayala Corp.</title>
        <cusip>Y0486V115</cusip>
        <identifiers>
          <isin value="PHY0486V1154"/>
          <ticker value="AC PM"/>
        </identifiers>
        <balance>23052</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.13"/>
        <valUSD>259620.38</valUSD>
        <pctVal>0.8939013549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACEN Corp</name>
        <lei>549300LGUZQ61GQQXQ60</lei>
        <title>ACEN Corp.</title>
        <cusip>Y1001H102</cusip>
        <identifiers>
          <isin value="PHY1001H1024"/>
          <ticker value="ACEN PM"/>
        </identifiers>
        <balance>69156</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.13"/>
        <valUSD>10516.28</valUSD>
        <pctVal>0.0362087019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</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>325545</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.62"/>
        <valUSD>322215.12</valUSD>
        <pctVal>1.1094218888</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>Aegis Logistics Ltd</name>
        <lei>335800R6OF8UV8J3G994</lei>
        <title>Aegis Logistics Ltd.</title>
        <cusip>Y0018C122</cusip>
        <identifiers>
          <isin value="INE208C01025"/>
          <ticker value="AGIS IN"/>
        </identifiers>
        <balance>106866</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>350049.31</valUSD>
        <pctVal>1.2052580483</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>Aster DM Healthcare Ltd</name>
        <lei>335800TFWMBMRZEICW46</lei>
        <title>Aster DM Healthcare Ltd.</title>
        <cusip>Y208A0100</cusip>
        <identifiers>
          <isin value="INE914M01019"/>
          <ticker value="ASTERDM"/>
        </identifiers>
        <balance>155806</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>452167.90</valUSD>
        <pctVal>1.5568635192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Autohome Inc</name>
        <lei>529900NYB6ZGZN3MVT56</lei>
        <title>Autohome, Inc. - ADR</title>
        <cusip>05278C107</cusip>
        <identifiers>
          <isin value="US05278C1071"/>
          <ticker value="ATHM"/>
        </identifiers>
        <balance>7627</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>272207.63</valUSD>
        <pctVal>0.9372406329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</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>7315</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9784"/>
        <valUSD>338844.35</valUSD>
        <pctVal>1.1666781459</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>20451</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.62"/>
        <valUSD>376534.66</valUSD>
        <pctVal>1.2964500042</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>Bidvest Group Ltd/The</name>
        <lei>5299002ARE4TRMIRGM72</lei>
        <title>Bidvest Group Ltd.</title>
        <cusip>S1201R162</cusip>
        <identifiers>
          <isin value="ZAE000117321"/>
          <ticker value="BVT SJ"/>
        </identifiers>
        <balance>32672</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.62"/>
        <valUSD>420253.92</valUSD>
        <pctVal>1.4469801966</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>Cholamandalam Financial Holdin</name>
        <lei>335800WAHI1O38BILX22</lei>
        <title>Cholamandalam Financial Holdings Ltd.</title>
        <cusip>Y9001B157</cusip>
        <identifiers>
          <isin value="INE149A01033"/>
          <ticker value="CHOLAHLD"/>
        </identifiers>
        <balance>44075</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>352332.31</valUSD>
        <pctVal>1.2131186669</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>Cyient Ltd</name>
        <lei>335800MJOXTUJ22Y4T72</lei>
        <title>Cyient Ltd.</title>
        <cusip>Y4082D131</cusip>
        <identifiers>
          <isin value="INE136B01020"/>
          <ticker value="CYL IN"/>
        </identifiers>
        <balance>29125</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>304845.56</valUSD>
        <pctVal>1.0496165945</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>DataTec Ltd</name>
        <lei>213800AA36MIN5FWKV02</lei>
        <title>DataTec Ltd.</title>
        <cusip>S2100Z123</cusip>
        <identifiers>
          <isin value="ZAE000017745"/>
          <ticker value="DTC SJ"/>
        </identifiers>
        <balance>161735</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.62"/>
        <valUSD>427872.76</valUSD>
        <pctVal>1.4732126958</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Emaar Properties PJSC</name>
        <lei>254900YWYEXYXK1BMP81</lei>
        <title>Emaar Properties PJSC</title>
        <cusip>M4025S107</cusip>
        <identifiers>
          <isin value="AEE000301011"/>
          <ticker value="EMAAR UH"/>
        </identifiers>
        <balance>286883</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.6731"/>
        <valUSD>430523.66</valUSD>
        <pctVal>1.4823400343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Bank Ltd</name>
        <lei>335800J8VWGE2HGWF417</lei>
        <title>Federal Bank Ltd.</title>
        <cusip>Y24781182</cusip>
        <identifiers>
          <isin value="INE171A01029"/>
          <ticker value="FB IN"/>
        </identifiers>
        <balance>308719</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>417411.16</valUSD>
        <pctVal>1.4371922631</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>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>38111</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419030.45</valUSD>
        <pctVal>1.4427676556</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>GPS Participacoes e Empreendim</name>
        <lei>N/A</lei>
        <title>GPS Participacoes e Empreendimentos S.A.</title>
        <cusip>P4R4AT137</cusip>
        <identifiers>
          <isin value="BRGGPSACNOR9"/>
          <ticker value="GGPS3 BZ"/>
        </identifiers>
        <balance>127542</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1741"/>
        <valUSD>305907.54</valUSD>
        <pctVal>1.0532731078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</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>210991</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.3855"/>
        <valUSD>355006.81</valUSD>
        <pctVal>1.2223272628</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>Geopark Ltd</name>
        <lei>529900ZR5QI19AH4KZ07</lei>
        <title>Geopark Ltd.</title>
        <cusip>G38327105</cusip>
        <identifiers>
          <isin value="BMG383271050"/>
          <ticker value="GPRK"/>
        </identifiers>
        <balance>23640</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>299282.40</valUSD>
        <pctVal>1.0304620264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONG KONG DOLLAR  /</name>
        <lei>N/A</lei>
        <title>HONG KONG DOLLAR  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="HKD"/>
        </identifiers>
        <balance>926.92</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>118.08</valUSD>
        <pctVal>0.0004065624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Helios Towers PLC</name>
        <lei>213800DGC7GS4XCHCU30</lei>
        <title>Helios Towers PLC</title>
        <cusip>G4431S102</cusip>
        <identifiers>
          <isin value="GB00BJVQC708"/>
          <ticker value="HTWS LN"/>
        </identifiers>
        <balance>245492</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8212"/>
        <valUSD>431584.02</valUSD>
        <pctVal>1.4859909697</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>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>46305</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1741"/>
        <valUSD>381154.20</valUSD>
        <pctVal>1.3123555855</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>Y39199107</cusip>
        <identifiers>
          <isin value="INE219X23014"/>
          <ticker value="INDIGRID"/>
        </identifiers>
        <balance>153212</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>273364.69</valUSD>
        <pctVal>0.9412245170</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>1743904</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>22001.96</valUSD>
        <pctVal>0.0757551539</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>P5R68S100</cusip>
        <identifiers>
          <isin value="BRINTBACNOR9"/>
          <ticker value="INTB3 BZ"/>
        </identifiers>
        <balance>58017</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1741"/>
        <valUSD>304880.51</valUSD>
        <pctVal>1.0497369312</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>Karooooo Ltd</name>
        <lei>N/A</lei>
        <title>Karooooo Ltd.</title>
        <cusip>Y4600W108</cusip>
        <identifiers>
          <isin value="SGXZ19450089"/>
          <ticker value="KARO"/>
        </identifiers>
        <balance>5960</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>159728</valUSD>
        <pctVal>0.5499609685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</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>22464</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>352563.07</valUSD>
        <pctVal>1.2139131988</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>39270</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248971.80</valUSD>
        <pctVal>0.8572371297</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>KRW SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>KRW SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="KRW FWD"/>
        </identifiers>
        <balance>120154540</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="KRW" exchangeRt="1299.10"/>
        <valUSD>92490.60</valUSD>
        <pctVal>0.3184552486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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"/>
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        <balance>462252</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.3855"/>
        <valUSD>429701.28</valUSD>
        <pctVal>1.4795084901</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>Leejam Sports Co JSC</name>
        <lei>N/A</lei>
        <title>Leejam Sports Co. JSC</title>
        <cusip>M4319P108</cusip>
        <identifiers>
          <isin value="SA14K0Q0SJ16"/>
          <ticker value="LEEJAMAB"/>
        </identifiers>
        <balance>11163</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7560"/>
        <valUSD>335485.30</valUSD>
        <pctVal>1.1551125695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lufax Holding Ltd</name>
        <lei>N/A</lei>
        <title>Lufax Holding Ltd. - ADR</title>
        <cusip>54975P102</cusip>
        <identifiers>
          <isin value="US54975P1021"/>
          <ticker value="LU"/>
        </identifiers>
        <balance>45338</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>207648.04</valUSD>
        <pctVal>0.7149549057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</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>15587</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.6365"/>
        <valUSD>333984.38</valUSD>
        <pctVal>1.1499447378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitra Adiperkasa Tbk PT</name>
        <lei>N/A</lei>
        <title>Mitra Adiperkasa Tbk P.T.</title>
        <cusip>Y71299104</cusip>
        <identifiers>
          <isin value="ID1000099807"/>
          <ticker value="MAPI IJ"/>
        </identifiers>
        <balance>6213467</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14832.50"/>
        <valUSD>373210.55</valUSD>
        <pctVal>1.2850047300</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>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>28674</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>423084.91</valUSD>
        <pctVal>1.4567276047</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>1104227.81</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1104227.81</valUSD>
        <pctVal>3.8019770848</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>16485</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.62"/>
        <valUSD>312197.43</valUSD>
        <pctVal>1.0749298868</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>Metrodata Electronics Tbk PT</name>
        <lei>N/A</lei>
        <title>Metrodata Electronics Tbk P.T.</title>
        <cusip>Y7129H155</cusip>
        <identifiers>
          <isin value="ID1000055007"/>
          <ticker value="MTDL IJ"/>
        </identifiers>
        <balance>5339240</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14832.50"/>
        <valUSD>214181.55</valUSD>
        <pctVal>0.7374504950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Network International Holdings</name>
        <lei>213800XVRNKWENNLKK60</lei>
        <title>Network International Holdings PLC</title>
        <cusip>G6457T104</cusip>
        <identifiers>
          <isin value="GB00BH3VJ782"/>
          <ticker value="NETW LN"/>
        </identifiers>
        <balance>102848</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8212"/>
        <valUSD>251484.15</valUSD>
        <pctVal>0.8658874254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCI NV</name>
        <lei>549300NCMRGIBJYUOE57</lei>
        <title>OCI N.V.</title>
        <cusip>N6667A111</cusip>
        <identifiers>
          <isin value="NL0010558797"/>
          <ticker value="OCI NA"/>
        </identifiers>
        <balance>8825</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9784"/>
        <valUSD>306382.82</valUSD>
        <pctVal>1.0549095488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</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>436814</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.13"/>
        <valUSD>239363.45</valUSD>
        <pctVal>0.8241545301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</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>12569143</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14832.50"/>
        <valUSD>386671.07</valUSD>
        <pctVal>1.3313507722</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>Quess Corp Ltd</name>
        <lei>335800IMP1C9KOQZDK11</lei>
        <title>Quess Corp. Ltd.</title>
        <cusip>Y3R6BW102</cusip>
        <identifiers>
          <isin value="INE615P01015"/>
          <ticker value="QUESS IN"/>
        </identifiers>
        <balance>37801</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>282648.12</valUSD>
        <pctVal>0.9731883816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</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>142630</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>225157.90</valUSD>
        <pctVal>0.7752432682</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>Y7T669116</cusip>
        <identifiers>
          <isin value="INE285J01028"/>
          <ticker value="SECIS IN"/>
        </identifiers>
        <balance>77895</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>440636.22</valUSD>
        <pctVal>1.5171586841</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>40251</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1741"/>
        <valUSD>343068.19</valUSD>
        <pctVal>1.1812212888</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>57540</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>510677.27</valUSD>
        <pctVal>1.7583176774</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>Grupo Traxion SAB de CV</name>
        <lei>4469000001BS6B603745</lei>
        <title>Grupo Traxion S.A.B. de C.V.</title>
        <cusip>P4989G104</cusip>
        <identifiers>
          <isin value="MX01TR0H0006"/>
          <ticker value="TRAXIONA"/>
        </identifiers>
        <balance>152455</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.3855"/>
        <valUSD>190779.09</valUSD>
        <pctVal>0.6568732664</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>TAIWANESE DOLLAR  /</name>
        <lei>N/A</lei>
        <title>TAIWANESE DOLLAR  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="TWD"/>
        </identifiers>
        <balance>6327976.75</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="TWD" exchangeRt="29.9410"/>
        <valUSD>211348.21</valUSD>
        <pctVal>0.7276949956</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>United Tractors Tbk PT</name>
        <lei>529900N9ELYOWQV4FW14</lei>
        <title>United Tractors Tbk P.T.</title>
        <cusip>Y7146Y140</cusip>
        <identifiers>
          <isin value="ID1000058407"/>
          <ticker value="UNTR IJ"/>
        </identifiers>
        <balance>168889</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14832.50"/>
        <valUSD>369092.12</valUSD>
        <pctVal>1.2708245252</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>UPL Ltd</name>
        <lei>335800RJSM1SLHO4UA95</lei>
        <title>UPL Ltd.</title>
        <cusip>Y9305P100</cusip>
        <identifiers>
          <isin value="INE628A01036"/>
          <ticker value="UPLL IN"/>
        </identifiers>
        <balance>40364</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="79.2613"/>
        <valUSD>378676.45</valUSD>
        <pctVal>1.3038244214</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>Vamos Locacao de Caminhoes Maq</name>
        <lei>N/A</lei>
        <title>Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.</title>
        <cusip>P9680U112</cusip>
        <identifiers>
          <isin value="BRVAMOACNOR7"/>
          <ticker value="VAMO3 BZ"/>
        </identifiers>
        <balance>93796</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1741"/>
        <valUSD>246540.58</valUSD>
        <pctVal>0.8488661734</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>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>167745</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.3855"/>
        <valUSD>330380.01</valUSD>
        <pctVal>1.1375344978</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>WHA Corp PCL</name>
        <lei>254900E68VLEZZULQP27</lei>
        <title>WHA Corp. PCL</title>
        <cusip>Y95310150</cusip>
        <identifiers>
          <isin value="TH3871010Z01"/>
          <ticker value="WHA TB"/>
        </identifiers>
        <balance>5194078</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="36.81"/>
        <valUSD>426250.23</valUSD>
        <pctVal>1.4676261476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WNS Holdings Ltd</name>
        <lei>529900RM7QHUD3W9DM42</lei>
        <title>WNS Holdings Ltd. - ADR</title>
        <cusip>92932M101</cusip>
        <identifiers>
          <isin value="US92932M1018"/>
          <ticker value="WNS"/>
        </identifiers>
        <balance>4395</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>381090.45</valUSD>
        <pctVal>1.3121360873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZAR SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>ZAR SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="ZAR FWD"/>
        </identifiers>
        <balance>498658.24</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="ZAR" exchangeRt="16.62"/>
        <valUSD>30003.50</valUSD>
        <pctVal>0.1033053310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>2022-08-15</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>
