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      <invstOrSec>
        <name>Qingdao Haier Biomedical Co Lt</name>
        <lei>65560007PZ5ME4672K78</lei>
        <title>Qingdao Haier Biomedical Co., Ltd. - Class A</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="CNE100003P25"/>
          <ticker value="688139C1"/>
        </identifiers>
        <balance>1523406</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.8719"/>
        <valUSD>14741872.10</valUSD>
        <pctVal>0.9349319988</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>Arca Continental SAB de CV</name>
        <lei>254900U2BSJCQHJCXN24</lei>
        <title>Arca Continental S.A.B. de C.V.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="MX01AC100006"/>
          <ticker value="AC* MM"/>
        </identifiers>
        <balance>2682703</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.02"/>
        <valUSD>24361682.51</valUSD>
        <pctVal>1.5450219870</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>Grupo Aeroportuario del Surest</name>
        <lei>5299001W7JIDXCUOUC82</lei>
        <title>Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR</title>
        <cusip>40051E202</cusip>
        <identifiers>
          <isin value="US40051E2028"/>
          <ticker value="ASR"/>
        </identifiers>
        <balance>168673</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51693214.31</valUSD>
        <pctVal>3.2783923136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Bank Central Asia Tbk PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>Bank Central Asia Tbk P.T.</title>
        <cusip>019452379</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
          <ticker value="BBCA IJ"/>
        </identifiers>
        <balance>67177075</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="14994.50"/>
        <valUSD>39301551.57</valUSD>
        <pctVal>2.4925109862</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>BE Semiconductor Industries NV</name>
        <lei>7245007A1YFLI2GNYX06</lei>
        <title>BE Semiconductor Industries N.V.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="NL0012866412"/>
          <ticker value="BESI NA"/>
        </identifiers>
        <balance>259393</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.9221"/>
        <valUSD>22672005.91</valUSD>
        <pctVal>1.4378624139</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>BRL SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>BRL SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="BRL FWD"/>
        </identifiers>
        <balance>1214809.11</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="BRL" exchangeRt="5.0685"/>
        <valUSD>239678.23</valUSD>
        <pctVal>0.0152004335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kanzhun Ltd</name>
        <lei>254900F4ZCBITP7L0251</lei>
        <title>Kanzhun Ltd. - ADR</title>
        <cusip>48553T106</cusip>
        <identifiers>
          <isin value="US48553T1060"/>
          <ticker value="BZ"/>
        </identifiers>
        <balance>853424</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16240658.72</valUSD>
        <pctVal>1.0299852974</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>Capitec Bank Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Capitec Bank Holdings Ltd.</title>
        <cusip>S64408594</cusip>
        <identifiers>
          <isin value="ZAE000035861"/>
          <ticker value="CPI SJ"/>
        </identifiers>
        <balance>274006</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.8050"/>
        <valUSD>25972321.60</valUSD>
        <pctVal>1.6471689880</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>Coupang Inc</name>
        <lei>549300XR4L1D80AK4W76</lei>
        <title>Coupang, Inc.</title>
        <cusip>22266T109</cusip>
        <identifiers>
          <isin value="US22266T1097"/>
          <ticker value="CPNG"/>
        </identifiers>
        <balance>768881</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12302096</valUSD>
        <pctVal>0.7802009897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endava PLC</name>
        <lei>213800JJ6CRPCWCQVZ25</lei>
        <title>Endava PLC - ADR</title>
        <cusip>29260V105</cusip>
        <identifiers>
          <isin value="US29260V1052"/>
          <ticker value="DAVA"/>
        </identifiers>
        <balance>143846</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9663574.28</valUSD>
        <pctVal>0.6128655001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Divi's Laboratories Ltd</name>
        <lei>335800C1DHFG1C9T1M03</lei>
        <title>Divi's Laboratories Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE361B01024"/>
          <ticker value="DIVI IN"/>
        </identifiers>
        <balance>1017811</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.1825"/>
        <valUSD>35046828.34</valUSD>
        <pctVal>2.2226757260</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>Dino Polska SA</name>
        <lei>259400H4L81SMPRTW956</lei>
        <title>Dino Polska S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="PLDINPL00011"/>
          <ticker value="DNP PW"/>
        </identifiers>
        <balance>505492</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="4.3165"/>
        <valUSD>45914014.61</valUSD>
        <pctVal>2.9118745002</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>EPAM Systems Inc</name>
        <lei>549300XCR4R530HJP604</lei>
        <title>EPAM Systems, Inc.</title>
        <cusip>29414B104</cusip>
        <identifiers>
          <isin value="US29414B1044"/>
          <ticker value="EPAM"/>
        </identifiers>
        <balance>124827</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37323273</valUSD>
        <pctVal>2.3670482278</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>EUR SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>EUR SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="EUR FWD"/>
        </identifiers>
        <balance>206938.41</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.9221"/>
        <valUSD>224420.79</valUSD>
        <pctVal>0.0142328041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fabrinet</name>
        <lei>5493004TETZ6IYF7CV44</lei>
        <title>Fabrinet</title>
        <cusip>G3323L100</cusip>
        <identifiers>
          <isin value="KYG3323L1005"/>
          <ticker value="FN"/>
        </identifiers>
        <balance>234365</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27833187.40</valUSD>
        <pctVal>1.7651854088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeroportuario del Pacifi</name>
        <lei>4469000001BZ368XFI90</lei>
        <title>Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="MX01GA000004"/>
          <ticker value="GAPB MM"/>
        </identifiers>
        <balance>1420848</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.02"/>
        <valUSD>27645034.26</valUSD>
        <pctVal>1.7532527052</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>GBP SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>GBP SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="GBP FWD"/>
        </identifiers>
        <balance>141157.45</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.8106"/>
        <valUSD>174139.46</valUSD>
        <pctVal>0.0110439537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Globant SA</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>Globant S.A.</title>
        <cusip>L44385109</cusip>
        <identifiers>
          <isin value="LU0974299876"/>
          <ticker value="GLOB"/>
        </identifiers>
        <balance>162038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26575852.38</valUSD>
        <pctVal>1.6854450112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</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>91302144</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="TWD" exchangeRt="30.4475"/>
        <valUSD>2998674.57</valUSD>
        <pctVal>0.1901764437</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>999999999</cusip>
        <identifiers>
          <isin value="INE628A01036"/>
          <ticker value="UPLL IN"/>
        </identifiers>
        <balance>2254189</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.1825"/>
        <valUSD>19722020.45</valUSD>
        <pctVal>1.2507738417</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>VIETNAM DONG  /</name>
        <lei>N/A</lei>
        <title>VIETNAM DONG  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="VND"/>
        </identifiers>
        <balance>1256473101</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="VND" exchangeRt="23466"/>
        <valUSD>53544.41</valUSD>
        <pctVal>0.0033957955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart de Mexico SAB de CV</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico S.A.B. de C.V.</title>
        <cusip>010879744</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
          <ticker value="WALMEX*"/>
        </identifiers>
        <balance>10271889</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.02"/>
        <valUSD>41059054.64</valUSD>
        <pctVal>2.6039721254</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>Wizz Air Holdings Plc</name>
        <lei>213800COXGZCORLJZA85</lei>
        <title>Wizz Air Holdings Plc</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JE00BN574F90"/>
          <ticker value="WIZZ LN"/>
        </identifiers>
        <balance>493667</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8106"/>
        <valUSD>18129564.30</valUSD>
        <pctVal>1.1497800058</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>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>723267</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67386786.39</valUSD>
        <pctVal>4.2736812846</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>Yandex NV</name>
        <lei>549300GGZHJ5Q1B18P93</lei>
        <title>Yandex N.V. - Class A</title>
        <cusip>N97284108</cusip>
        <identifiers>
          <isin value="NL0009805522"/>
          <ticker value="YNDX"/>
        </identifiers>
        <balance>801002</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</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>4692464.77</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="ZAR" exchangeRt="17.8050"/>
        <valUSD>263547.59</valUSD>
        <pctVal>0.0167142323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZTO Express Cayman Inc</name>
        <lei>549300SCJPK3YZJTJR78</lei>
        <title>ZTO Express Cayman, Inc. - ADR</title>
        <cusip>98980A105</cusip>
        <identifiers>
          <isin value="US98980A1051"/>
          <ticker value="ZTO"/>
        </identifiers>
        <balance>1401018</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40153175.88</valUSD>
        <pctVal>2.5465211426</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>Hapvida Participacoes e Invest</name>
        <lei>N/A</lei>
        <title>Hapvida Participacoes e Investimentos S/A</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="BRHAPVACNOR4"/>
          <ticker value="HAPV3 BZ"/>
        </identifiers>
        <balance>16863490</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.0685"/>
        <valUSD>8717045.24</valUSD>
        <pctVal>0.5528364698</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>HDFC Bank Ltd</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC Bank Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE040A01034"/>
          <ticker value="HDFCB IN"/>
        </identifiers>
        <balance>2196591</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.1825"/>
        <valUSD>43204403.79</valUSD>
        <pctVal>2.7400305280</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>HKD SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>HKD SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="HKD FWD"/>
        </identifiers>
        <balance>29715543.93</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="HKD" exchangeRt="7.8499"/>
        <valUSD>3785467.83</valUSD>
        <pctVal>0.2400750041</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>IDR SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>IDR SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="IDR FWD"/>
        </identifiers>
        <balance>5995562593</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="IDR" exchangeRt="14994.50"/>
        <valUSD>399850.78</valUSD>
        <pctVal>0.0253586035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</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>47669989</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="INR" exchangeRt="82.1825"/>
        <valUSD>580050.36</valUSD>
        <pctVal>0.0367868910</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>Kotak Mahindra Bank Ltd</name>
        <lei>335800E6GTTXKHXE2I75</lei>
        <title>Kotak Mahindra Bank Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE237A01028"/>
          <ticker value="KMB IN"/>
        </identifiers>
        <balance>2594246</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.1825"/>
        <valUSD>54834211.45</valUSD>
        <pctVal>3.4775948785</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>SOUTH KOREAN WON  /</name>
        <lei>N/A</lei>
        <title>SOUTH KOREAN WON  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="KRW"/>
        </identifiers>
        <balance>218</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="KRW" exchangeRt="1301.85"/>
        <valUSD>0.17</valUSD>
        <pctVal>0.0000000108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>KR</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>207771547</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="KRW" exchangeRt="1301.85"/>
        <valUSD>159597.15</valUSD>
        <pctVal>0.0101216780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lojas Renner SA</name>
        <lei>N/A</lei>
        <title>Lojas Renner S.A.</title>
        <cusip>P6332C102</cusip>
        <identifiers>
          <isin value="BRLRENACNOR1"/>
          <ticker value="LREN3 BZ"/>
        </identifiers>
        <balance>4213700</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.0685"/>
        <valUSD>13775477.75</valUSD>
        <pctVal>0.8736431072</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>Moscow Exchange MICEX-RTS PJSC</name>
        <lei>253400M5M1222KPNWE87</lei>
        <title>Moscow Exchange MICEX-RTS PJSC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="RU000A0JR4A1"/>
          <ticker value="MOEX RU"/>
        </identifiers>
        <balance>15336645</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MXN SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>MXN SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="MXN FWD"/>
        </identifiers>
        <balance>17057695.79</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="MXN" exchangeRt="18.02"/>
        <valUSD>946597.99</valUSD>
        <pctVal>0.0600334031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NU Holdings Ltd/Cayman Islands</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU Holdings Ltd./Cayman Islands - Class A</title>
        <cusip>G6683N103</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
          <ticker value="NU"/>
        </identifiers>
        <balance>3156316</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15024064.16</valUSD>
        <pctVal>0.9528286666</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>PLN SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>PLN SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="PLN FWD"/>
        </identifiers>
        <balance>1943183.06</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="PLN" exchangeRt="4.3165"/>
        <valUSD>450175.62</valUSD>
        <pctVal>0.0285502133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB MONEY MARKET II SPECIAL   /</name>
        <lei>N/A</lei>
        <title>UMB MONEY MARKET II SPECIAL   /</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>98310813.74</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98310813.74</valUSD>
        <pctVal>6.2348882810</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>Tata Consultancy Services Ltd</name>
        <lei>335800ZJKU9GPQRE2U66</lei>
        <title>Tata Consultancy Services Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE467B01029"/>
          <ticker value="TCS IN"/>
        </identifiers>
        <balance>741326</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.1825"/>
        <valUSD>29058383.48</valUSD>
        <pctVal>1.8428875495</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>TCS Group Holding PLC</name>
        <lei>549300XQRN9MR54V1W18</lei>
        <title>TCS Group Holding PLC - GDR</title>
        <cusip>87238U203</cusip>
        <identifiers>
          <isin value="US87238U2033"/>
          <ticker value="TCS LI"/>
        </identifiers>
        <balance>358615</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</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>2023-04-25</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>
