<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001527428</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000059857</seriesId>
        <classId>C000195837</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Arrow Investments Trust</regName>
      <regFileNumber>811-22638</regFileNumber>
      <regCik>0001527428</regCik>
      <regLei>549300IHK71DVRHETY77</regLei>
      <regStreet1>6100 CHEVY CHASE DR</regStreet1>
      <regStreet2>SUITE 100</regStreet2>
      <regCity>LAUREL</regCity>
      <regStateConditional regCountry="US" regState="US-MD"/>
      <regZipOrPostalCode>20707</regZipOrPostalCode>
      <regPhone>301-260-1001</regPhone>
      <seriesName>Arrow DWA Tactical: International ETF</seriesName>
      <seriesId>S000059857</seriesId>
      <seriesLei>5493008G29ZK0CM7X861</seriesLei>
      <repPdEnd>2023-07-31</repPdEnd>
      <repPdDate>2022-10-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>11230397.22</totAssets>
      <totLiabs>211758.47</totLiabs>
      <netAssets>11018638.75</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000195837" rtn1="0.14000000" rtn2="-10.41000000" rtn3="8.59000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
            <mon1 netRealizedGain="85.48000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="204.93000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="33078.41000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="85.48000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="204.93000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="33078.41000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
          </foreignExchgContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-22.91000000" netUnrealizedAppr="-8250.08000000"/>
        <othMon2 netRealizedGain="-50888.64000000" netUnrealizedAppr="-1167249.81000000"/>
        <othMon3 netRealizedGain="-1017060.02000000" netUnrealizedAppr="1839060.83000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Israel Discount Bank Ltd.</name>
        <lei>549300XWZ7BG5G23OF51</lei>
        <title>ISRAEL DISCOUN-A</title>
        <cusip>465074201</cusip>
        <identifiers>
          <isin value="IL0006912120"/>
        </identifiers>
        <balance>21177.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>120716.58000000</valUSD>
        <pctVal>1.095567090807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ca Sales Holdings Limited</name>
        <lei>N/A</lei>
        <title>CA SALES HOLDING</title>
        <cusip>S1600K107</cusip>
        <identifiers>
          <isin value="ZAE400000036"/>
        </identifiers>
        <balance>20915.53350000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>6434.39000000</valUSD>
        <pctVal>0.058395507339</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>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI TURKEY ETF</title>
        <cusip>464286715</cusip>
        <identifiers>
          <isin value="US4642867158"/>
        </identifiers>
        <balance>46176.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1255525.44000000</valUSD>
        <pctVal>11.39456033078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICL Group Ltd</name>
        <lei>529900FQVQD88SHIGM04</lei>
        <title>ICL GROUP LTD</title>
        <cusip>M53213100</cusip>
        <identifiers>
          <isin value="IL0002810146"/>
        </identifiers>
        <balance>13807.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>124863.85000000</valUSD>
        <pctVal>1.133205769179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redefine Properties Ltd.</name>
        <lei>37890061EC026A7DA532</lei>
        <title>REDEFINE PROPERT</title>
        <cusip>S6815L196</cusip>
        <identifiers>
          <isin value="ZAE000190252"/>
        </identifiers>
        <balance>522434.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>116059.78000000</valUSD>
        <pctVal>1.053304157013</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>Mineral Resources Ltd</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>Mineral Resources Ltd</title>
        <cusip>Q60976109</cusip>
        <identifiers>
          <isin value="AU000000MIN4"/>
        </identifiers>
        <balance>2375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>111079.40000000</valUSD>
        <pctVal>1.008104562825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES MSCI INDIA ETF</title>
        <cusip>46429B598</cusip>
        <identifiers>
          <isin value="US46429B5984"/>
        </identifiers>
        <balance>21437.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>904641.40000000</valUSD>
        <pctVal>8.210101270449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Incitec Pivot Ltd.</name>
        <lei>254900UW2F3BKV6Z9V18</lei>
        <title>Incitec Pivot Ltd</title>
        <cusip>Q4887E101</cusip>
        <identifiers>
          <isin value="AU000000IPL1"/>
        </identifiers>
        <balance>45143.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>108266.98000000</valUSD>
        <pctVal>0.982580357305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IGO Ltd.</name>
        <lei>2549005DZO8VGXM5QN07</lei>
        <title>IGO LTD</title>
        <cusip>Q4875H108</cusip>
        <identifiers>
          <isin value="AU000000IGO4"/>
        </identifiers>
        <balance>11240.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>109912.77000000</valUSD>
        <pctVal>0.997516775835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jollibee Foods Corp.</name>
        <lei>2138009XN3KTAAKUPR35</lei>
        <title>Jollibee Foods Corp</title>
        <cusip>Y4466S100</cusip>
        <identifiers>
          <isin value="PHY4466S1007"/>
        </identifiers>
        <balance>53803.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.19000000"/>
        <valUSD>214509.30000000</valUSD>
        <pctVal>1.946785849567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Leumi Le-Israel BM</name>
        <lei>7JDSZWRGUQY2DSTWCR57</lei>
        <title>BANK LEUMI LE-IS</title>
        <cusip>M16043107</cusip>
        <identifiers>
          <isin value="IL0006046119"/>
        </identifiers>
        <balance>12675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>121198.22000000</valUSD>
        <pctVal>1.099938229665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Constellation Software Inc.</name>
        <lei>549300B6PYHMCTDWQV29</lei>
        <title>CONSTELLATION SO</title>
        <cusip>21037X100</cusip>
        <identifiers>
          <isin value="CA21037X1006"/>
        </identifiers>
        <balance>76.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>109898.65000000</valUSD>
        <pctVal>0.997388629334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elbit Systems Ltd</name>
        <lei>529900Q9CB1REUMZSS32</lei>
        <title>ELBIT SYSTEMS LTD</title>
        <cusip>M3760D101</cusip>
        <identifiers>
          <isin value="IL0010811243"/>
        </identifiers>
        <balance>586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>118740.71000000</valUSD>
        <pctVal>1.077635020932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings</title>
        <cusip>S37840113</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
        </identifiers>
        <balance>10651.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>109086.08000000</valUSD>
        <pctVal>0.990014124929</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>Metropolitan Bank &amp; Trust Company (Metrobank)</name>
        <lei>549300SQYI82RVWFN715</lei>
        <title>METRO BANK &amp; TR</title>
        <cusip>Y6028G136</cusip>
        <identifiers>
          <isin value="PHY6028G1361"/>
        </identifiers>
        <balance>250837.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.19000000"/>
        <valUSD>222860.85000000</valUSD>
        <pctVal>2.022580602345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alfa SAB de CV</name>
        <lei>549300ZCGJ6T8YDJ4M34</lei>
        <title>ALFA SAB-A</title>
        <cusip>P0156P117</cusip>
        <identifiers>
          <isin value="MXP000511016"/>
        </identifiers>
        <balance>164624.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>109337.24000000</valUSD>
        <pctVal>0.992293535351</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>UTD Tractors</name>
        <lei>529900N9ELYOWQV4FW14</lei>
        <title>United Tractors Tbk PT</title>
        <cusip>Y7146Y140</cusip>
        <identifiers>
          <isin value="ID1000058407"/>
        </identifiers>
        <balance>47732.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>98633.72000000</valUSD>
        <pctVal>0.895153405405</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>Motus Holdings Ltd</name>
        <lei>N/A</lei>
        <title>MOTUS HOLDINGS LTD</title>
        <cusip>S5252J102</cusip>
        <identifiers>
          <isin value="ZAE000261913"/>
        </identifiers>
        <balance>16134.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>101991.60000000</valUSD>
        <pctVal>0.925627950185</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>Azrieli Group</name>
        <lei>N/A</lei>
        <title>AZRIELI GROUP</title>
        <cusip>M1571Q105</cusip>
        <identifiers>
          <isin value="IL0011194789"/>
        </identifiers>
        <balance>1566.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>116287.57000000</valUSD>
        <pctVal>1.055371472270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kaap Agri Limited</name>
        <lei>N/A</lei>
        <title>KAAP AGRI LTD</title>
        <cusip>S7409S100</cusip>
        <identifiers>
          <isin value="ZAE000244711"/>
        </identifiers>
        <balance>2494.93160000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>5433.86000000</valUSD>
        <pctVal>0.049315166086</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>Absa Group Ltd</name>
        <lei>2138006IPPRD4N6XLT30</lei>
        <title>ABSA GROUP LTD</title>
        <cusip>S0270C106</cusip>
        <identifiers>
          <isin value="ZAE000255915"/>
        </identifiers>
        <balance>10506.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>114259.57000000</valUSD>
        <pctVal>1.036966294951</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>Fortis Inc</name>
        <lei>549300MQYQ9Y065XPR71</lei>
        <title>FORTIS INC</title>
        <cusip>349553107</cusip>
        <identifiers>
          <isin value="CA3495531079"/>
        </identifiers>
        <balance>2596.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>101284.91000000</valUSD>
        <pctVal>0.919214363026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stadio Holdings Limited</name>
        <lei>3789007C8FB26515D966</lei>
        <title>STADIO HOLDINGS</title>
        <cusip>S8059D104</cusip>
        <identifiers>
          <isin value="ZAE000248662"/>
        </identifiers>
        <balance>20626.16660000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>4447.38000000</valUSD>
        <pctVal>0.040362336046</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>Thungela Resources Limited</name>
        <lei>213800EGYK3BN3SRIF27</lei>
        <title>THUNGELA RESOURC</title>
        <cusip>S84485101</cusip>
        <identifiers>
          <isin value="ZAE000296554"/>
        </identifiers>
        <balance>6040.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>94915.79000000</valUSD>
        <pctVal>0.861411215609</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>Banco de Credito e Inversiones</name>
        <lei>549300E9E5Y3PKW24142</lei>
        <title>BANCO CRED INVER</title>
        <cusip>P32133111</cusip>
        <identifiers>
          <isin value="CLP321331116"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="945.95000000"/>
        <valUSD>27.79000000</valUSD>
        <pctVal>0.000252209012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizrahi Tefahot Bank Limited</name>
        <lei>YZO9YEGEO4VYDZMDWF93</lei>
        <title>MIZRAHI TEFAHOT</title>
        <cusip>M7031A135</cusip>
        <identifiers>
          <isin value="IL0006954379"/>
        </identifiers>
        <balance>3108.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>117729.94000000</valUSD>
        <pctVal>1.068461746238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</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 PT</title>
        <cusip>Y7123P138</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
        </identifiers>
        <balance>193324.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>108838.28000000</valUSD>
        <pctVal>0.987765208293</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>NuVista Energy Ltd.</name>
        <lei>549300MG32TDSM60SX75</lei>
        <title>NUVISTA ENERGY</title>
        <cusip>67072Q104</cusip>
        <identifiers>
          <isin value="CA67072Q1046"/>
        </identifiers>
        <balance>12627.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>125225.37000000</valUSD>
        <pctVal>1.136486755226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Curro Holdings Ltd</name>
        <lei>N/A</lei>
        <title>CURRO HOLDINGS L</title>
        <cusip>S20461109</cusip>
        <identifiers>
          <isin value="ZAE000156253"/>
        </identifiers>
        <balance>36644.45860000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>16859.91000000</valUSD>
        <pctVal>0.153012639605</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>Dmci Hldgs Inc</name>
        <lei>N/A</lei>
        <title>DMCI HLDGS INC</title>
        <cusip>Y2088F100</cusip>
        <identifiers>
          <isin value="PHY2088F1004"/>
        </identifiers>
        <balance>1255413.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.19000000"/>
        <valUSD>204740.84000000</valUSD>
        <pctVal>1.858131885846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nedbank Group Ltd</name>
        <lei>3789009E42FA3CB31065</lei>
        <title>NEDBANK GROUP</title>
        <cusip>S5518R104</cusip>
        <identifiers>
          <isin value="ZAE000004875"/>
        </identifiers>
        <balance>9153.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>108425.81000000</valUSD>
        <pctVal>0.984021823929</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>African Rainbow Minerals Ltd</name>
        <lei>529900L3TPSCK8ZVZ589</lei>
        <title>AFRICAN RAINBOW</title>
        <cusip>S01680107</cusip>
        <identifiers>
          <isin value="ZAE000054045"/>
        </identifiers>
        <balance>7033.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>99051.27000000</valUSD>
        <pctVal>0.898942893467</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>Descartes Systems Group Inc.</name>
        <lei>875500NEPA7JI5EOMN45</lei>
        <title>DESCARTES SYSTEMS GRP/THE</title>
        <cusip>249906108</cusip>
        <identifiers>
          <isin value="CA2499061083"/>
        </identifiers>
        <balance>1631.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>112543.03000000</valUSD>
        <pctVal>1.021387782587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Rakyat Indonesia (Persero) Tbk</name>
        <lei>254900HB6S4B12GBNP64</lei>
        <title>BANK RAKYAT INDO</title>
        <cusip>Y0697U112</cusip>
        <identifiers>
          <isin value="ID1000118201"/>
        </identifiers>
        <balance>360092.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>107122.24000000</valUSD>
        <pctVal>0.972191233694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alsea Sab De Cv</name>
        <lei>4469000001BJLPKNUN21</lei>
        <title>Alsea SAB de CV</title>
        <cusip>P0212A104</cusip>
        <identifiers>
          <isin value="MXP001391012"/>
        </identifiers>
        <balance>56988.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>109463.99000000</valUSD>
        <pctVal>0.993443858934</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>Cenovus Energy Inc</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>CENOVUS ENERGY</title>
        <cusip>15135U109</cusip>
        <identifiers>
          <isin value="CA15135U1093"/>
        </identifiers>
        <balance>6135.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>124026.73000000</valUSD>
        <pctVal>1.125608460482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wisdomtree Trust</name>
        <lei>549300SEVJBU47TE8855</lei>
        <title>WISDOMTREE INDIA EARNINGS</title>
        <cusip>97717W422</cusip>
        <identifiers>
          <isin value="US97717W4226"/>
        </identifiers>
        <balance>5385.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>171404.55000000</valUSD>
        <pctVal>1.555587345124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeroportuario Del Pacifico S.A.B. de C.V.</name>
        <lei>4469000001BZ368XFI90</lei>
        <title>GRUPO AEROPORTUARIO DEL P</title>
        <cusip>P4959P100</cusip>
        <identifiers>
          <isin value="MX01GA000004"/>
        </identifiers>
        <balance>7613.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>118073.27000000</valUSD>
        <pctVal>1.071577648373</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>Bank Hapoalim BM</name>
        <lei>B6ARUI4946ST4S7WOU88</lei>
        <title>BANK HAPOALIM</title>
        <cusip>M1586M115</cusip>
        <identifiers>
          <isin value="IL0006625771"/>
        </identifiers>
        <balance>12671.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>122416.45000000</valUSD>
        <pctVal>1.110994314066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ninety One Limited</name>
        <lei>2138006NUUFPDXHSUP38</lei>
        <title>NINETY ONE LTD</title>
        <cusip>S5626J101</cusip>
        <identifiers>
          <isin value="ZAE000282356"/>
        </identifiers>
        <balance>3235.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>7609.36000000</valUSD>
        <pctVal>0.069058984259</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>Banco Actinver SA</name>
        <lei>549300JMTSVQ6LKX5222</lei>
        <title>PROLOGIS MEXICO</title>
        <cusip>P4559M101</cusip>
        <identifiers>
          <isin value="MXCFFI170008"/>
        </identifiers>
        <balance>40464.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>103904.65000000</valUSD>
        <pctVal>0.942989895190</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>Yara International ASA</name>
        <lei>213800WKOUWXWFJ5Z514</lei>
        <title>Yara International ASA</title>
        <cusip>R9900C106</cusip>
        <identifiers>
          <isin value="NO0010208051"/>
        </identifiers>
        <balance>5586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.39634000"/>
        <valUSD>249309.28000000</valUSD>
        <pctVal>2.262614154584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gjensidige Forsikring ASA</name>
        <lei>5967007LIEEXZX6FAO47</lei>
        <title>GJENSIDIGE FORSI</title>
        <cusip>R2763X101</cusip>
        <identifiers>
          <isin value="NO0010582521"/>
        </identifiers>
        <balance>11233.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.39634000"/>
        <valUSD>205182.47000000</valUSD>
        <pctVal>1.862139912700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teva Pharmaceutical Industries Ltd.</name>
        <lei>549300BAFGM4RC74ZJ94</lei>
        <title>Teva Pharmaceutical Indus</title>
        <cusip>M8769Q102</cusip>
        <identifiers>
          <isin value="IL0006290147"/>
        </identifiers>
        <balance>14212.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>127318.52000000</valUSD>
        <pctVal>1.155483203403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REA Group Ltd.</name>
        <lei>N/A</lei>
        <title>REA GROUP LTD</title>
        <cusip>Q8051B108</cusip>
        <identifiers>
          <isin value="AU000000REA9"/>
        </identifiers>
        <balance>1387.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>107857.08000000</valUSD>
        <pctVal>0.978860297058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PSG Konsult Limited</name>
        <lei>378900ECF3D86FD28194</lei>
        <title>PSG KONSULT LTD</title>
        <cusip>S6S18X104</cusip>
        <identifiers>
          <isin value="ZAE000191417"/>
        </identifiers>
        <balance>78076.78860000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>46635.72000000</valUSD>
        <pctVal>0.423243932922</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>Commonwealth Bank of Australia</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
        <title>COMMONW BK AUSTR</title>
        <cusip>Q26915100</cusip>
        <identifiers>
          <isin value="AU000000CBA7"/>
        </identifiers>
        <balance>1740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>116489.64000000</valUSD>
        <pctVal>1.057205364864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indah Kiat Pulp &amp; Paper Tbk PT</name>
        <lei>529900F19DXXA9HNCB51</lei>
        <title>INDAH KIAT PULP &amp; PAPER T</title>
        <cusip>Y71278116</cusip>
        <identifiers>
          <isin value="ID1000062201"/>
        </identifiers>
        <balance>183063.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>112430.73000000</valUSD>
        <pctVal>1.020368600431</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>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>EQUINOR ASA</title>
        <cusip>R2R90P103</cusip>
        <identifiers>
          <isin value="NO0010096985"/>
        </identifiers>
        <balance>6320.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.39634000"/>
        <valUSD>231217.14000000</valUSD>
        <pctVal>2.098418373140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wan Hai Lines Ltd.</name>
        <lei>N/A</lei>
        <title>WAN HAI LINES LTD</title>
        <cusip>Y9507R102</cusip>
        <identifiers>
          <isin value="TW0002615002"/>
        </identifiers>
        <balance>2012.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.26700000"/>
        <valUSD>4221.42000000</valUSD>
        <pctVal>0.038311629011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Del Bajio, S.A., Institucion De Banca</name>
        <lei>4469000001BD95FFLY16</lei>
        <title>BANCO DEL BAJIO SA</title>
        <cusip>P1R2ZN117</cusip>
        <identifiers>
          <isin value="MX41BB000000"/>
        </identifiers>
        <balance>43696.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>123009.67000000</valUSD>
        <pctVal>1.116378100697</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>Bank of the Philippine Islands</name>
        <lei>549300UW4UH6XT2X8C50</lei>
        <title>BANK PHILIPPINE</title>
        <cusip>Y0967S169</cusip>
        <identifiers>
          <isin value="PHY0967S1694"/>
        </identifiers>
        <balance>136735.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.19000000"/>
        <valUSD>225581.03000000</valUSD>
        <pctVal>2.047267680864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DnB Bank ASA</name>
        <lei>549300GKFG0RYRRQ1414</lei>
        <title>DNB BANK ASA</title>
        <cusip>R1R15X100</cusip>
        <identifiers>
          <isin value="NO0010161896"/>
        </identifiers>
        <balance>12196.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.39634000"/>
        <valUSD>215851.35000000</valUSD>
        <pctVal>1.958965666244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</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</name>
        <lei>N/A</lei>
        <title>WALMART DE MEXIC</title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
        </identifiers>
        <balance>28651.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>110674.44000000</valUSD>
        <pctVal>1.004429335701</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>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOM BANK</title>
        <cusip>891160509</cusip>
        <identifiers>
          <isin value="CA8911605092"/>
        </identifiers>
        <balance>1655.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>105925.73000000</valUSD>
        <pctVal>0.961332269832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Granite Real Estate Investment Trust</name>
        <lei>549300U7HUKRB4S4KZ73</lei>
        <title>GRANITE REAL ESTATE INVES</title>
        <cusip>387437114</cusip>
        <identifiers>
          <isin value="CA3874371147"/>
        </identifiers>
        <balance>2018.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>103131.66000000</valUSD>
        <pctVal>0.935974600310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSL Ltd</name>
        <lei>529900ECSECK5ZDQTE14</lei>
        <title>CSL LTD</title>
        <cusip>Q3018U109</cusip>
        <identifiers>
          <isin value="AU000000CSL8"/>
        </identifiers>
        <balance>591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>106014.12000000</valUSD>
        <pctVal>0.962134456037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adaro Energy Indonesia TBK</name>
        <lei>529900P2WAH7XA87OI24</lei>
        <title>ADARO ENERGY IND</title>
        <cusip>Y7087B109</cusip>
        <identifiers>
          <isin value="ID1000111305"/>
        </identifiers>
        <balance>419033.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>106695.11000000</valUSD>
        <pctVal>0.968314802043</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>Telkom Indonesia(Persero) Tbk PT</name>
        <lei>529900M5SQZAOKV1PC81</lei>
        <title>TELEKOMUNIKASI INDONESIA</title>
        <cusip>Y71474145</cusip>
        <identifiers>
          <isin value="ID1000129000"/>
        </identifiers>
        <balance>369846.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>103872.05000000</valUSD>
        <pctVal>0.942694032872</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>Tourmaline Oil Corp.</name>
        <lei>549300EWGW5PUCV5A109</lei>
        <title>TOURMALINE OIL C</title>
        <cusip>89156V106</cusip>
        <identifiers>
          <isin value="CA89156V1067"/>
        </identifiers>
        <balance>1927.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>108580.91000000</valUSD>
        <pctVal>0.985429438822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Financiero Inbursa S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO INBURSA-</title>
        <cusip>P4950U165</cusip>
        <identifiers>
          <isin value="MXP370641013"/>
        </identifiers>
        <balance>63521.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>116787.29000000</valUSD>
        <pctVal>1.059906696732</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>Bank Mandiri (Persero) Tbk PT</name>
        <lei>549300RSKQN4Z5ZSGH94</lei>
        <title>Bank Mandiri Persero Tbk</title>
        <cusip>Y7123S108</cusip>
        <identifiers>
          <isin value="ID1000095003"/>
        </identifiers>
        <balance>176649.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>119227.62000000</valUSD>
        <pctVal>1.082053987839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allkem Ltd.</name>
        <lei>2138006SR6M416DVKM86</lei>
        <title>ALLKEM LTD</title>
        <cusip>Q0226L103</cusip>
        <identifiers>
          <isin value="AU0000193666"/>
        </identifiers>
        <balance>10601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>97901.28000000</valUSD>
        <pctVal>0.888506123317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clicks Group Ltd</name>
        <lei>378900E967958A677472</lei>
        <title>Clicks Group Ltd</title>
        <cusip>S17249111</cusip>
        <identifiers>
          <isin value="ZAE000134854"/>
        </identifiers>
        <balance>6735.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>114139.80000000</valUSD>
        <pctVal>1.035879318577</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>Regional Sab De Cv</name>
        <lei>N/A</lei>
        <title>REGIONAL SAB DE</title>
        <cusip>P8008V109</cusip>
        <identifiers>
          <isin value="MX01R0000006"/>
        </identifiers>
        <balance>19249.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>134159.34000000</valUSD>
        <pctVal>1.217567278898</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>Exxaro Resources Ltd.</name>
        <lei>378900BC3D9BFF4E4A37</lei>
        <title>Exxaro Resources Ltd</title>
        <cusip>S26949107</cusip>
        <identifiers>
          <isin value="ZAE000084992"/>
        </identifiers>
        <balance>8395.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>93486.01000000</valUSD>
        <pctVal>0.848435202578</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>SalMar ASA</name>
        <lei>5967007LIEEXZXGDBK67</lei>
        <title>SALMAR ASA</title>
        <cusip>R7445C102</cusip>
        <identifiers>
          <isin value="NO0010310956"/>
        </identifiers>
        <balance>3761.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.39634000"/>
        <valUSD>127412.55000000</valUSD>
        <pctVal>1.156336575604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank Negara Indonesia (Persero) Tbk PT</name>
        <lei>549300HZ8J3MLVXQ8F85</lei>
        <title>Bank Negara Indonesia Per</title>
        <cusip>Y74568166</cusip>
        <identifiers>
          <isin value="ID1000096605"/>
        </identifiers>
        <balance>182554.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>109782.33000000</valUSD>
        <pctVal>0.996332963543</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>Whitehaven Coal Ltd.</name>
        <lei>529900WCZ4I6ZO3RRP86</lei>
        <title>WHITEHAVEN COAL LTD</title>
        <cusip>Q97664108</cusip>
        <identifiers>
          <isin value="AU000000WHC8"/>
        </identifiers>
        <balance>18541.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>107076.77000000</valUSD>
        <pctVal>0.971778569290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astra International Tbk Pt</name>
        <lei>529900L49TRJOMG4DK47</lei>
        <title>Astra International Tbk P</title>
        <cusip>Y7117N172</cusip>
        <identifiers>
          <isin value="ID1000122807"/>
        </identifiers>
        <balance>229149.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>97488.38000000</valUSD>
        <pctVal>0.884758836476</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>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>NATL AUST BANK</title>
        <cusip>Q65336119</cusip>
        <identifiers>
          <isin value="AU000000NAB4"/>
        </identifiers>
        <balance>5571.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>115510.25000000</valUSD>
        <pctVal>1.048316880340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bezeq The Israeli Telecommunication Corp Ltd</name>
        <lei>213800XCGZCFSWY9U863</lei>
        <title>BEZEQ THE ISRAELI TELECOM</title>
        <cusip>M2012Q100</cusip>
        <identifiers>
          <isin value="IL0002300114"/>
        </identifiers>
        <balance>68782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.52960000"/>
        <valUSD>121950.86000000</valUSD>
        <pctVal>1.106768837484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tower Bersama Infrastructure Tbk PT</name>
        <lei>213800ELUARKGNPAPY10</lei>
        <title>Tower Bersama Infrastruct</title>
        <cusip>Y71372109</cusip>
        <identifiers>
          <isin value="ID1000116908"/>
        </identifiers>
        <balance>585149.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15631.00000000"/>
        <valUSD>92090.50000000</valUSD>
        <pctVal>0.835770208003</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>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>ROYAL BANK OF CA</title>
        <cusip>780087102</cusip>
        <identifiers>
          <isin value="CA7800871021"/>
        </identifiers>
        <balance>1160.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>107334.08000000</valUSD>
        <pctVal>0.974113794228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Computershare Ltd</name>
        <lei>N/A</lei>
        <title>COMPUTERSHARE LT</title>
        <cusip>Q2721E105</cusip>
        <identifiers>
          <isin value="AU000000CPU5"/>
        </identifiers>
        <balance>6626.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56360000"/>
        <valUSD>107085.58000000</valUSD>
        <pctVal>0.971858524720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Financiero Banorte S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>GRUPO FINANCIERO BANORTE</title>
        <cusip>P49501201</cusip>
        <identifiers>
          <isin value="MXP370711014"/>
        </identifiers>
        <balance>16015.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>130362.73000000</valUSD>
        <pctVal>1.183111026305</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>Dollarama Inc</name>
        <lei>5493002GJ0NJP1HI0C79</lei>
        <title>DOLLARAMA INC</title>
        <cusip>25675T107</cusip>
        <identifiers>
          <isin value="CA25675T1075"/>
        </identifiers>
        <balance>1893.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36227000"/>
        <valUSD>112487.50000000</valUSD>
        <pctVal>1.020883818339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gentera SAB de CV</name>
        <lei>N/A</lei>
        <title>Gentera SAB de CV</title>
        <cusip>P4831V101</cusip>
        <identifiers>
          <isin value="MX01GE0E0004"/>
        </identifiers>
        <balance>124509.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.81440000"/>
        <valUSD>127686.07000000</valUSD>
        <pctVal>1.158818914904</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>Rand Merchant Investment Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>RAND MERCHANT IN</title>
        <cusip>S6815J118</cusip>
        <identifiers>
          <isin value="ZAE000210688"/>
        </identifiers>
        <balance>67458.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.36580000"/>
        <valUSD>104754.61000000</valUSD>
        <pctVal>0.950703733707</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>Semirara Mining And Power Co</name>
        <lei>N/A</lei>
        <title>Semirara Mining &amp; Power C</title>
        <cusip>Y7628G112</cusip>
        <identifiers>
          <isin value="PHY7628G1124"/>
        </identifiers>
        <balance>310806.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.19000000"/>
        <valUSD>186675.88000000</valUSD>
        <pctVal>1.694182777341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-11-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Arrow Investments Trust</ncom:nameOfApplicant>
      <ncom:signature>Sam Singh</ncom:signature>
      <ncom:signerName>Sam Singh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
