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        <lei>529900U7IH8JW3FMGM30</lei>
        <title>Indocement Tunggal Prakar</title>
        <cusip>Y7127B135</cusip>
        <identifiers>
          <isin value="ID1000061302"/>
        </identifiers>
        <balance>3042000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16791.00000000"/>
        <valUSD>1206794.67000000</valUSD>
        <pctVal>0.930394438242</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>Japan Wool Textile co ltd</name>
        <lei>N/A</lei>
        <title>JAPAN WOOL TEXT</title>
        <cusip>J27953108</cusip>
        <identifiers>
          <isin value="JP3700800000"/>
        </identifiers>
        <balance>113200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1364177.43000000</valUSD>
        <pctVal>1.051730775085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kandenko Co Ltd</name>
        <lei>35380080NSN7GCYZ3X14</lei>
        <title>KANDENKO CO LTD</title>
        <cusip>J29653102</cusip>
        <identifiers>
          <isin value="JP3230600003"/>
        </identifiers>
        <balance>128800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>4637048.49000000</valUSD>
        <pctVal>3.574994348422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kato Sangyo Co</name>
        <lei>N/A</lei>
        <title>KATO SANGYO CO</title>
        <cusip>J3104N108</cusip>
        <identifiers>
          <isin value="JP3213300001"/>
        </identifiers>
        <balance>33100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1393193.78000000</valUSD>
        <pctVal>1.074101316925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lotte Fine Chemical Co Ltd</name>
        <lei>N/A</lei>
        <title>LOTTE FINE CHEMICAL CO LT</title>
        <cusip>Y7472W106</cusip>
        <identifiers>
          <isin value="KR7004000006"/>
        </identifiers>
        <balance>36300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>1184559.89000000</valUSD>
        <pctVal>0.913252238196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kokuyo Co Ltd</name>
        <lei>3538001EN1YX65H42410</lei>
        <title>KOKUYO</title>
        <cusip>J35544105</cusip>
        <identifiers>
          <isin value="JP3297000006"/>
        </identifiers>
        <balance>236500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1385625.21000000</valUSD>
        <pctVal>1.068266226989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Life Corporation</name>
        <lei>N/A</lei>
        <title>LIFE CORP</title>
        <cusip>J38828109</cusip>
        <identifiers>
          <isin value="JP3966600003"/>
        </identifiers>
        <balance>82500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1361600.84000000</valUSD>
        <pctVal>1.049744318677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mabuchi Motor Co., Ltd.</name>
        <lei>N/A</lei>
        <title>MABUCHI MOTOR</title>
        <cusip>J39186101</cusip>
        <identifiers>
          <isin value="JP3870000001"/>
        </identifiers>
        <balance>132800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1247493.92000000</valUSD>
        <pctVal>0.961772067579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maruichi Steel Tube Ltd.</name>
        <lei>N/A</lei>
        <title>MARUICHI STL TUB</title>
        <cusip>J40046104</cusip>
        <identifiers>
          <isin value="JP3871200006"/>
        </identifiers>
        <balance>132000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1307954.83000000</valUSD>
        <pctVal>1.008385212129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSG Corporation</name>
        <lei>353800IWJAOVAFO6X450</lei>
        <title>OSG CORP</title>
        <cusip>J63137103</cusip>
        <identifiers>
          <isin value="JP3170800001"/>
        </identifiers>
        <balance>87400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1475874.87000000</valUSD>
        <pctVal>1.137845405457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONO Pharmaceutical Co Ltd</name>
        <lei>529900G26L4NG4GFJZ86</lei>
        <title>ONO PHARMA</title>
        <cusip>J61546115</cusip>
        <identifiers>
          <isin value="JP3197600004"/>
        </identifiers>
        <balance>93100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1387018.91000000</valUSD>
        <pctVal>1.069340718583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valterra Platinum Ltd.</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>VALTERRA PLATINU</title>
        <cusip>S9122P108</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
        </identifiers>
        <balance>30742.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.15430000"/>
        <valUSD>2762017.91000000</valUSD>
        <pctVal>2.129414527319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanyo Chemical Industries Ltd.</name>
        <lei>529900STCFY6RXOR2I79</lei>
        <title>SANYO CHEMICAL</title>
        <cusip>J68682103</cusip>
        <identifiers>
          <isin value="JP3337600005"/>
        </identifiers>
        <balance>40600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1450445.53000000</valUSD>
        <pctVal>1.118240316793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sino Land Co Ltd.</name>
        <lei>529900G5P51053HJVZ92</lei>
        <title>SINO LAND</title>
        <cusip>Y80267126</cusip>
        <identifiers>
          <isin value="HK0083000502"/>
        </identifiers>
        <balance>1072000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1613250.39000000</valUSD>
        <pctVal>1.243756893911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stanley Electric Co Ltd</name>
        <lei>N/A</lei>
        <title>STANLEY ELEC CO</title>
        <cusip>J76637115</cusip>
        <identifiers>
          <isin value="JP3399400005"/>
        </identifiers>
        <balance>56600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1115017.78000000</valUSD>
        <pctVal>0.859637821447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tokai Rika Co Ltd</name>
        <lei>N/A</lei>
        <title>TOKAI RIKA</title>
        <cusip>J85968105</cusip>
        <identifiers>
          <isin value="JP3566600007"/>
        </identifiers>
        <balance>72400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1467426.55000000</valUSD>
        <pctVal>1.131332060531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toyota Boshoku Corp.</name>
        <lei>529900KS87U6EY7PWG26</lei>
        <title>TOYOTA BOSHOKU</title>
        <cusip>J91214106</cusip>
        <identifiers>
          <isin value="JP3635400009"/>
        </identifiers>
        <balance>75900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1274490.97000000</valUSD>
        <pctVal>0.982585803165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VTech Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>VTECH HLDGS LTD</title>
        <cusip>G9400S132</cusip>
        <identifiers>
          <isin value="BMG9400S1329"/>
        </identifiers>
        <balance>162700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1267015.15000000</valUSD>
        <pctVal>0.976822220078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Skanska AB</name>
        <lei>549300UINV5RINHGMG07</lei>
        <title>SKANSKA AB-B</title>
        <cusip>W83567110</cusip>
        <identifiers>
          <isin value="SE0000113250"/>
        </identifiers>
        <balance>64632.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.90806000"/>
        <valUSD>1962893.28000000</valUSD>
        <pctVal>1.513318740938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RPC Inc</name>
        <lei>549300ZDXAFBC3SB4918</lei>
        <title>RPC INC</title>
        <cusip>749660106</cusip>
        <identifiers>
          <isin value="US7496601060"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1463000.00000000</valUSD>
        <pctVal>1.127919352799</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>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>PERSEUS MINING</title>
        <cusip>Q74174105</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
        </identifiers>
        <balance>697600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.43590000"/>
        <valUSD>2687100.88000000</valUSD>
        <pctVal>2.071656244345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPFL Energia SA</name>
        <lei>529900GBWSBDXN8GGM28</lei>
        <title>CPFL ENERGIA SA</title>
        <cusip>P3179C105</cusip>
        <identifiers>
          <isin value="BRCPFEACNOR0"/>
        </identifiers>
        <balance>159290.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.25990000"/>
        <valUSD>1549018.71000000</valUSD>
        <pctVal>1.194236623963</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>Centrica PLC</name>
        <lei>E26EDV109X6EEPBKVH76</lei>
        <title>CENTRICA PLC</title>
        <cusip>G2018Z143</cusip>
        <identifiers>
          <isin value="GB00B033F229"/>
        </identifiers>
        <balance>572500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
        <valUSD>1499091.27000000</valUSD>
        <pctVal>1.155744398527</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>Paramount Resources Limited</name>
        <lei>549300JSO4G6XV6Y5V84</lei>
        <title>PARAMOUNT RES -A</title>
        <cusip>699320206</cusip>
        <identifiers>
          <isin value="CA6993202069"/>
        </identifiers>
        <balance>46000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36163000"/>
        <valUSD>867548.45000000</valUSD>
        <pctVal>0.668848042547</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>Tsuruha Holdings Inc.</name>
        <lei>N/A</lei>
        <title>TSURUHA HOLDINGS</title>
        <cusip>J9348C105</cusip>
        <identifiers>
          <isin value="JP3536150000"/>
        </identifiers>
        <balance>79810.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1271738.24000000</valUSD>
        <pctVal>0.980463549276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lonking Holdings Limited</name>
        <lei>5299004M92ACMGS3QI84</lei>
        <title>LONKING</title>
        <cusip>G5636C107</cusip>
        <identifiers>
          <isin value="KYG5636C1078"/>
        </identifiers>
        <balance>5656000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>2320051.36000000</valUSD>
        <pctVal>1.788674523877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dana Gas PJSC</name>
        <lei>254900RDMPHWDEJBUW56</lei>
        <title>DANA GAS</title>
        <cusip>M27014105</cusip>
        <identifiers>
          <isin value="AED000701014"/>
        </identifiers>
        <balance>5156000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67250000"/>
        <valUSD>1311550.22000000</valUSD>
        <pctVal>1.011157125978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ashmore Group</name>
        <lei>549300U3L59WB4YI2X12</lei>
        <title>ASHMORE GROUP PL</title>
        <cusip>G0609C101</cusip>
        <identifiers>
          <isin value="GB00B132NW22"/>
        </identifiers>
        <balance>496192.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
        <valUSD>1609869.79000000</valUSD>
        <pctVal>1.241150575275</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>First Resources Ltd.</name>
        <lei>5493007RRD817HUP4O49</lei>
        <title>FIRST RESOURCES</title>
        <cusip>Y2560F107</cusip>
        <identifiers>
          <isin value="SG1W35938974"/>
        </identifiers>
        <balance>964178.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.27220000"/>
        <valUSD>1621640.99000000</valUSD>
        <pctVal>1.250225738834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Innotek Co Ltd.</name>
        <lei>988400KTHH2LMUX7EB48</lei>
        <title>LG INNOTEK CO LT</title>
        <cusip>Y5S54X104</cusip>
        <identifiers>
          <isin value="KR7011070000"/>
        </identifiers>
        <balance>7415.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>1250366.30000000</valUSD>
        <pctVal>0.963986567230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aperam SA</name>
        <lei>5493001136GE6L4R7M63</lei>
        <title>APERAM</title>
        <cusip>L0187K107</cusip>
        <identifiers>
          <isin value="LU0569974404"/>
        </identifiers>
        <balance>33700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>1450803.26000000</valUSD>
        <pctVal>1.118516113505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Youngone Corp.</name>
        <lei>N/A</lei>
        <title>YOUNGONE CORP</title>
        <cusip>Y9857Q100</cusip>
        <identifiers>
          <isin value="KR7111770004"/>
        </identifiers>
        <balance>32506.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>2039010.85000000</valUSD>
        <pctVal>1.572002596229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mirait One Corporation</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT ONE CORP</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>73400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.76200000"/>
        <valUSD>1761273.96000000</valUSD>
        <pctVal>1.357877638459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vodacom Group Limited</name>
        <lei>37890012A8DC24B8D663</lei>
        <title>VODACOM GROUP</title>
        <cusip>S9453B108</cusip>
        <identifiers>
          <isin value="ZAE000132577"/>
        </identifiers>
        <balance>180184.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.15430000"/>
        <valUSD>1662026.92000000</valUSD>
        <pctVal>1.281361809940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Medical System Holdings Limited</name>
        <lei>529900Z57DVJXUBLHX66</lei>
        <title>CHINA MEDICAL SY</title>
        <cusip>G21108124</cusip>
        <identifiers>
          <isin value="KYG211081248"/>
        </identifiers>
        <balance>1035000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1856530.46000000</valUSD>
        <pctVal>1.431316906969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Puregold Price Club Inc.</name>
        <lei>N/A</lei>
        <title>PUREGOLD PRICE C</title>
        <cusip>Y71617107</cusip>
        <identifiers>
          <isin value="PHY716171079"/>
        </identifiers>
        <balance>1846600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.92000000"/>
        <valUSD>1118569.83000000</valUSD>
        <pctVal>0.862376321746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBH SWEEP VEHICLE</name>
        <lei>N/A</lei>
        <title>BBH SWEEP VEHICLE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="BBHETFMM"/>
        </identifiers>
        <balance>3801603.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3801603.14000000</valUSD>
        <pctVal>2.930896618776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Cash" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nexteer Automotive Group Ltd.</name>
        <lei>529900O9GGNBKMJ9UO48</lei>
        <title>NEXTEER</title>
        <cusip>G6501M105</cusip>
        <identifiers>
          <isin value="KYG6501M1050"/>
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        <balance>2016000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1719836.52000000</valUSD>
        <pctVal>1.325930891701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Torex Gold Resources Inc</name>
        <lei>549300QL07027186GQ85</lei>
        <title>TOREX GOLD RESOU</title>
        <cusip>891054603</cusip>
        <identifiers>
          <isin value="CA8910546032"/>
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        <balance>72161.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36163000"/>
        <valUSD>3473360.56000000</valUSD>
        <pctVal>2.677833626025</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>Star Petroleum Refining Public Limited Company</name>
        <lei>N/A</lei>
        <title>STAR PETROLEUM REFINING</title>
        <cusip>Y8162W109</cusip>
        <identifiers>
          <isin value="TH6838010002"/>
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        <balance>6237600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.55000000"/>
        <valUSD>1338705.01000000</valUSD>
        <pctVal>1.032092473321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toa Paint Thailand Pcl-For</name>
        <lei>254900E35GTJZH95L596</lei>
        <title>TOA PAINT T-FRGN</title>
        <cusip>Y88495125</cusip>
        <identifiers>
          <isin value="TH8193010015"/>
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        <balance>2535975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.55000000"/>
        <valUSD>1166133.02000000</valUSD>
        <pctVal>0.899045797127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Health &amp; Happiness (H&amp;H) International Holdings Ltd.</name>
        <lei>2138007WU5DJFZFDDV59</lei>
        <title>HEALTH AND HAPPI</title>
        <cusip>G4387E107</cusip>
        <identifiers>
          <isin value="KYG4387E1070"/>
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        <balance>732000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1433026.69000000</valUSD>
        <pctVal>1.104811029890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DWS Group Gmbh &amp; Co KgaA</name>
        <lei>529900VM3464806ERS69</lei>
        <title>DWS GROUP GMBH &amp;</title>
        <cusip>D23390103</cusip>
        <identifiers>
          <isin value="DE000DWS1007"/>
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        <balance>34005.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>2490924.96000000</valUSD>
        <pctVal>1.920411803661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Poly Property Services Co Ltd.</name>
        <lei>N/A</lei>
        <title>POLY PROPERTY-H</title>
        <cusip>Y6S9JU104</cusip>
        <identifiers>
          <isin value="CNE100003PV3"/>
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        <balance>267200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1160106.34000000</valUSD>
        <pctVal>0.894399447841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Topsports International Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>TOPSPORTS INTERN</title>
        <cusip>G8924B104</cusip>
        <identifiers>
          <isin value="KYG8924B1041"/>
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        <balance>2717000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>985081.87000000</valUSD>
        <pctVal>0.759461999497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JS Global Lifestyle Co Ltd.</name>
        <lei>254900YP54EOBADL7333</lei>
        <title>JS GLOBAL LIFEST</title>
        <cusip>G2S85A104</cusip>
        <identifiers>
          <isin value="KYG2S85A1045"/>
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        <balance>4538000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1040910.02000000</valUSD>
        <pctVal>0.802503455968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Soulbrain Co Ltd.</name>
        <lei>N/A</lei>
        <title>SOULBRAIN CO LTD</title>
        <cusip>Y8076W120</cusip>
        <identifiers>
          <isin value="KR7357780006"/>
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        <balance>8115.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>2704392.40000000</valUSD>
        <pctVal>2.084987372197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greentown Management Holdings Company Limited</name>
        <lei>N/A</lei>
        <title>GREENTOWN MANAGE</title>
        <cusip>G4102M103</cusip>
        <identifiers>
          <isin value="KYG4102M1033"/>
        </identifiers>
        <balance>3116000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1311541.49000000</valUSD>
        <pctVal>1.011150395468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WH Group Ltd.</name>
        <lei>254900A4AYEDRWYSE928</lei>
        <title>WH GROUP LTD</title>
        <cusip>G96007102</cusip>
        <identifiers>
          <isin value="KYG960071028"/>
        </identifiers>
        <balance>1834500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>2164869.02000000</valUSD>
        <pctVal>1.669034630167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PTT Oil And Retail Business Public Company Limited</name>
        <lei>254900E86F1OANU6B371</lei>
        <title>PTT OIL &amp; RETAIL</title>
        <cusip>Y7150Z116</cusip>
        <identifiers>
          <isin value="THA099010003"/>
        </identifiers>
        <balance>2914789.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.55000000"/>
        <valUSD>1251954.72000000</valUSD>
        <pctVal>0.965211180804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DPM Metals Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DPM METALS INC</title>
        <cusip>26139R109</cusip>
        <identifiers>
          <isin value="CA26139R1091"/>
        </identifiers>
        <balance>104520.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36163000"/>
        <valUSD>3646912.30000000</valUSD>
        <pctVal>2.811635653543</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>Ithaca Energy PLC</name>
        <lei>21380057TNFLXPXBIP34</lei>
        <title>ITHACA ENERGY PL</title>
        <cusip>G49776100</cusip>
        <identifiers>
          <isin value="GB00BPJHV584"/>
        </identifiers>
        <balance>672500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
        <valUSD>1698459.80000000</valUSD>
        <pctVal>1.309450224451</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>Viridien SA</name>
        <lei>969500FCVQ5SLAAUJV59</lei>
        <title>VIRIDIEN</title>
        <cusip>F1704T487</cusip>
        <identifiers>
          <isin value="FR001400PVN6"/>
        </identifiers>
        <balance>11400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>1725364.65000000</valUSD>
        <pctVal>1.330192877219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsung Sds Co Ltd</name>
        <lei>988400G19T2TB4CAWX91</lei>
        <title>SAMSUNG SDS CO</title>
        <cusip>Y7T72C103</cusip>
        <identifiers>
          <isin value="KR7018260000"/>
        </identifiers>
        <balance>9900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>1178916.52000000</valUSD>
        <pctVal>0.908901406864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JBS NV</name>
        <lei>254900JSFON4WL81TW77</lei>
        <title>JBS NV</title>
        <cusip>N4731Y108</cusip>
        <identifiers>
          <isin value="BRJBSSBDR002"/>
        </identifiers>
        <balance>131860.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.25990000"/>
        <valUSD>2074202.25000000</valUSD>
        <pctVal>1.599133875185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dometic Group AB</name>
        <lei>549300STIPMK5VSA7Y59</lei>
        <title>DOMETIC GROUP AB</title>
        <cusip>W2R936106</cusip>
        <identifiers>
          <isin value="SE0007691613"/>
        </identifiers>
        <balance>238566.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.90806000"/>
        <valUSD>1026683.42000000</valUSD>
        <pctVal>0.791535269047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Doosan Bobcat Inc</name>
        <lei>9884007K6X0Q0112FX44</lei>
        <title>DOOSAN BOBCAT IN</title>
        <cusip>Y2103B100</cusip>
        <identifiers>
          <isin value="KR7241560002"/>
        </identifiers>
        <balance>30400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>1229079.80000000</valUSD>
        <pctVal>0.947575456292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bunge Global SA</name>
        <lei>254900IVXSV9K0B7PO26</lei>
        <title>BUNGE GLOBAL SA</title>
        <cusip>H11356104</cusip>
        <identifiers>
          <isin value="CH1300646267"/>
        </identifiers>
        <balance>12500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1423500.00000000</valUSD>
        <pctVal>1.097466301237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DHT Holdings Inc.</name>
        <lei>549300SMD6IVZYT74K40</lei>
        <title>DHT HOLDINGS INC</title>
        <cusip>Y2065G121</cusip>
        <identifiers>
          <isin value="MHY2065G1219"/>
        </identifiers>
        <balance>98700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1414371.00000000</valUSD>
        <pctVal>1.090428176991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</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>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
