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        <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>FCC Co Ltd</name>
        <lei>529900JG0O5C2NAEHF11</lei>
        <title>FCC CO LTD</title>
        <cusip>J1346G105</cusip>
        <identifiers>
          <isin value="JP3166900005"/>
        </identifiers>
        <balance>77200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1584676.85000000</valUSD>
        <pctVal>1.475884238445</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>HMM Company Limited</name>
        <lei>N/A</lei>
        <title>HMM CO LTD</title>
        <cusip>Y3843P102</cusip>
        <identifiers>
          <isin value="KR7011200003"/>
        </identifiers>
        <balance>74200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>953805.09000000</valUSD>
        <pctVal>0.888323634487</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>ICL Group Ltd</name>
        <lei>529900FQVQD88SHIGM04</lei>
        <title>ICL GROUP LTD</title>
        <cusip>M53213100</cusip>
        <identifiers>
          <isin value="IL0002810146"/>
        </identifiers>
        <balance>219600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.63610000"/>
        <valUSD>1467113.23000000</valUSD>
        <pctVal>1.366391698201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kaken Pharmaceutical Co Ltd.</name>
        <lei>N/A</lei>
        <title>Kaken Pharmaceutical Co L</title>
        <cusip>J29266103</cusip>
        <identifiers>
          <isin value="JP3207000005"/>
        </identifiers>
        <balance>40400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1150743.37000000</valUSD>
        <pctVal>1.071741536628</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>174300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>3456527.31000000</valUSD>
        <pctVal>3.219226794778</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="142.92000000"/>
        <valUSD>1158495.49000000</valUSD>
        <pctVal>1.078961451352</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>Kokuyo Co Ltd</name>
        <lei>3538001EN1YX65H42410</lei>
        <title>KOKUYO</title>
        <cusip>J35544105</cusip>
        <identifiers>
          <isin value="JP3297000006"/>
        </identifiers>
        <balance>60400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1238258.21000000</valUSD>
        <pctVal>1.153248231817</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>83700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1212930.65000000</valUSD>
        <pctVal>1.129659481466</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>BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC</name>
        <lei>529900H6UQI16XACWC95</lei>
        <title>BLUESCOPE STEEL</title>
        <cusip>Q1415L177</cusip>
        <identifiers>
          <isin value="AU000000BSL0"/>
        </identifiers>
        <balance>76200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1167158.68000000</valUSD>
        <pctVal>1.087029888508</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>Sohgo Security Services Co Ltd.</name>
        <lei>N/A</lei>
        <title>SOHGO SECURITY</title>
        <cusip>J7607Z104</cusip>
        <identifiers>
          <isin value="JP3431900004"/>
        </identifiers>
        <balance>171000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1352093.73000000</valUSD>
        <pctVal>1.259268616821</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 CO LTD</title>
        <cusip>J39186101</cusip>
        <identifiers>
          <isin value="JP3870000001"/>
        </identifiers>
        <balance>67600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>987995.48000000</valUSD>
        <pctVal>0.920166756135</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>44600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1054069.16000000</valUSD>
        <pctVal>0.981704288464</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>Shandong Weigao Group Medical Polymer Co Ltd.</name>
        <lei>5299005WQUU15JQU8S60</lei>
        <title>SHANDONG WEIG-H</title>
        <cusip>Y76810103</cusip>
        <identifiers>
          <isin value="CNE100000171"/>
        </identifiers>
        <balance>1599000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1176953.04000000</valUSD>
        <pctVal>1.096151837598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sankyo Co Ltd</name>
        <lei>3538009H2R9ZBZAOAK48</lei>
        <title>SANKYO CO/</title>
        <cusip>J67844100</cusip>
        <identifiers>
          <isin value="JP3326410002"/>
        </identifiers>
        <balance>185300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>2821553.22000000</valUSD>
        <pctVal>2.627845497543</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>Shimamura Corp</name>
        <lei>N/A</lei>
        <title>SHIMAMURA CO</title>
        <cusip>J72208101</cusip>
        <identifiers>
          <isin value="JP3358200008"/>
        </identifiers>
        <balance>20900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1391248.67000000</valUSD>
        <pctVal>1.295735457870</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>Stanley Electric Co Ltd</name>
        <lei>N/A</lei>
        <title>Stanley Electric Co Ltd</title>
        <cusip>J76637115</cusip>
        <identifiers>
          <isin value="JP3399400005"/>
        </identifiers>
        <balance>57200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1072316.18000000</valUSD>
        <pctVal>0.998698598198</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>73600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1096629.02000000</valUSD>
        <pctVal>1.021342291988</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>165100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1109159.55000000</valUSD>
        <pctVal>1.033012565158</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>DormaKaba Holding AG</name>
        <lei>529900QMU5ZH99KMQK13</lei>
        <title>DORMAKABA HOLDIN</title>
        <cusip>H1956E103</cusip>
        <identifiers>
          <isin value="CH0011795959"/>
        </identifiers>
        <balance>2454.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.82529000"/>
        <valUSD>2070240.76000000</valUSD>
        <pctVal>1.928112793136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</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>65808.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>1529286.92000000</valUSD>
        <pctVal>1.424296986031</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>Suburban Propane Partners LP / Suburban Energy Finance Corporation</name>
        <lei>JJAX4X60DE65EYFOTY73</lei>
        <title>SUBURBAN PROPANE</title>
        <cusip>864482104</cusip>
        <identifiers>
          <isin value="US8644821048"/>
        </identifiers>
        <balance>62522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1248564.34000000</valUSD>
        <pctVal>1.162846816429</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>Tegna Inc</name>
        <lei>549300YC5EDBGX85AO10</lei>
        <title>TEGNA INC</title>
        <cusip>87901J105</cusip>
        <identifiers>
          <isin value="US87901J1051"/>
        </identifiers>
        <balance>58575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>950672.25000000</valUSD>
        <pctVal>0.885405872940</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>Dundee Prec Metals</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DUNDEE PRECIOUS</title>
        <cusip>265269209</cusip>
        <identifiers>
          <isin value="CA2652692096"/>
        </identifiers>
        <balance>140946.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>1847677.59000000</valUSD>
        <pctVal>1.720829223201</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>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>PERSEUS MINING</title>
        <cusip>Q74174105</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
        </identifiers>
        <balance>710350.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1522486.95000000</valUSD>
        <pctVal>1.417963853478</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>162200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>1088116.80000000</valUSD>
        <pctVal>1.013414460309</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>582964.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1248254.99000000</valUSD>
        <pctVal>1.162558704193</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>46840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>531797.77000000</valUSD>
        <pctVal>0.495288327575</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>Lonking Holdings Limited</name>
        <lei>5299004M92ACMGS3QI84</lei>
        <title>LONKING</title>
        <cusip>G5636C107</cusip>
        <identifiers>
          <isin value="KYG5636C1078"/>
        </identifiers>
        <balance>5758000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1449866.10000000</valUSD>
        <pctVal>1.350328633151</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>5250242.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67310000"/>
        <valUSD>1065009.68000000</valUSD>
        <pctVal>0.991893710382</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>Mixi Inc</name>
        <lei>529900IL3THMH0SFYQ49</lei>
        <title>Mixi Inc</title>
        <cusip>J45993110</cusip>
        <identifiers>
          <isin value="JP3882750007"/>
        </identifiers>
        <balance>58380.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1297730.29000000</valUSD>
        <pctVal>1.208637382924</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>JBS SA</name>
        <lei>529900RM0MTMZL9O5050</lei>
        <title>JBS</title>
        <cusip>P59695109</cusip>
        <identifiers>
          <isin value="BRJBSSACNOR8"/>
        </identifiers>
        <balance>268530.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>2074933.57000000</valUSD>
        <pctVal>1.932483428267</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>Sunny Optical Technology (Group) Co Ltd.</name>
        <lei>3003004QIVP0DFVVWM94</lei>
        <title>SUNNY OPTICAL</title>
        <cusip>G8586D109</cusip>
        <identifiers>
          <isin value="KYG8586D1097"/>
        </identifiers>
        <balance>148200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1246982.23000000</valUSD>
        <pctVal>1.161373322818</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>Netdragon Websoft Holdings Ltd</name>
        <lei>549300OAYL2PBUPUBR89</lei>
        <title>NETDRAGON WEBSOF</title>
        <cusip>G6427W104</cusip>
        <identifiers>
          <isin value="KYG6427W1042"/>
        </identifiers>
        <balance>706000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>900979.08000000</valUSD>
        <pctVal>0.839124281610</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>Bolsa Mexicana De Valores Sab De Cv</name>
        <lei>894500CS2D6RLGW61A19</lei>
        <title>BOLSA MEXICANA</title>
        <cusip>P17330104</cusip>
        <identifiers>
          <isin value="MX01BM1B0000"/>
        </identifiers>
        <balance>559600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>1179120.56000000</valUSD>
        <pctVal>1.098170551132</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>Genomma Lab International S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>GENOMMA LAB-B</title>
        <cusip>P48318102</cusip>
        <identifiers>
          <isin value="MX01LA010006"/>
        </identifiers>
        <balance>1161240.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>1357240.44000000</valUSD>
        <pctVal>1.264061990415</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>Welcia Holdings Co Ltd.</name>
        <lei>N/A</lei>
        <title>WELCIA HOLDINGS CO LTD</title>
        <cusip>J9505A108</cusip>
        <identifiers>
          <isin value="JP3274280001"/>
        </identifiers>
        <balance>70600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1245280.80000000</valUSD>
        <pctVal>1.159788700869</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>Aperam SA</name>
        <lei>5493001136GE6L4R7M63</lei>
        <title>APERAM</title>
        <cusip>L0187K107</cusip>
        <identifiers>
          <isin value="LU0569974404"/>
        </identifiers>
        <balance>34312.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>999216.25000000</valUSD>
        <pctVal>0.930617188087</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>33100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1102365.08000000</valUSD>
        <pctVal>1.026684555015</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>74600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1173654.25000000</valUSD>
        <pctVal>1.093079518994</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 Ltd</title>
        <cusip>S9453B108</cusip>
        <identifiers>
          <isin value="ZAE000132577"/>
        </identifiers>
        <balance>183472.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.60240000"/>
        <valUSD>1357468.70000000</valUSD>
        <pctVal>1.264274579712</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 SYSTEM</title>
        <cusip>G21108124</cusip>
        <identifiers>
          <isin value="KYG211081248"/>
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        <balance>1053000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1123899.68000000</valUSD>
        <pctVal>1.046740742950</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>Beijing Tong Ren Tang Chinese Medic</name>
        <lei>N/A</lei>
        <title>TONGRENTANGCM</title>
        <cusip>Y0774V108</cusip>
        <identifiers>
          <isin value="HK0000145638"/>
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        <balance>837000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>908573.13000000</valUSD>
        <pctVal>0.846196978293</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>BBH SWEEP VEHICLE</name>
        <lei>N/A</lei>
        <title>BBH SWEEP VEHICLE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="BBHETFMM"/>
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        <balance>2091798.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2091798.81000000</valUSD>
        <pctVal>1.948190821162</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 Automotive Group</title>
        <cusip>G6501M105</cusip>
        <identifiers>
          <isin value="KYG6501M1050"/>
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        <balance>2052000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1375514.44000000</valUSD>
        <pctVal>1.281081427895</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>73475.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>2379996.63000000</valUSD>
        <pctVal>2.216603034095</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>Tokmanni Group Oyj</name>
        <lei>743700VMG6KWF0FW1560</lei>
        <title>TOKMANNI GROUP C</title>
        <cusip>X9078R102</cusip>
        <identifiers>
          <isin value="FI4000197934"/>
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        <balance>76100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1201686.04000000</valUSD>
        <pctVal>1.119186846199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SG Holdings Co Ltd.</name>
        <lei>N/A</lei>
        <title>SG HOLDINGS CO L</title>
        <cusip>J7134P108</cusip>
        <identifiers>
          <isin value="JP3162770006"/>
        </identifiers>
        <balance>100600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1059727.72000000</valUSD>
        <pctVal>0.986974372088</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>DWS Group Gmbh &amp; Co KgaA</name>
        <lei>529900VM3464806ERS69</lei>
        <title>DWS GROUP GMBH &amp;</title>
        <cusip>D23390103</cusip>
        <identifiers>
          <isin value="DE000DWS1007"/>
        </identifiers>
        <balance>34623.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1824179.89000000</valUSD>
        <pctVal>1.698944707711</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>Topsports International Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>TOPSPORTS INTERN</title>
        <cusip>G8924B104</cusip>
        <identifiers>
          <isin value="KYG8924B1041"/>
        </identifiers>
        <balance>2245000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>892508.55000000</valUSD>
        <pctVal>0.831235277793</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>Budweiser Brewing Co APAC Ltd.</name>
        <lei>549300YF1MR4GTF18132</lei>
        <title>BUDWEISER BREWIN</title>
        <cusip>G1674K101</cusip>
        <identifiers>
          <isin value="KYG1674K1013"/>
        </identifiers>
        <balance>914900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>966700.69000000</valUSD>
        <pctVal>0.900333914555</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"/>
        </identifiers>
        <balance>4619000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1071411.80000000</valUSD>
        <pctVal>0.997856306479</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>1867500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1669917.03000000</valUSD>
        <pctVal>1.555272435568</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>Breedon Group PLC</name>
        <lei>213800DQGNQE3X76WS92</lei>
        <title>BREEDON GROUP PL</title>
        <cusip>G131AN104</cusip>
        <identifiers>
          <isin value="GB00BM8NFJ84"/>
        </identifiers>
        <balance>233179.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1341651.77000000</valUSD>
        <pctVal>1.249543527329</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>Tenaris SA</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>TENARIS SA</title>
        <cusip>L90272136</cusip>
        <identifiers>
          <isin value="LU2598331598"/>
        </identifiers>
        <balance>57700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>962939.93000000</valUSD>
        <pctVal>0.896831341517</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>Kangji Medical Holdings Ltd.</name>
        <lei>300300HPVQ4VPUI5AB79</lei>
        <title>KANGJI MEDICAL H</title>
        <cusip>G5215A100</cusip>
        <identifiers>
          <isin value="KYG5215A1004"/>
        </identifiers>
        <balance>1288000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1242887.19000000</valUSD>
        <pctVal>1.157559419061</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>Schweiter Technologies AG</name>
        <lei>894500D6OYCP8P8P7317</lei>
        <title>SCHWEITER TEC</title>
        <cusip>H73431175</cusip>
        <identifiers>
          <isin value="CH1248667003"/>
        </identifiers>
        <balance>2107.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.82529000"/>
        <valUSD>971056.05000000</valUSD>
        <pctVal>0.904390266597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>F&amp;F Co Ltd.</name>
        <lei>N/A</lei>
        <title>F&amp;F CO LTD / NEW</title>
        <cusip>Y2R81L105</cusip>
        <identifiers>
          <isin value="KR7383220001"/>
        </identifiers>
        <balance>21484.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1065420.43000000</valUSD>
        <pctVal>0.992276261216</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>Ithaca Energy PLC</name>
        <lei>21380057TNFLXPXBIP34</lei>
        <title>ITHACA ENERGY PL</title>
        <cusip>G49776100</cusip>
        <identifiers>
          <isin value="GB00BPJHV584"/>
        </identifiers>
        <balance>684788.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1215707.02000000</valUSD>
        <pctVal>1.132245245701</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>Onewo Inc.</name>
        <lei>N/A</lei>
        <title>ONEWO INC-H</title>
        <cusip>Y64411104</cusip>
        <identifiers>
          <isin value="CNE100005K85"/>
        </identifiers>
        <balance>345300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>952854.98000000</valUSD>
        <pctVal>0.887438752264</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>Baic Motor Corp Ltd.</name>
        <lei>5299003EYHISIDNLZQ19</lei>
        <title>BAIC MOTOR-H</title>
        <cusip>Y0506H104</cusip>
        <identifiers>
          <isin value="CNE100001TJ4"/>
        </identifiers>
        <balance>3553000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>873393.97000000</valUSD>
        <pctVal>0.813432968542</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>Doosan Bobcat Inc</name>
        <lei>9884007K6X0Q0112FX44</lei>
        <title>DOOSAN BOBCAT INC</title>
        <cusip>Y2103B100</cusip>
        <identifiers>
          <isin value="KR7241560002"/>
        </identifiers>
        <balance>30952.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1062830.04000000</valUSD>
        <pctVal>0.989863708921</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>Bravida Holding AB</name>
        <lei>549300H88IJGPNNL3T61</lei>
        <title>BRAVIDA HOLDING AB</title>
        <cusip>W2R16Z106</cusip>
        <identifiers>
          <isin value="SE0007491303"/>
        </identifiers>
        <balance>121884.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>1161508.66000000</valUSD>
        <pctVal>1.081767758588</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>Genpact Ltd.</name>
        <lei>529900OSEC6Q0L4L5B35</lei>
        <title>GENPACT LTD</title>
        <cusip>G3922B107</cusip>
        <identifiers>
          <isin value="BMG3922B1072"/>
        </identifiers>
        <balance>28224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1418538.24000000</valUSD>
        <pctVal>1.321151520607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</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>100500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1074345.00000000</valUSD>
        <pctVal>1.000588133885</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>2025-05-28</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>
</edgarSubmission>
