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        <units>NS</units>
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        <valUSD>3562416.41000000</valUSD>
        <pctVal>1.291121044767</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>TCM Group A/S</name>
        <lei>529900P5DOKT3XLWL480</lei>
        <title>TCM Group A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060915478"/>
        </identifiers>
        <balance>201000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.66185000"/>
        <valUSD>3800977.60000000</valUSD>
        <pctVal>1.377582406221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fleury S.A.</name>
        <lei>N/A</lei>
        <title>Fleury S.A.</title>
        <cusip>P418BW104</cusip>
        <identifiers>
          <isin value="BRFLRYACNOR5"/>
        </identifiers>
        <balance>867000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>6589846.58000000</valUSD>
        <pctVal>2.388347857747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tremor International Ltd.</name>
        <lei>213800ZNSR7AIJZ2J557</lei>
        <title>Tremor International Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0011320343"/>
        </identifiers>
        <balance>1275000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>2704590.24000000</valUSD>
        <pctVal>0.980220438726</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>Altus Towarzystwo Funduszy Inwestycyjnych S.A.</name>
        <lei>259400I3CQZRPFFK6Q84</lei>
        <title>Altus Towarzystwo Funduszy Inwestycyjnych S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLATTFI00018"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.79390000"/>
        <valUSD>272679.51000000</valUSD>
        <pctVal>0.098826811163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IG Group Holdings PLC</name>
        <lei>2138003A5Q1M7ANOUD76</lei>
        <title>IG Group Holdings PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B06QFB75"/>
        </identifiers>
        <balance>300791.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>2773239.67000000</valUSD>
        <pctVal>1.005100944985</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>Kardex AG</name>
        <lei>529900JKKMQ07D6QZ480</lei>
        <title>Kardex AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0100837282"/>
        </identifiers>
        <balance>21300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96780000"/>
        <valUSD>3591389.62000000</valUSD>
        <pctVal>1.301621760254</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>Goodwin PLC</name>
        <lei>213800N4T1NMSJ57B322</lei>
        <title>Goodwin PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0003781050"/>
        </identifiers>
        <balance>46301.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>1831001.99000000</valUSD>
        <pctVal>0.663607206519</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>Invesco Liquid Assets Portfolio</name>
        <lei>N/A</lei>
        <title>Invesco Liquid Assets Portfolio</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="1519771"/>
        </identifiers>
        <balance>5272227.04900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5273808.72000000</valUSD>
        <pctVal>1.911378300795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fondul Proprietatea S.A.</name>
        <lei>549300PVO1VWBFH3DO07</lei>
        <title>Fondul Proprietatea S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROFPTAACNOR5"/>
        </identifiers>
        <balance>26265596.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.26860000"/>
        <valUSD>7454319.64000000</valUSD>
        <pctVal>2.701657485804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Polski Bank Komorek Macierzystych S.A.</name>
        <lei>259400IT0Y6PJJ2UIZ94</lei>
        <title>Polski Bank Komorek Macierzystych S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLPBKM000012"/>
        </identifiers>
        <balance>247000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.79390000"/>
        <valUSD>4077062.44000000</valUSD>
        <pctVal>1.477643405846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gamesys Group PLC</name>
        <lei>213800J9SZ4YJ2RYMU17</lei>
        <title>Gamesys Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BZ14BX56"/>
        </identifiers>
        <balance>469000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>4396232.41000000</valUSD>
        <pctVal>1.593319682198</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>Bolsa Mexicana de Valores, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>Bolsa Mexicana de Valores, S.A.B. de C.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01BM1B0000"/>
        </identifiers>
        <balance>4325494.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.90750000"/>
        <valUSD>9457406.95000000</valUSD>
        <pctVal>3.427633307493</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>Mortgage Advice Bureau Holdings Ltd.</name>
        <lei>2138008AY1RA61T6W960</lei>
        <title>Mortgage Advice Bureau Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BQSBH502"/>
        </identifiers>
        <balance>615000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>6324256.46000000</valUSD>
        <pctVal>2.292090443187</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>Aalberts N.V.</name>
        <lei>549300EMP9DT6Q35HZ31</lei>
        <title>Aalberts N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000852564"/>
        </identifiers>
        <balance>46246.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>2080508.93000000</valUSD>
        <pctVal>0.754035619140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Societatea Nationala de Gaze Naturale ROMGAZ S.A.</name>
        <lei>2549009R7KJ38D9RW354</lei>
        <title>Societatea Nationala de Gaze Naturale ROMGAZ S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROSNGNACNOR3"/>
        </identifiers>
        <balance>786000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.26860000"/>
        <valUSD>6832718.11000000</valUSD>
        <pctVal>2.476371409031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wilson Sons Ltd.</name>
        <lei>529900MSL7SC805M2L91</lei>
        <title>Wilson Sons Ltd., BDR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRWSONBDR009"/>
        </identifiers>
        <balance>866400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>9655720.76000000</valUSD>
        <pctVal>3.499507873544</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>Kaufman &amp; Broad S.A.</name>
        <lei>969500CE0X343D8ALO86</lei>
        <title>Kaufman &amp; Broad S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0004007813"/>
        </identifiers>
        <balance>99200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>4117598.05000000</valUSD>
        <pctVal>1.492334664001</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>Calian Group Ltd.</name>
        <lei>F8I83X936OSI0GWOVT60</lei>
        <title>Calian Group Ltd.</title>
        <cusip>12989J108</cusip>
        <identifiers>
          <isin value="CA12989J1084"/>
        </identifiers>
        <balance>367000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>10880982.63000000</valUSD>
        <pctVal>3.943577629473</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>Vivo Energy PLC</name>
        <lei>213800TR7V9QN896AU56</lei>
        <title>Vivo Energy PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BDGT2M75"/>
        </identifiers>
        <balance>2817987.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>4618162.38000000</valUSD>
        <pctVal>1.673753416426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Pakuwon Jati Tbk</name>
        <lei>254900GUXQAQB065PM73</lei>
        <title>PT Pakuwon Jati Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000122500"/>
        </identifiers>
        <balance>97331700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="13882.50000000"/>
        <valUSD>3986688.13000000</valUSD>
        <pctVal>1.444889185082</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>Nabtesco Corp.</name>
        <lei>529900DVHQXYRTGW7739</lei>
        <title>Nabtesco Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3651210001"/>
        </identifiers>
        <balance>160800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>4744846.38000000</valUSD>
        <pctVal>1.719667301725</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>Character Group PLC</name>
        <lei>213800HY6EB8T8VWWE73</lei>
        <title>Character Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0008976119"/>
        </identifiers>
        <balance>440000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>2392201.34000000</valUSD>
        <pctVal>0.867001815039</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>AURES Technologies S.A.</name>
        <lei>969500VDHCHCXA2TXH29</lei>
        <title>AURES Technologies S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013183589"/>
        </identifiers>
        <balance>67164.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>1883705.72000000</valUSD>
        <pctVal>0.682708537501</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>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>7282806.05000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7282806.05000000</valUSD>
        <pctVal>2.639496081851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Combined Motor Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Combined Motor Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000088050"/>
        </identifiers>
        <balance>1838000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.00600000"/>
        <valUSD>2879915.56000000</valUSD>
        <pctVal>1.043763322062</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>CNIM Group</name>
        <lei>969500CC2PIGAFVPD702</lei>
        <title>CNIM Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000053399"/>
        </identifiers>
        <balance>15951.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>358749.71000000</valUSD>
        <pctVal>0.130021100027</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>Eastern Co., S.A.E.</name>
        <lei>N/A</lei>
        <title>Eastern Co., S.A.E.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGS37091C013"/>
        </identifiers>
        <balance>6809400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.05000000"/>
        <valUSD>6610320.72000000</valUSD>
        <pctVal>2.395768268498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Quercus TFI S.A.</name>
        <lei>259400KRSTOQ914TLT42</lei>
        <title>Quercus TFI S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLQRCUS00012"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.79390000"/>
        <valUSD>767666.52000000</valUSD>
        <pctVal>0.278224184167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Ceramic Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Ceramic Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3725200004"/>
        </identifiers>
        <balance>43400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>1073933.78000000</valUSD>
        <pctVal>0.389224151380</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>DCC PLC</name>
        <lei>213800UPS1QEE4TD3T45</lei>
        <title>DCC PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE0002424939"/>
        </identifiers>
        <balance>75551.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>6576363.56000000</valUSD>
        <pctVal>2.383461227756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MorphoSys AG</name>
        <lei>529900493806K77LRE72</lei>
        <title>MorphoSys AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0006632003"/>
        </identifiers>
        <balance>66859.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>9519644.10000000</valUSD>
        <pctVal>3.450189821074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Skarbiec Holding S.A.</name>
        <lei>2594004SSTIMQ1EPKN86</lei>
        <title>Skarbiec Holding S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLSKRBH00014"/>
        </identifiers>
        <balance>166000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.79390000"/>
        <valUSD>831276.32000000</valUSD>
        <pctVal>0.301278185154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Savills PLC</name>
        <lei>213800WXICGMBWHTA933</lei>
        <title>Savills PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B135BJ46"/>
        </identifiers>
        <balance>467099.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>7029239.64000000</valUSD>
        <pctVal>2.547596401825</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>Clarkson PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>Clarkson PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
        </identifiers>
        <balance>142000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>5703587.82000000</valUSD>
        <pctVal>2.067142472287</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>System1 Group PLC</name>
        <lei>213800TDLR42C3Q9ZB74</lei>
        <title>System1 Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1GVQH21"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>1102067.04000000</valUSD>
        <pctVal>0.399420445093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Total Energy Services, Inc.</name>
        <lei>549300R3W0R3EV800D58</lei>
        <title>Total Energy Services, Inc.</title>
        <cusip>89154B102</cusip>
        <identifiers>
          <isin value="CA89154B1022"/>
        </identifiers>
        <balance>722190.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>3570490.01000000</valUSD>
        <pctVal>1.294047147072</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>Trican Well Service Ltd.</name>
        <lei>5493003PMAE3KEW1DL91</lei>
        <title>Trican Well Service Ltd.</title>
        <cusip>895945103</cusip>
        <identifiers>
          <isin value="CA8959451037"/>
        </identifiers>
        <balance>1683808.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>1478218.87000000</valUSD>
        <pctVal>0.535748568435</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>Staffline Group PLC</name>
        <lei>213800BVLF1BCOJUH828</lei>
        <title>Staffline Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B040L800"/>
        </identifiers>
        <balance>1008000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>1162193.84000000</valUSD>
        <pctVal>0.421212107801</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>XP Power Ltd.</name>
        <lei>213800I7RWQ3FV72EZ26</lei>
        <title>XP Power Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG9999003735"/>
        </identifiers>
        <balance>69000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>2830392.16000000</valUSD>
        <pctVal>1.025814633141</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>HomeServe PLC</name>
        <lei>213800EKBJTGNMXEDF11</lei>
        <title>HomeServe PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYYTFB60"/>
        </identifiers>
        <balance>232805.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>3899629.38000000</valUSD>
        <pctVal>1.413336617577</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>Linedata Services</name>
        <lei>9695003D6KVJ0H8CL506</lei>
        <title>Linedata Services</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0004156297"/>
        </identifiers>
        <balance>58928.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>1766984.21000000</valUSD>
        <pctVal>0.640405341975</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>TOTVS S.A.</name>
        <lei>N/A</lei>
        <title>TOTVS S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRTOTSACNOR8"/>
        </identifiers>
        <balance>78000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02270000"/>
        <valUSD>1252943.74000000</valUSD>
        <pctVal>0.454102453066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metropole Television S.A.</name>
        <lei>96950018NOMJX5XRH047</lei>
        <title>Metropole Television S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000053225"/>
        </identifiers>
        <balance>139960.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>2635129.62000000</valUSD>
        <pctVal>0.955045934136</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>Precia S.A.</name>
        <lei>969500RU6K8AVTCX7818</lei>
        <title>Precia S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000060832"/>
        </identifiers>
        <balance>35321.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>7588245.32000000</valUSD>
        <pctVal>2.750195961935</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>Information Services Corp.</name>
        <lei>N/A</lei>
        <title>Information Services Corp.</title>
        <cusip>45676A105</cusip>
        <identifiers>
          <isin value="CA45676A1057"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>2365715.61000000</valUSD>
        <pctVal>0.857402633064</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>Caisse Regionale de Credit Agricole Mutuel Nord de France</name>
        <lei>969500FF9M4SBM5VHR15</lei>
        <title>Caisse Regionale de Credit Agricole Mutuel Nord de France</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000185514"/>
        </identifiers>
        <balance>206000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>6573762.79000000</valUSD>
        <pctVal>2.382518634726</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>Banca Transilvania S.A.</name>
        <lei>549300RG3H390KEL8896</lei>
        <title>Banca Transilvania S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROTLVAACNOR1"/>
        </identifiers>
        <balance>9226694.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.26860000"/>
        <valUSD>5610602.05000000</valUSD>
        <pctVal>2.033441784132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cartrack Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Cartrack Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000198305"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.00600000"/>
        <valUSD>3464651.15000000</valUSD>
        <pctVal>1.255688133477</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>TransGlobe Energy Corp.</name>
        <lei>549300QMNS6BDY8UUB03</lei>
        <title>TransGlobe Energy Corp.</title>
        <cusip>893662106</cusip>
        <identifiers>
          <isin value="CA8936621066"/>
        </identifiers>
        <balance>3402269.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>4742294.78000000</valUSD>
        <pctVal>1.718742529302</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>Kongsberg Gruppen ASA</name>
        <lei>5967007LIEEXZXJ9HK73</lei>
        <title>Kongsberg Gruppen ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0003043309"/>
        </identifiers>
        <balance>148378.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.77930000"/>
        <valUSD>2332341.74000000</valUSD>
        <pctVal>0.845306993211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.</name>
        <lei>529900HUSBARAFSXJ605</lei>
        <title>Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01OM000018"/>
        </identifiers>
        <balance>915166.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.90750000"/>
        <valUSD>6864894.55000000</valUSD>
        <pctVal>2.488033066189</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>Danieli &amp; C. Officine Meccaniche S.p.A.</name>
        <lei>815600B4B8C6A353E566</lei>
        <title>Danieli &amp; C. Officine Meccaniche S.p.A., RSP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0000076486"/>
        </identifiers>
        <balance>237910.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>2696594.88000000</valUSD>
        <pctVal>0.977322692823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eurocell PLC</name>
        <lei>213800RH62IQ7S9OFQ55</lei>
        <title>Eurocell PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BVV2KN49"/>
        </identifiers>
        <balance>1131000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>3593313.95000000</valUSD>
        <pctVal>1.302319192186</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>Net 1 UEPS Technologies, Inc.</name>
        <lei>529900J4IZMWV4RDEB07</lei>
        <title>Net 1 UEPS Technologies, Inc.</title>
        <cusip>64107N206</cusip>
        <identifiers>
          <isin value="US64107N2062"/>
        </identifiers>
        <balance>615000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2287800.00000000</valUSD>
        <pctVal>0.829163799585</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>Silvano Fashion Group AS</name>
        <lei>529900JNG41RRJKJYB65</lei>
        <title>Silvano Fashion Group AS, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EE3100001751"/>
        </identifiers>
        <balance>937000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>2278566.73000000</valUSD>
        <pctVal>0.825817399884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Origin Enterprises PLC</name>
        <lei>213800AIB4U7N5BLS350</lei>
        <title>Origin Enterprises PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B1WV4493"/>
        </identifiers>
        <balance>405000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>1691967.93000000</valUSD>
        <pctVal>0.613217308162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vitec Software Group AB</name>
        <lei>5493005EB5RV1QHE6H94</lei>
        <title>Vitec Software Group AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0007871363"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.36635000"/>
        <valUSD>7111954.35000000</valUSD>
        <pctVal>2.577574565662</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>Openjobmetis Spa agenzia per il lavoro</name>
        <lei>81560094D50B119C1486</lei>
        <title>Openjobmetis Spa agenzia per il lavoro</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003683528"/>
        </identifiers>
        <balance>314146.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>3067104.11000000</valUSD>
        <pctVal>1.111605777415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>European Reliance General Insurance Co., S.A.</name>
        <lei>213800W686QUBHHI3M86</lei>
        <title>European Reliance General Insurance Co., S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS277023008"/>
        </identifiers>
        <balance>605000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>3448018.32000000</valUSD>
        <pctVal>1.249659922742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bioventix PLC</name>
        <lei>213800225MHX7LZQY108</lei>
        <title>Bioventix PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B4QVDF07"/>
        </identifiers>
        <balance>32000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>1403371.07000000</valUSD>
        <pctVal>0.508621596568</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>Jupiter Fund Management PLC</name>
        <lei>5493003DJ1G01IMQ7S28</lei>
        <title>Jupiter Fund Management PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B53P2009"/>
        </identifiers>
        <balance>743948.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>4046962.02000000</valUSD>
        <pctVal>1.466734157391</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-02-24</ncom:dateSigned>
      <ncom:nameOfApplicant>AIM Funds Group (Invesco Funds Group)</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
