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      <invstOrSec>
        <name>Formosa Plastics Corp</name>
        <lei>254900KM6G17UTG1QN82</lei>
        <title>Formosa Plastics Corp.</title>
        <cusip>Y26095102</cusip>
        <identifiers>
          <isin value="TW0001301000"/>
          <ticker value="1301 TT"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.47"/>
        <valUSD>599208.13</valUSD>
        <pctVal>0.4801676856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTA Sports Products Ltd</name>
        <lei>529900291XG0CTK4LF95</lei>
        <title>ANTA Sports Products Ltd.</title>
        <cusip>G04011105</cusip>
        <identifiers>
          <isin value="KYG040111059"/>
          <ticker value="2020 HK"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>1498490.80</valUSD>
        <pctVal>1.2007962231</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>GOLFZON Co Ltd</name>
        <lei>N/A</lei>
        <title>GOLFZON Co., Ltd.</title>
        <cusip>Y2R07U106</cusip>
        <identifiers>
          <isin value="KR7215000001"/>
          <ticker value="215000KS"/>
        </identifiers>
        <balance>12500</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1439.40"/>
        <valUSD>526296.65</valUSD>
        <pctVal>0.4217410140</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>TSMC</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co., Ltd.</title>
        <cusip>Y84629107</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
          <ticker value="2330 TT"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.47"/>
        <valUSD>4147195.19</valUSD>
        <pctVal>3.3233012311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Realtek Semiconductor Corp</name>
        <lei>5299002E7F36O00MYY75</lei>
        <title>Realtek Semiconductor Corp.</title>
        <cusip>Y7220N101</cusip>
        <identifiers>
          <isin value="TW0002379005"/>
          <ticker value="2379 TT"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.47"/>
        <valUSD>1147484.51</valUSD>
        <pctVal>0.9195218720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA OVS PPT</name>
        <lei>N/A</lei>
        <title>China Overseas Property Holdings Ltd.</title>
        <cusip>G2118M109</cusip>
        <identifiers>
          <isin value="KYG2118M1096"/>
          <ticker value="2669 HK"/>
        </identifiers>
        <balance>3250000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>1809359.84</valUSD>
        <pctVal>1.4499071079</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>ENN Energy Holdings Ltd</name>
        <lei>549300V7BXPWT6WIPR03</lei>
        <title>ENN Energy Holdings Ltd.</title>
        <cusip>G3066L101</cusip>
        <identifiers>
          <isin value="KYG3066L1014"/>
          <ticker value="2688 HK"/>
        </identifiers>
        <balance>125000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>1076093.50</valUSD>
        <pctVal>0.8623136094</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>Poya International Co Ltd</name>
        <lei>N/A</lei>
        <title>Poya International Co., Ltd.</title>
        <cusip>Y7083H100</cusip>
        <identifiers>
          <isin value="TW0005904007"/>
          <ticker value="5904 TT"/>
        </identifiers>
        <balance>51005</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.47"/>
        <valUSD>641502.87</valUSD>
        <pctVal>0.5140600285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhejiang Cfmoto Power Co Ltd</name>
        <lei>N/A</lei>
        <title>Zhejiang Cfmoto Power Co., Ltd. - Class A</title>
        <cusip>Y988F1100</cusip>
        <identifiers>
          <isin value="CNE100002W84"/>
          <ticker value="603129C1"/>
        </identifiers>
        <balance>60000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>2173250.34</valUSD>
        <pctVal>1.7415060540</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>Tencent Holdings Ltd</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="700 HK"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>3074472.16</valUSD>
        <pctVal>2.4636885042</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>Anhui Conch Cement Co Ltd</name>
        <lei>300300JVKW56SSAEQZ33</lei>
        <title>Anhui Conch Cement Co., Ltd. - Class H</title>
        <cusip>Y01373102</cusip>
        <identifiers>
          <isin value="CNE1000001W2"/>
          <ticker value="914 HK"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>951397.19</valUSD>
        <pctVal>0.7623898341</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>China Forestry Holdings Co Ltd</name>
        <lei>N/A</lei>
        <title>China Forestry Holdings Co., Ltd.</title>
        <cusip>G2113A100</cusip>
        <identifiers>
          <isin value="KYG2113A1004"/>
          <ticker value="930 HK"/>
        </identifiers>
        <balance>2700000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <ticker value="9988 HK"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8121"/>
        <valUSD>4254717.68</valUSD>
        <pctVal>3.4094629879</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>Ambev SA</name>
        <lei>549300TH5Q6VRP8OT012</lei>
        <title>Ambev S.A.</title>
        <cusip>P0273U106</cusip>
        <identifiers>
          <isin value="BRABEVACNOR1"/>
          <ticker value="ABEV3 BZ"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2628"/>
        <valUSD>2116268.91</valUSD>
        <pctVal>1.6958447220</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>Arca Continental SAB de CV</name>
        <lei>254900U2BSJCQHJCXN24</lei>
        <title>Arca Continental S.A.B. de C.V.</title>
        <cusip>P0448R103</cusip>
        <identifiers>
          <isin value="MX01AC100006"/>
          <ticker value="AC* MM"/>
        </identifiers>
        <balance>170000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4760"/>
        <valUSD>1915758.75</valUSD>
        <pctVal>1.5351684984</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>AIA Engineering Ltd</name>
        <lei>3358009DFG4JFX1O8H85</lei>
        <title>AIA Engineering Ltd.</title>
        <cusip>Y0028Y106</cusip>
        <identifiers>
          <isin value="INE212H01026"/>
          <ticker value="AIAE IN"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.9875"/>
        <valUSD>868148.28</valUSD>
        <pctVal>0.6956793967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saudi Arabian Oil Co</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>Saudi Arabian Oil Co.</title>
        <cusip>M8237R104</cusip>
        <identifiers>
          <isin value="SA14TG012N13"/>
          <ticker value="ARAMCOAB"/>
        </identifiers>
        <balance>375000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7507"/>
        <valUSD>2577838.80</valUSD>
        <pctVal>2.0657177840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astra International Tbk PT</name>
        <lei>529900L49TRJOMG4DK47</lei>
        <title>Astra International Tbk P.T.</title>
        <cusip>Y7117N172</cusip>
        <identifiers>
          <isin value="ID1000122807"/>
          <ticker value="ASII IJ"/>
        </identifiers>
        <balance>12500000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16785"/>
        <valUSD>4739641.79</valUSD>
        <pctVal>3.7980506521</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>Grupo Aeroportuario del Surest</name>
        <lei>5299001W7JIDXCUOUC82</lei>
        <title>Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B</title>
        <cusip>P4950Y100</cusip>
        <identifiers>
          <isin value="MXP001661018"/>
          <ticker value="ASURB MM"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4760"/>
        <valUSD>1383863.58</valUSD>
        <pctVal>1.1089411828</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>B3 SA - Brasil Bolsa Balcao</name>
        <lei>4GTK5S46E6H318LMDS44</lei>
        <title>B3 S.A. - Brasil Bolsa Balcao</title>
        <cusip>P1909G107</cusip>
        <identifiers>
          <isin value="BRB3SAACNOR6"/>
          <ticker value="B3SA3 BZ"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2628"/>
        <valUSD>3068708.67</valUSD>
        <pctVal>2.4590700060</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>Bolsa Mexicana de Valores SAB</name>
        <lei>894500CS2D6RLGW61A19</lei>
        <title>Bolsa Mexicana de Valores S.A.B. de C.V.</title>
        <cusip>P17330104</cusip>
        <identifiers>
          <isin value="MX01BM1B0000"/>
          <ticker value="BOLSAAMM"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4760"/>
        <valUSD>2005607.69</valUSD>
        <pctVal>1.6071677845</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>B2Gold Corp</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <isin value="CA11777Q2099"/>
          <ticker value="BTG"/>
        </identifiers>
        <balance>600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2940000</valUSD>
        <pctVal>2.3559309779</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>British American Tobacco PLC</name>
        <lei>213800FKA5MF17RJKT63</lei>
        <title>British American Tobacco PLC</title>
        <cusip>G1510J102</cusip>
        <identifiers>
          <isin value="GB0002875804"/>
          <ticker value="BTI SJ"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.1538"/>
        <valUSD>4477742.08</valUSD>
        <pctVal>3.5881807066</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>CHINESE RENMINBI (YUAN) /</name>
        <lei>N/A</lei>
        <title>CHINESE RENMINBI (YUAN) /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="CNY"/>
        </identifiers>
        <balance>183330</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>26384.11</valUSD>
        <pctVal>0.0211425653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Castrol India Ltd</name>
        <lei>335800KCNMKXQFPJ5Q28</lei>
        <title>Castrol India Ltd.</title>
        <cusip>Y1143S149</cusip>
        <identifiers>
          <isin value="INE172A01027"/>
          <ticker value="CSTRL IN"/>
        </identifiers>
        <balance>400000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.9875"/>
        <valUSD>801306.26</valUSD>
        <pctVal>0.6421164084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DMCI Holdings Inc</name>
        <lei>N/A</lei>
        <title>DMCI Holdings, Inc.</title>
        <cusip>Y2088F100</cusip>
        <identifiers>
          <isin value="PHY2088F1004"/>
          <ticker value="DMC PM"/>
        </identifiers>
        <balance>3200000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="58.8805"/>
        <valUSD>586951.54</valUSD>
        <pctVal>0.4703460257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Infosys Ltd</name>
        <lei>335800TYLGG93MM7PR89</lei>
        <title>Infosys Ltd. - ADR</title>
        <cusip>456788108</cusip>
        <identifiers>
          <isin value="US4567881085"/>
          <ticker value="INFY"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>966900</valUSD>
        <pctVal>0.7748128104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JSE Ltd</name>
        <lei>213800MZ1VUQEBWRFO39</lei>
        <title>JSE Ltd.</title>
        <cusip>S4254A102</cusip>
        <identifiers>
          <isin value="ZAE000079711"/>
          <ticker value="JSE SJ"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.1538"/>
        <valUSD>2296208.94</valUSD>
        <pctVal>1.8400373379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kimberly-Clark de Mexico SAB d</name>
        <lei>549300JGHL56QT00KT54</lei>
        <title>Kimberly-Clark de Mexico S.A.B. de C.V. - Class A</title>
        <cusip>P60694117</cusip>
        <identifiers>
          <isin value="MXP606941179"/>
          <ticker value="KIMBERAM"/>
        </identifiers>
        <balance>1200000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4760"/>
        <valUSD>2658045.32</valUSD>
        <pctVal>2.1299902415</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>MercadoLibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre, Inc.</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
          <ticker value="MELI"/>
        </identifiers>
        <balance>250</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536947.50</valUSD>
        <pctVal>0.4302759349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>UY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mouwasat Medical Services Co</name>
        <lei>N/A</lei>
        <title>Mouwasat Medical Services Co.</title>
        <cusip>M7065G107</cusip>
        <identifiers>
          <isin value="SA12C051UH11"/>
          <ticker value="MOUWASAT"/>
        </identifiers>
        <balance>138300</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7507"/>
        <valUSD>2567073.22</valUSD>
        <pctVal>2.0570909257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mphasis Ltd</name>
        <lei>335800NSYTIQLQKUYP62</lei>
        <title>Mphasis Ltd.</title>
        <cusip>Y6144V108</cusip>
        <identifiers>
          <isin value="INE356A01018"/>
          <ticker value="MPHL IN"/>
        </identifiers>
        <balance>32060</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="91.9875"/>
        <valUSD>964197.47</valUSD>
        <pctVal>0.7726471729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mr Price Group Ltd</name>
        <lei>378900D3417C35C5D733</lei>
        <title>Mr Price Group Ltd.</title>
        <cusip>S5256M135</cusip>
        <identifiers>
          <isin value="ZAE000200457"/>
          <ticker value="MRP SJ"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.1538"/>
        <valUSD>1098113.14</valUSD>
        <pctVal>0.8799587632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NU Holdings Ltd/Cayman Islands</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU Holdings Ltd./Cayman Islands - Class A</title>
        <cusip>G6683N103</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
          <ticker value="NU"/>
        </identifiers>
        <balance>135000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2396250</valUSD>
        <pctVal>1.9202039475</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>Richter Gedeon Nyrt</name>
        <lei>549300J6ZJW5IH4WEE46</lei>
        <title>Richter Gedeon Nyrt</title>
        <cusip>X3124S107</cusip>
        <identifiers>
          <isin value="HU0000123096"/>
          <ticker value="RICHT HB"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="321.7827"/>
        <valUSD>1673489.59</valUSD>
        <pctVal>1.3410292402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thai Beverage PCL</name>
        <lei>529900VZFHQZ684D8L07</lei>
        <title>Thai Beverage PCL</title>
        <cusip>Y8588A103</cusip>
        <identifiers>
          <isin value="TH0902010014"/>
          <ticker value="THBEV SP"/>
        </identifiers>
        <balance>1500000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2721"/>
        <valUSD>566111.15</valUSD>
        <pctVal>0.4536458487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Midea Group Co Ltd</name>
        <lei>3003003TRPHLHZD2IF61</lei>
        <title>Midea Group Co., Ltd. - Class A</title>
        <cusip>Y6S40V103</cusip>
        <identifiers>
          <isin value="CNE100001QQ5"/>
          <ticker value="000333C2"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>1116864.07</valUSD>
        <pctVal>0.8949845784</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>Luzhou Laojiao Co Ltd</name>
        <lei>N/A</lei>
        <title>Luzhou Laojiao Co., Ltd. - Class A</title>
        <cusip>Y5347R104</cusip>
        <identifiers>
          <isin value="CNE000000GF2"/>
          <ticker value="000568C2"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>2605082.39</valUSD>
        <pctVal>2.0875490825</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>Wuliangye Yibin Co Ltd</name>
        <lei>N/A</lei>
        <title>Wuliangye Yibin Co., Ltd. - Class A</title>
        <cusip>Y9718N106</cusip>
        <identifiers>
          <isin value="CNE000000VQ8"/>
          <ticker value="000858C2"/>
        </identifiers>
        <balance>110000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>1660562.28</valUSD>
        <pctVal>1.3306701075</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>SHANDA WIT</name>
        <lei>N/A</lei>
        <title>Shandong WIT Dyne Health Co., Ltd. - Class A</title>
        <cusip>Y76793101</cusip>
        <identifiers>
          <isin value="CNE000000Z28"/>
          <ticker value="000915C2"/>
        </identifiers>
        <balance>190000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>884519.25</valUSD>
        <pctVal>0.7087980618</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>YANGHE</name>
        <lei>655600IQ7FXTTBKI8H68</lei>
        <title>Jiangsu Yanghe Distillery Co., Ltd. - Class A</title>
        <cusip>Y444AE101</cusip>
        <identifiers>
          <isin value="CNE100000HB8"/>
          <ticker value="002304C2"/>
        </identifiers>
        <balance>125000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>995383.90</valUSD>
        <pctVal>0.7976380153</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>FULING ZHACAI</name>
        <lei>N/A</lei>
        <title>Chongqing Fuling Zhacai Group Co., Ltd. - Class A</title>
        <cusip>Y1588V102</cusip>
        <identifiers>
          <isin value="CNE100000WX1"/>
          <ticker value="002507C2"/>
        </identifiers>
        <balance>700000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>1337117.36</valUSD>
        <pctVal>1.0714817039</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>ROBAM APPLIANCES</name>
        <lei>N/A</lei>
        <title>Hangzhou Robam Appliances Co., Ltd. - Class A</title>
        <cusip>Y3041Z100</cusip>
        <identifiers>
          <isin value="CNE100000WY9"/>
          <ticker value="002508C2"/>
        </identifiers>
        <balance>499904</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.9485"/>
        <valUSD>1509510.79</valUSD>
        <pctVal>1.2096269495</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>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co., Ltd.</title>
        <cusip>Y74718100</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="005930KS"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1439.40"/>
        <valUSD>5523738.96</valUSD>
        <pctVal>4.4263767788</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>S-1 Corp</name>
        <lei>N/A</lei>
        <title>S-1 Corp.</title>
        <cusip>Y75435100</cusip>
        <identifiers>
          <isin value="KR7012750006"/>
          <ticker value="012750KS"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1439.40"/>
        <valUSD>1384290.81</valUSD>
        <pctVal>1.1092835380</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-05</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>/s/ Maureen Quill</ncom:signature>
      <ncom:signerName>Maureen Quill</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
