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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Per Aarsleff Holding A/S</name>
        <lei>5493008HS8STXVZXYZ63</lei>
        <title>Per Aarsleff Holding A/S</title>
        <cusip>K7627X145</cusip>
        <identifiers>
          <isin value="DK0060700516"/>
        </identifiers>
        <balance>6045.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.27720000"/>
        <valUSD>865214.03000000</valUSD>
        <pctVal>0.169277843384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Serco Group PLC</name>
        <lei>549300PT2CIHYN5GWJ21</lei>
        <title>Serco Group PLC</title>
        <cusip>G80400107</cusip>
        <identifiers>
          <isin value="GB0007973794"/>
        </identifiers>
        <balance>199689.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>822247.49000000</valUSD>
        <pctVal>0.160871503476</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>Toho Gas Co., Ltd.</name>
        <lei>353800BCVTE4F8012906</lei>
        <title>Toho Gas Co., Ltd.</title>
        <cusip>J84850114</cusip>
        <identifiers>
          <isin value="JP3600200004"/>
        </identifiers>
        <balance>34510.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1146896.57000000</valUSD>
        <pctVal>0.224388615097</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>K'S Holdings Corp.</name>
        <lei>3538003LJ09YLR6NHG27</lei>
        <title>K'S Holdings Corp.</title>
        <cusip>J3672R101</cusip>
        <identifiers>
          <isin value="JP3277150003"/>
        </identifiers>
        <balance>60335.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>629511.64000000</valUSD>
        <pctVal>0.123163019911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stanley Electric Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Stanley Electric Co., Ltd.</title>
        <cusip>J76637115</cusip>
        <identifiers>
          <isin value="JP3399400005"/>
        </identifiers>
        <balance>47068.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>930255.22000000</valUSD>
        <pctVal>0.182003055866</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>Scandinavian Tobacco Group A/S</name>
        <lei>5299003KG4JS99TRML67</lei>
        <title>Scandinavian Tobacco Group A/S</title>
        <cusip>K8553U105</cusip>
        <identifiers>
          <isin value="DK0060696300"/>
        </identifiers>
        <balance>14383.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.27720000"/>
        <valUSD>224512.15000000</valUSD>
        <pctVal>0.043925469592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Attendo AB</name>
        <lei>549300KEJDL2FNITUW65</lei>
        <title>Attendo AB</title>
        <cusip>W1R94Z285</cusip>
        <identifiers>
          <isin value="SE0007666110"/>
        </identifiers>
        <balance>51874.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.85225000"/>
        <valUSD>521064.46000000</valUSD>
        <pctVal>0.101945489780</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>DBS Group Holdings Ltd.</name>
        <lei>5493007FKT78NKPM5V55</lei>
        <title>DBS Group Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1L01001701"/>
        </identifiers>
        <balance>574036.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.26900000"/>
        <valUSD>26747726.72000000</valUSD>
        <pctVal>5.233153113095</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>MegaChips Corp.</name>
        <lei>529900CHDZ5G02UMD829</lei>
        <title>MegaChips Corp.</title>
        <cusip>J4157R103</cusip>
        <identifiers>
          <isin value="JP3920860008"/>
        </identifiers>
        <balance>6318.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>347169.98000000</valUSD>
        <pctVal>0.067923292346</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="61177.09000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0011821202"/>
        </identifiers>
        <balance>878000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>25986973.35000000</valUSD>
        <pctVal>5.084312843110</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>Centrica PLC</name>
        <lei>E26EDV109X6EEPBKVH76</lei>
        <title>Centrica PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B033F229"/>
        </identifiers>
        <balance>1036482.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>2721776.60000000</valUSD>
        <pctVal>0.532511560198</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>Qantas Airways Ltd.</name>
        <lei>YLXNW6TI6QSK1H8H0N82</lei>
        <title>Qantas Airways Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000QAN2"/>
        </identifiers>
        <balance>542047.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42744950"/>
        <valUSD>3812652.73000000</valUSD>
        <pctVal>0.745939859189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tokyo Gas Co., Ltd.</name>
        <lei>353800678EIJLOQSWZ83</lei>
        <title>Tokyo Gas Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3573000001"/>
        </identifiers>
        <balance>128778.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>5731839.85000000</valUSD>
        <pctVal>1.121425976450</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>AL Sydbank A/S</name>
        <lei>GP5DT10VX1QRQUKVBK64</lei>
        <title>AL Sydbank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010311471"/>
        </identifiers>
        <balance>19303.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.27720000"/>
        <valUSD>1754612.49000000</valUSD>
        <pctVal>0.343287334674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GeoPark Ltd.</name>
        <lei>529900ZR5QI19AH4KZ07</lei>
        <title>GeoPark Ltd.</title>
        <cusip>G38327105</cusip>
        <identifiers>
          <isin value="BMG383271050"/>
        </identifiers>
        <balance>13476.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>114276.48000000</valUSD>
        <pctVal>0.022358024041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SFA Engineering Corp.</name>
        <lei>N/A</lei>
        <title>SFA Engineering Corp.</title>
        <cusip>Y7676C104</cusip>
        <identifiers>
          <isin value="KR7056190002"/>
        </identifiers>
        <balance>7094.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1439.40000000"/>
        <valUSD>165610.20000000</valUSD>
        <pctVal>0.032401390322</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>Paragon Banking Group PLC</name>
        <lei>213800S1TDKIB1IUTS72</lei>
        <title>Paragon Banking Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2NGPM57"/>
        </identifiers>
        <balance>39423.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>481106.19000000</valUSD>
        <pctVal>0.094127713442</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>China National Building Material Co. Ltd.</name>
        <lei>52990085PGF8YEPLBZ26</lei>
        <title>China National Building Material Co. Ltd., H Shares</title>
        <cusip>Y15045100</cusip>
        <identifiers>
          <isin value="CNE1000002N9"/>
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        <balance>1385469.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>996872.24000000</valUSD>
        <pctVal>0.195036577153</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>UniCredit S.p.A.</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005239360"/>
        </identifiers>
        <balance>300636.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>26294294.73000000</valUSD>
        <pctVal>5.144439815891</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>IP Group PLC</name>
        <lei>213800HG22UM138WFG43</lei>
        <title>IP Group PLC</title>
        <cusip>G49348116</cusip>
        <identifiers>
          <isin value="GB00B128J450"/>
        </identifiers>
        <balance>116260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>94686.88000000</valUSD>
        <pctVal>0.018525347818</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>Future PLC</name>
        <lei>213800K2581YRLEXV353</lei>
        <title>Future PLC</title>
        <cusip>G37005132</cusip>
        <identifiers>
          <isin value="GB00BYZN9041"/>
        </identifiers>
        <balance>18016.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>133722.90000000</valUSD>
        <pctVal>0.026162687309</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>Wacom Co., Ltd.</name>
        <lei>353800R3B771OQOQPT02</lei>
        <title>Wacom Co., Ltd.</title>
        <cusip>J9467Z109</cusip>
        <identifiers>
          <isin value="JP3993400005"/>
        </identifiers>
        <balance>39214.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>190648.44000000</valUSD>
        <pctVal>0.037300084890</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>Idemitsu Kosan Co., Ltd.</name>
        <lei>549300P0R46FF6DUA630</lei>
        <title>Idemitsu Kosan Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3142500002"/>
        </identifiers>
        <balance>354748.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>3019888.37000000</valUSD>
        <pctVal>0.590836686425</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>Ts Tech Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Ts Tech Co., Ltd.</title>
        <cusip>J9299N100</cusip>
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          <isin value="JP3539230007"/>
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        <valUSD>445324.47000000</valUSD>
        <pctVal>0.087127072925</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Drax Group PLC</name>
        <lei>549300YPSNTXR4ZHSR98</lei>
        <title>Drax Group PLC</title>
        <cusip>G2904K127</cusip>
        <identifiers>
          <isin value="GB00B1VNSX38"/>
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        <balance>74717.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>924558.22000000</valUSD>
        <pctVal>0.180888446254</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Neinor Homes, S.A.</name>
        <lei>959800FW4JL65YWSQ217</lei>
        <title>Neinor Homes, S.A.</title>
        <cusip>E7647E108</cusip>
        <identifiers>
          <isin value="ES0105251005"/>
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        <balance>14582.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>348716.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Japan Lifeline Co., Ltd.</name>
        <lei>353800QUW6LROZVA6765</lei>
        <title>Japan Lifeline Co., Ltd.</title>
        <cusip>J27093103</cusip>
        <identifiers>
          <isin value="JP3754500001"/>
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        <balance>22084.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>221305.21000000</valUSD>
        <pctVal>0.043298036531</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>
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      </invstOrSec>
      <invstOrSec>
        <name>National Grid PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>National Grid PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BDR05C01"/>
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        <balance>792343.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>13499935.45000000</valUSD>
        <pctVal>2.641242374214</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="10158195.31000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Tamarack Valley Energy Ltd.</name>
        <lei>549300TLKPX8BE14MH06</lei>
        <title>Tamarack Valley Energy Ltd.</title>
        <cusip>87505Y409</cusip>
        <identifiers>
          <isin value="CA87505Y4094"/>
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        <balance>187948.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>1278293.45000000</valUSD>
        <pctVal>0.250096220039</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1128800.85000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MAS PLC</name>
        <lei>213800T1TZPGQ7HS4Q13</lei>
        <title>MAS PLC</title>
        <cusip>G5884M104</cusip>
        <identifiers>
          <isin value="VGG5884M1041"/>
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        <balance>156622.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.03750000"/>
        <valUSD>210204.43000000</valUSD>
        <pctVal>0.041126185367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="178003.46000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of Ireland Group PLC</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group PLC</title>
        <cusip>G0756R109</cusip>
        <identifiers>
          <isin value="IE00BD1RP616"/>
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        <balance>342345.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>6980819.23000000</valUSD>
        <pctVal>1.365786942114</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Superior Plus Corp.</name>
        <lei>52990059VEQM9RBM0045</lei>
        <title>Superior Plus Corp.</title>
        <cusip>86828P103</cusip>
        <identifiers>
          <isin value="CA86828P1036"/>
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        <balance>82144.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>442824.80000000</valUSD>
        <pctVal>0.086638016192</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>
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      </invstOrSec>
      <invstOrSec>
        <name>AIB Group PLC</name>
        <lei>635400AKJBGNS5WNQL34</lei>
        <title>AIB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BF0L3536"/>
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        <balance>805710.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>9039017.34000000</valUSD>
        <pctVal>1.768470353661</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke Vopak N.V.</name>
        <lei>724500UL634GFV1KYF10</lei>
        <title>Koninklijke Vopak N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0009432491"/>
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        <balance>20194.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>1011518.77000000</valUSD>
        <pctVal>0.197902149053</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>
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      </invstOrSec>
      <invstOrSec>
        <name>LY Corp.</name>
        <lei>52990078MD2OL792YM35</lei>
        <title>LY Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3933800009"/>
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        <balance>986115.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>2533054.38000000</valUSD>
        <pctVal>0.495588337397</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Avex Inc.</name>
        <lei>N/A</lei>
        <title>Avex Inc.</title>
        <cusip>J0356Q102</cusip>
        <identifiers>
          <isin value="JP3160950006"/>
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        <balance>11921.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>92560.20000000</valUSD>
        <pctVal>0.018109266026</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Canon Marketing Japan Inc.</name>
        <lei>529900WMTZBIIROD5K97</lei>
        <title>Canon Marketing Japan Inc.</title>
        <cusip>J05166111</cusip>
        <identifiers>
          <isin value="JP3243600008"/>
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        <balance>20750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>908228.49000000</valUSD>
        <pctVal>0.177693558768</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>
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      <invstOrSec>
        <name>Hogy Medical Co., Ltd.</name>
        <lei>WPEW3ELXY1BZS7FIIQ08</lei>
        <title>Hogy Medical Co., Ltd.</title>
        <cusip>J21042106</cusip>
        <identifiers>
          <isin value="JP3840800001"/>
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        <balance>6270.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>272209.79000000</valUSD>
        <pctVal>0.053257442206</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>
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      <invstOrSec>
        <name>Kansai Paint Co., Ltd.</name>
        <lei>549300ERRV6FTKH9NN70</lei>
        <title>Kansai Paint Co., Ltd.</title>
        <cusip>J30255129</cusip>
        <identifiers>
          <isin value="JP3229400001"/>
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        <balance>48378.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>774585.51000000</valUSD>
        <pctVal>0.151546507688</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>
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      <invstOrSec>
        <name>Keihan Holdings Co., Ltd.</name>
        <lei>353800ADZSZ9AD39RL13</lei>
        <title>Keihan Holdings Co., Ltd.</title>
        <cusip>J31975121</cusip>
        <identifiers>
          <isin value="JP3279400000"/>
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        <balance>40040.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>892321.23000000</valUSD>
        <pctVal>0.174581326911</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>
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      <invstOrSec>
        <name>Koito Manufacturing Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Koito Manufacturing Co., Ltd.</title>
        <cusip>J34899104</cusip>
        <identifiers>
          <isin value="JP3284600008"/>
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        <balance>91678.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hanwha Corp.</name>
        <lei>988400JE9FIHQS7TX614</lei>
        <title>Hanwha Corp.</title>
        <cusip>Y3065M100</cusip>
        <identifiers>
          <isin value="KR7000880005"/>
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        <balance>11174.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1439.40000000"/>
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        <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>
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      <invstOrSec>
        <name>JTEKT Corp.</name>
        <lei>353800SK6NPOZVCBOI04</lei>
        <title>JTEKT Corp.</title>
        <cusip>J2946V104</cusip>
        <identifiers>
          <isin value="JP3292200007"/>
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        <balance>90367.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
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        <pctVal>0.209441531950</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>
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      <invstOrSec>
        <name>Kureha Corp.</name>
        <lei>N/A</lei>
        <title>Kureha Corp.</title>
        <cusip>J37049111</cusip>
        <identifiers>
          <isin value="JP3271600003"/>
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        <balance>16904.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Systena Corp.</name>
        <lei>N/A</lei>
        <title>Systena Corp.</title>
        <cusip>J7864T106</cusip>
        <identifiers>
          <isin value="JP3351050004"/>
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        <balance>118897.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>391425.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Saison Co., Ltd.</name>
        <lei>529900SV58ZWTGRH3A66</lei>
        <title>Credit Saison Co., Ltd.</title>
        <cusip>J7007M109</cusip>
        <identifiers>
          <isin value="JP3271400008"/>
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        <balance>69537.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1883451.78000000</valUSD>
        <pctVal>0.368494550922</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Motors Corp.</name>
        <lei>5299006ZTN6MO1N5BR16</lei>
        <title>Mitsubishi Motors Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3899800001"/>
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        <balance>298481.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>736142.01000000</valUSD>
        <pctVal>0.144025093857</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>Morinaga &amp; Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Morinaga &amp; Co., Ltd.</title>
        <cusip>J46367108</cusip>
        <identifiers>
          <isin value="JP3926400007"/>
        </identifiers>
        <balance>29584.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>519066.28000000</valUSD>
        <pctVal>0.101554548822</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>Web Travel Group Ltd.</name>
        <lei>21380064YZG4XMO4CW38</lei>
        <title>Web Travel Group Ltd.</title>
        <cusip>Q9570B108</cusip>
        <identifiers>
          <isin value="AU000000WEB7"/>
        </identifiers>
        <balance>117914.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42744950"/>
        <valUSD>379596.97000000</valUSD>
        <pctVal>0.074267584908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSG Corp.</name>
        <lei>353800IWJAOVAFO6X450</lei>
        <title>OSG Corp.</title>
        <cusip>J63137103</cusip>
        <identifiers>
          <isin value="JP3170800001"/>
        </identifiers>
        <balance>33727.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>571382.35000000</valUSD>
        <pctVal>0.111790110425</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>StoneCo Ltd.</name>
        <lei>549300O1A9LEF0XZCR35</lei>
        <title>StoneCo Ltd., Class A</title>
        <cusip>G85158106</cusip>
        <identifiers>
          <isin value="KYG851581069"/>
        </identifiers>
        <balance>79682.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1286067.48000000</valUSD>
        <pctVal>0.251617197493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="741766.08000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Raito Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Raito Kogyo Co. Ltd.</title>
        <cusip>J64253107</cusip>
        <identifiers>
          <isin value="JP3965800000"/>
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        <balance>15607.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>354053.62000000</valUSD>
        <pctVal>0.069270066316</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Santen Pharmaceutical Co., Ltd.</name>
        <lei>529900TPT3I7C17MIM03</lei>
        <title>Santen Pharmaceutical Co., Ltd.</title>
        <cusip>J68467109</cusip>
        <identifiers>
          <isin value="JP3336000009"/>
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        <balance>120233.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1356961.19000000</valUSD>
        <pctVal>0.265487446844</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>Seino Holdings Co., Ltd.</name>
        <lei>3538001D12EPCPYTTF24</lei>
        <title>Seino Holdings Co., Ltd.</title>
        <cusip>J70316138</cusip>
        <identifiers>
          <isin value="JP3415400005"/>
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        <balance>60129.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>939087.29000000</valUSD>
        <pctVal>0.183731037279</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>Star Micronics Co., Ltd.</name>
        <lei>353800YVVMLCGEV0Q544</lei>
        <title>Star Micronics Co., Ltd.</title>
        <cusip>J76680107</cusip>
        <identifiers>
          <isin value="JP3399000003"/>
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        <balance>17546.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>250412.01000000</valUSD>
        <pctVal>0.048992738837</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>Suzuken Co., Ltd.</name>
        <lei>529900LRLSX7F1Q8TN71</lei>
        <title>Suzuken Co., Ltd.</title>
        <cusip>J78454105</cusip>
        <identifiers>
          <isin value="JP3398000004"/>
        </identifiers>
        <balance>27196.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1099815.01000000</valUSD>
        <pctVal>0.215177177621</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>Taisei Corp.</name>
        <lei>529900TF7XJKIOWMLQ79</lei>
        <title>Taisei Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3443600006"/>
        </identifiers>
        <balance>69009.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>6905833.09000000</valUSD>
        <pctVal>1.351116014896</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>iA Financial Corp. Inc.</name>
        <lei>549300ZXLJVHQAIXV215</lei>
        <title>iA Financial Corp. Inc.</title>
        <cusip>45075E104</cusip>
        <identifiers>
          <isin value="CA45075E1043"/>
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        <balance>34931.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>4315848.03000000</valUSD>
        <pctVal>0.844389274283</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>Toppan Holdings Inc.</name>
        <lei>3538003H9W4KIDODQY20</lei>
        <title>Toppan Holdings Inc.</title>
        <cusip>890747108</cusip>
        <identifiers>
          <isin value="JP3629000005"/>
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        <balance>100024.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>3099731.93000000</valUSD>
        <pctVal>0.606457960672</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Toyo Seikan Group Holdings, Ltd.</name>
        <lei>5299004VWXGQPXR05T33</lei>
        <title>Toyo Seikan Group Holdings, Ltd.</title>
        <cusip>J92289107</cusip>
        <identifiers>
          <isin value="JP3613400005"/>
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        <balance>46961.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1182064.47000000</valUSD>
        <pctVal>0.231269162640</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Wacoal Holdings Corp.</name>
        <lei>3538002U6NJ8QTW6VR34</lei>
        <title>Wacoal Holdings Corp.</title>
        <cusip>J94632122</cusip>
        <identifiers>
          <isin value="JP3992400006"/>
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        <balance>16159.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>457092.27000000</valUSD>
        <pctVal>0.089429425564</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Baytex Energy Corp.</name>
        <lei>549300R5LTV2H7I1I079</lei>
        <title>Baytex Energy Corp.</title>
        <cusip>07317Q105</cusip>
        <identifiers>
          <isin value="CA07317Q1054"/>
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        <balance>248703.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>863201.34000000</valUSD>
        <pctVal>0.168884063566</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Gungho Online Entertainment, Inc.</name>
        <lei>529900TH7FB4RV6F5S47</lei>
        <title>Gungho Online Entertainment, Inc.</title>
        <cusip>J18912105</cusip>
        <identifiers>
          <isin value="JP3235900002"/>
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        <balance>18717.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>319144.40000000</valUSD>
        <pctVal>0.062440129132</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Zuken Inc.</name>
        <lei>N/A</lei>
        <title>Zuken Inc.</title>
        <cusip>J98974108</cusip>
        <identifiers>
          <isin value="JP3412000006"/>
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        <balance>5501.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>172064.01000000</valUSD>
        <pctVal>0.033664068689</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>
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      <invstOrSec>
        <name>Ryanair Holdings PLC</name>
        <lei>635400BR2ROC1FVEBQ56</lei>
        <title>Ryanair Holdings PLC</title>
        <cusip>G7727C186</cusip>
        <identifiers>
          <isin value="IE00BYTBXV33"/>
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        <balance>378776.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>12902050.99000000</valUSD>
        <pctVal>2.524267165222</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>
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      </invstOrSec>
      <invstOrSec>
        <name>UACJ Corp.</name>
        <lei>353800GO7FBE4RSRH831</lei>
        <title>UACJ Corp.</title>
        <cusip>J9138T110</cusip>
        <identifiers>
          <isin value="JP3826900007"/>
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        <balance>49592.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>787462.63000000</valUSD>
        <pctVal>0.154065897142</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="34143.02000000"/>
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      <invstOrSec>
        <name>Korea Zinc Inc.</name>
        <lei>988400D0HSQUB1I1VO41</lei>
        <title>Korea Zinc Inc.</title>
        <cusip>Y4960Y108</cusip>
        <identifiers>
          <isin value="KR7010130003"/>
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        <balance>4252.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1439.40000000"/>
        <valUSD>5539049.26000000</valUSD>
        <pctVal>1.083706783084</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairfax Financial Holdings Ltd.</name>
        <lei>GLS7OQD0WOEDI8YAP031</lei>
        <title>Fairfax Financial Holdings Ltd.</title>
        <cusip>303901102</cusip>
        <identifiers>
          <isin value="CA3039011026"/>
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        <balance>6505.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>10794653.95000000</valUSD>
        <pctVal>2.111958055897</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Cargojet Inc.</name>
        <lei>549300C4GBBANCBT3K72</lei>
        <title>Cargojet Inc.</title>
        <cusip>14179V503</cusip>
        <identifiers>
          <isin value="CA14179V5036"/>
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        <balance>4671.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>320655.88000000</valUSD>
        <pctVal>0.062735847955</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>TomTom N.V.</name>
        <lei>724500WAU923OTVC7M86</lei>
        <title>TomTom N.V.</title>
        <cusip>N87695123</cusip>
        <identifiers>
          <isin value="NL0013332471"/>
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        <balance>22159.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>167096.05000000</valUSD>
        <pctVal>0.032692094673</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>
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      <invstOrSec>
        <name>Russel Metals Inc.</name>
        <lei>5493005F9VPHFO17OV54</lei>
        <title>Russel Metals Inc.</title>
        <cusip>781903604</cusip>
        <identifiers>
          <isin value="CA7819036046"/>
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        <balance>20789.00000000</balance>
        <units>NS</units>
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        <pctVal>0.144924132061</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Trainline PLC</name>
        <lei>213800HO26VXTFJ4MO71</lei>
        <title>Trainline PLC</title>
        <cusip>G8992Y119</cusip>
        <identifiers>
          <isin value="GB00BKDTK925"/>
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        <balance>75220.00000000</balance>
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        <pctVal>0.041361632707</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Bayerische Motoren Werke AG</name>
        <lei>YEH5ZCD6E441RHVHD759</lei>
        <title>Bayerische Motoren Werke AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005190003"/>
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        <balance>109317.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
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        <pctVal>2.210504516569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
        <cusip>825252885</cusip>
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          <isin value="US8252528851"/>
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        <balance>958768.78000000</balance>
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        <curCd>USD</curCd>
        <valUSD>958768.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kerry Group PLC</name>
        <lei>635400TLVVBNXLFHWC59</lei>
        <title>Kerry Group PLC, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE0004906560"/>
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        <balance>57572.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iriso Electronics Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Iriso Electronics Co., Ltd.</title>
        <cusip>J2429P103</cusip>
        <identifiers>
          <isin value="JP3149800009"/>
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        <balance>7140.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Government Fund</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2442116"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <cashCollateralCondition cashCollateralVal="6951872.03000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Nippon Yusen K.K.</name>
        <lei>353800YPW4XM0ZN5I149</lei>
        <title>Nippon Yusen K.K.</title>
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          <isin value="JP3753000003"/>
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        <balance>163735.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Prime Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2487474"/>
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        <balance>18080075.39590000</balance>
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        <curCd>USD</curCd>
        <valUSD>18080075.39590000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="18080075.39590000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Nissan Motor Co., Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>Nissan Motor Co., Ltd.</title>
        <cusip>J57160129</cusip>
        <identifiers>
          <isin value="JP3672400003"/>
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        <balance>896307.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004082847"/>
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        <balance>376393.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>XPeng Inc.</name>
        <lei>549300TZNMIREMWQU857</lei>
        <title>XPeng Inc.</title>
        <cusip>G982AW100</cusip>
        <identifiers>
          <isin value="KYG982AW1003"/>
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        <balance>553162.00000000</balance>
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        <pctVal>0.974500401128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Precision Drilling Corp.</name>
        <lei>8945003E8R4T2TZ7G795</lei>
        <title>Precision Drilling Corp.</title>
        <cusip>74022D407</cusip>
        <identifiers>
          <isin value="CA74022D4075"/>
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        <balance>4838.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OSB Group PLC</name>
        <lei>213800ZBKL9BHSL2K459</lei>
        <title>OSB Group PLC</title>
        <cusip>G6S36L101</cusip>
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          <isin value="GB00BLDRH360"/>
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        <balance>77568.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gildan Activewear Inc.</name>
        <lei>549300SB3IBI34M00Z45</lei>
        <title>Gildan Activewear Inc.</title>
        <cusip>375916103</cusip>
        <identifiers>
          <isin value="CA3759161035"/>
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        <balance>56285.00000000</balance>
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        <pctVal>0.719446473057</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>
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      <invstOrSec>
        <name>Kuaishou Technology</name>
        <lei>300300FCDZBE6UP9ED24</lei>
        <title>Kuaishou Technology</title>
        <cusip>G53263102</cusip>
        <identifiers>
          <isin value="KYG532631028"/>
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        <balance>1047331.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>DigiPlus Interactive Corp.</name>
        <lei>254900M9EXJ3M6S66M06</lei>
        <title>DigiPlus Interactive Corp.</title>
        <cusip>Y52573139</cusip>
        <identifiers>
          <isin value="PHY525731394"/>
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        <balance>739117.00000000</balance>
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        <currencyConditional curCd="PHP" exchangeRt="58.88050000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Trican Well Service Ltd.</name>
        <lei>5493003PMAE3KEW1DL91</lei>
        <title>Trican Well Service Ltd.</title>
        <cusip>895945103</cusip>
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          <isin value="CA8959451037"/>
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        <balance>77544.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MA Financial Group Ltd.</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd.</title>
        <cusip>Q57129100</cusip>
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          <isin value="AU0000156218"/>
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        <balance>38989.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42744950"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bairong Inc.</name>
        <lei>655600R1JGW8TTPKVN84</lei>
        <title>Bairong Inc.</title>
        <cusip>G0705A108</cusip>
        <identifiers>
          <isin value="KYG0705A1085"/>
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        <balance>88484.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wise PLC</name>
        <lei>213800LD9XCHIC1C4V71</lei>
        <title>Wise PLC, Class A</title>
        <cusip>G97229101</cusip>
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          <isin value="GB00BL9YR756"/>
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        <balance>172609.00000000</balance>
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        <valUSD>2232612.84000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Truecaller AB</name>
        <lei>549300TEYF1FA5G5GK26</lei>
        <title>Truecaller AB, Class B</title>
        <cusip>W9679Z116</cusip>
        <identifiers>
          <isin value="SE0016787071"/>
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        <balance>100213.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="8.85225000"/>
        <valUSD>174611.13000000</valUSD>
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        <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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2156.36000000"/>
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      <invstOrSec>
        <name>Airport City Ltd.</name>
        <lei>N/A</lei>
        <title>Airport City Ltd.</title>
        <cusip>M0367L106</cusip>
        <identifiers>
          <isin value="IL0010958358"/>
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        <balance>15826.00000000</balance>
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        <currencyConditional curCd="ILS" exchangeRt="3.09040000"/>
        <valUSD>295289.06000000</valUSD>
        <pctVal>0.057772867196</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Eneos Holdings, Inc.</name>
        <lei>3538001KQ5SAOZSQTT44</lei>
        <title>Eneos Holdings, Inc.</title>
        <cusip>J29699105</cusip>
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          <isin value="JP3386450005"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>G5533W248</cusip>
        <identifiers>
          <isin value="GB0008706128"/>
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        <balance>12090177.00000000</balance>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell PLC</title>
        <cusip>G80827101</cusip>
        <identifiers>
          <isin value="GB00BP6MXD84"/>
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        <balance>639206.00000000</balance>
        <units>NS</units>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Shinsegae Inc.</name>
        <lei>9884005BGBN4CVNXZ186</lei>
        <title>Shinsegae Inc.</title>
        <cusip>Y77538109</cusip>
        <identifiers>
          <isin value="KR7004170007"/>
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        <balance>2051.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1439.40000000"/>
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        <pctVal>0.088901419124</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Groupe Bruxelles Lambert - Groep Brussel Lambert N.V.</name>
        <lei>549300KV0ZEHT2KVU152</lei>
        <title>Groupe Bruxelles Lambert - Groep Brussel Lambert N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0003797140"/>
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        <balance>33143.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>3147452.73000000</valUSD>
        <pctVal>0.615794464506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elecom Co., Ltd.</name>
        <lei>353800BXFUVR7EPC0G35</lei>
        <title>Elecom Co., Ltd.</title>
        <cusip>J12884102</cusip>
        <identifiers>
          <isin value="JP3168200008"/>
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        <balance>22388.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>240037.99000000</valUSD>
        <pctVal>0.046963077190</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>
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      </invstOrSec>
      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
        <cusip>G6422B147</cusip>
        <identifiers>
          <isin value="GB00BM8PJY71"/>
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        <balance>1621586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>14822547.43000000</valUSD>
        <pctVal>2.900009449001</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>
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      <invstOrSec>
        <name>CANCOM SE</name>
        <lei>391200T4AUN1BPBXAO14</lei>
        <title>CANCOM SE</title>
        <cusip>D8238N102</cusip>
        <identifiers>
          <isin value="DE0005419105"/>
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        <balance>6448.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>217739.22000000</valUSD>
        <pctVal>0.042600355870</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Helia Group Ltd.</name>
        <lei>529900RUQ2G0JXJOF423</lei>
        <title>Helia Group Ltd.</title>
        <cusip>Q3983N155</cusip>
        <identifiers>
          <isin value="AU0000251498"/>
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        <balance>87501.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42744950"/>
        <valUSD>355948.21000000</valUSD>
        <pctVal>0.069640740043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mitie Group PLC</name>
        <lei>213800MTCLTKEHWZMJ03</lei>
        <title>Mitie Group PLC</title>
        <cusip>G6164F157</cusip>
        <identifiers>
          <isin value="GB0004657408"/>
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        <balance>248151.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>568907.15000000</valUSD>
        <pctVal>0.111305841212</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Aperam S.A.</name>
        <lei>5493001136GE6L4R7M63</lei>
        <title>Aperam S.A.</title>
        <cusip>L0187K107</cusip>
        <identifiers>
          <isin value="LU0569974404"/>
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        <balance>16298.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
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        <pctVal>0.137701763077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0031348658"/>
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        <balance>2852431.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
        <valUSD>19091592.56000000</valUSD>
        <pctVal>3.735241805226</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>
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      <invstOrSec>
        <name>Meritz Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Meritz Financial Group Inc.</title>
        <cusip>Y59496102</cusip>
        <identifiers>
          <isin value="KR7138040001"/>
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        <balance>24159.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1439.40000000"/>
        <valUSD>1953381.71000000</valUSD>
        <pctVal>0.382176238143</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Aegon Ltd.</name>
        <lei>O4QK7KMMK83ITNTHUG69</lei>
        <title>Aegon Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0112X1056"/>
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        <balance>486115.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>3832036.57000000</valUSD>
        <pctVal>0.749732278773</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>
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      <invstOrSec>
        <name>TUHU Car Inc.</name>
        <lei>549300WLKCN8MYAKA107</lei>
        <title>TUHU Car Inc.</title>
        <cusip>G91224108</cusip>
        <identifiers>
          <isin value="KYG912241083"/>
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        <balance>171796.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>342534.50000000</valUSD>
        <pctVal>0.067016367550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tsi Holdings Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Tsi Holdings Co., Ltd.</title>
        <cusip>J9299P105</cusip>
        <identifiers>
          <isin value="JP3538690003"/>
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        <balance>26448.00000000</balance>
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        <valUSD>180987.64000000</valUSD>
        <pctVal>0.035409963680</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>
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      <invstOrSec>
        <name>Mattr Corp.</name>
        <lei>549300KP4U2Z1IKXOL88</lei>
        <title>Mattr Corp.</title>
        <cusip>57722Y102</cusip>
        <identifiers>
          <isin value="CA57722Y1025"/>
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        <balance>10666.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>64745.06000000</valUSD>
        <pctVal>0.012667275086</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>
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      <invstOrSec>
        <name>Laboratorios Farmaceuticos ROVI, S.A.</name>
        <lei>95980020140005936480</lei>
        <title>Laboratorios Farmaceuticos ROVI, S.A.</title>
        <cusip>E6996D109</cusip>
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          <isin value="ES0157261019"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Autoliv, Inc.</name>
        <lei>A23RUXWKASG834LTMK28</lei>
        <title>Autoliv, Inc., SDR</title>
        <cusip>U0508X127</cusip>
        <identifiers>
          <isin value="SE0021309614"/>
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        <balance>28955.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Dongyue Group Ltd.</name>
        <lei>529900EJNEZTJBHCHW95</lei>
        <title>Dongyue Group Ltd.</title>
        <cusip>G2816P107</cusip>
        <identifiers>
          <isin value="KYG2816P1072"/>
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        <balance>553676.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Greencore Group PLC</name>
        <lei>635400GGBEWULJXM5868</lei>
        <title>Greencore Group PLC</title>
        <cusip>G40866124</cusip>
        <identifiers>
          <isin value="IE0003864109"/>
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        <balance>77213.00000000</balance>
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        <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>
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      <invstOrSec>
        <name>Secure Waste Infrastructure Corp.</name>
        <lei>894500UQR7AONHFERA55</lei>
        <title>Secure Waste Infrastructure Corp.</title>
        <cusip>813921103</cusip>
        <identifiers>
          <isin value="CA8139211038"/>
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        <balance>82831.00000000</balance>
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        <valUSD>1074726.34000000</valUSD>
        <pctVal>0.210268616498</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Athabasca Oil Corp.</name>
        <lei>549300STK2KBVO6WED71</lei>
        <title>Athabasca Oil Corp.</title>
        <cusip>04682R107</cusip>
        <identifiers>
          <isin value="CA04682R1073"/>
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        <balance>183414.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>1082212.35000000</valUSD>
        <pctVal>0.211733243266</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>Hibiscus Petroleum Bhd.</name>
        <lei>N/A</lei>
        <title>Hibiscus Petroleum Bhd.</title>
        <cusip>Y3184C108</cusip>
        <identifiers>
          <isin value="MYL5199OO004"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Huber + Suhner AG</name>
        <lei>5067007PRZ9OSX7A6787</lei>
        <title>Huber + Suhner AG</title>
        <cusip>H44229187</cusip>
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          <isin value="CH0030380734"/>
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        <balance>5660.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Corp. Inmobiliaria Vesta, S. A. B. de C. V.</name>
        <lei>4469000001BIRIFZJ959</lei>
        <title>Corp. Inmobiliaria Vesta, S. A. B. de C. V.</title>
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          <isin value="MX01VE0M0003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Naspers Ltd.</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>Naspers Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000351946"/>
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        <balance>157038.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>G4634U169</cusip>
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          <isin value="GB0005405286"/>
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        <balance>1618792.00000000</balance>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
        <cusip>G12793108</cusip>
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          <isin value="GB0007980591"/>
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        <balance>3053004.00000000</balance>
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        <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>
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      <invstOrSec>
        <name>Chinasoft International Ltd.</name>
        <lei>N/A</lei>
        <title>Chinasoft International Ltd.</title>
        <cusip>G2110A111</cusip>
        <identifiers>
          <isin value="KYG2110A1114"/>
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        <balance>812039.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <pctVal>0.102283392380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yinson Holdings Bhd..</name>
        <lei>N/A</lei>
        <title>Yinson Holdings Bhd..</title>
        <cusip>Y98415105</cusip>
        <identifiers>
          <isin value="MYL7293OO003"/>
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        <balance>642400.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="3.94200000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BH4HKS39"/>
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        <balance>4408316.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.72872950"/>
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        <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>
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      <invstOrSec>
        <name>Maxell, Ltd.</name>
        <lei>N/A</lei>
        <title>Maxell, Ltd.</title>
        <cusip>J20496121</cusip>
        <identifiers>
          <isin value="JP3791800000"/>
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        <balance>17077.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Plus500 Ltd.</name>
        <lei>549300X8NGW9C5OJZU13</lei>
        <title>Plus500 Ltd.</title>
        <cusip>M7S2CK109</cusip>
        <identifiers>
          <isin value="IL0011284465"/>
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        <balance>23334.00000000</balance>
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        <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>
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      <invstOrSec>
        <name>JD.com, Inc.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com, Inc., A Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8208B1014"/>
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        <balance>639698.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>NN Group N.V.</name>
        <lei>724500OHYNDT9OY6Q215</lei>
        <title>NN Group N.V.</title>
        <cusip>N/A</cusip>
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          <isin value="NL0010773842"/>
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        <balance>94331.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
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        <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>
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      <invstOrSec>
        <name>Pets at Home Group PLC</name>
        <lei>2138003Y9ULD24PD3J93</lei>
        <title>Pets at Home Group PLC</title>
        <cusip>G7041J107</cusip>
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          <isin value="GB00BJ62K685"/>
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        <balance>88431.00000000</balance>
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        <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>
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      <invstOrSec>
        <name>Honda Motor Co., Ltd.</name>
        <lei>549300P7ZYCQJ36CCS16</lei>
        <title>Honda Motor Co., Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="JP3854600008"/>
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        <balance>1098439.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Nikon Corp.</name>
        <lei>549300X7LIS9RFELXJ98</lei>
        <title>Nikon Corp.</title>
        <cusip>654111103</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kawasaki Kisen Kaisha, Ltd.</name>
        <lei>353800FL04R73DS5P870</lei>
        <title>Kawasaki Kisen Kaisha, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3223800008"/>
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        <balance>134951.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Air Canada</name>
        <lei>4B4HI3CGXMBDC0G6BM51</lei>
        <title>Air Canada</title>
        <cusip>008911877</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nippon Electric Glass Co., Ltd.</name>
        <lei>529900NCIGSAX4V03234</lei>
        <title>Nippon Electric Glass Co., Ltd.</title>
        <cusip>J53247110</cusip>
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          <isin value="JP3733400000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Ricoh Co., Ltd.</name>
        <lei>549300HFIB2GRUMDID72</lei>
        <title>Ricoh Co., Ltd.</title>
        <cusip>J64683105</cusip>
        <identifiers>
          <isin value="JP3973400009"/>
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        <balance>214859.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Imperial Oil Ltd.</name>
        <lei>549300JZNB745JT5WY51</lei>
        <title>Imperial Oil Ltd.</title>
        <cusip>453038408</cusip>
        <identifiers>
          <isin value="CA4530384086"/>
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        <balance>39743.00000000</balance>
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        <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>
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      <invstOrSec>
        <name>Finning International Inc.</name>
        <lei>549300QLDCP11KB6XW55</lei>
        <title>Finning International Inc.</title>
        <cusip>318071404</cusip>
        <identifiers>
          <isin value="CA3180714048"/>
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        <balance>49992.00000000</balance>
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        <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>
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      <invstOrSec>
        <name>Nippon Ceramic Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Ceramic Co., Ltd.</title>
        <cusip>J52344108</cusip>
        <identifiers>
          <isin value="JP3725200004"/>
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        <balance>8433.00000000</balance>
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        <valUSD>206188.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Computacenter PLC</name>
        <lei>549300XSXUZ1I19DB105</lei>
        <title>Computacenter PLC</title>
        <cusip>G23356150</cusip>
        <identifiers>
          <isin value="GB00BV9FP302"/>
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        <balance>13923.00000000</balance>
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        <valUSD>639042.35000000</valUSD>
        <pctVal>0.125027689205</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>Skyworth Group Ltd.</name>
        <lei>529900LRFQSJWSSXY627</lei>
        <title>Skyworth Group Ltd.</title>
        <cusip>G8181C100</cusip>
        <identifiers>
          <isin value="BMG8181C1001"/>
        </identifiers>
        <balance>248942.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>226749.96000000</valUSD>
        <pctVal>0.044363293803</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>CJ Logistics Corp.</name>
        <lei>988400MIXJ2YDYLYR916</lei>
        <title>CJ Logistics Corp.</title>
        <cusip>Y166AE100</cusip>
        <identifiers>
          <isin value="KR7000120006"/>
        </identifiers>
        <balance>3571.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1439.40000000"/>
        <valUSD>256898.84000000</valUSD>
        <pctVal>0.050261877518</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>Winpak Ltd.</name>
        <lei>549300FWDGJBHZHH8U59</lei>
        <title>Winpak Ltd.</title>
        <cusip>97535P104</cusip>
        <identifiers>
          <isin value="CA97535P1045"/>
        </identifiers>
        <balance>8243.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>261811.05000000</valUSD>
        <pctVal>0.051222944128</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>Inter Cars S.A.</name>
        <lei>2594008ZF17JSW0OV865</lei>
        <title>Inter Cars S.A.</title>
        <cusip>X3964A109</cusip>
        <identifiers>
          <isin value="PLINTCS00010"/>
        </identifiers>
        <balance>1502.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.53635000"/>
        <valUSD>269361.26000000</valUSD>
        <pctVal>0.052700131531</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="142721.62000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Mercedes-Benz Group AG</title>
        <cusip>D1668R123</cusip>
        <identifiers>
          <isin value="DE0007100000"/>
        </identifiers>
        <balance>181246.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058300"/>
        <valUSD>12432062.69000000</valUSD>
        <pctVal>2.432314650490</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>Sankyu Inc.</name>
        <lei>529900QWTXZZEM1T5G75</lei>
        <title>Sankyu Inc.</title>
        <cusip>J68037100</cusip>
        <identifiers>
          <isin value="JP3326000001"/>
        </identifiers>
        <balance>20798.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1243064.49000000</valUSD>
        <pctVal>0.243203726197</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>Onex Corp.</name>
        <lei>894500LB8PNE5C7CEN88</lei>
        <title>Onex Corp.</title>
        <cusip>68272K103</cusip>
        <identifiers>
          <isin value="CA68272K1030"/>
        </identifiers>
        <balance>19895.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>1704551.12000000</valUSD>
        <pctVal>0.333492901787</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>Japan Post Holdings Co., Ltd.</name>
        <lei>5299003D9N4JBS256X18</lei>
        <title>Japan Post Holdings Co., Ltd.</title>
        <cusip>J2800D109</cusip>
        <identifiers>
          <isin value="JP3752900005"/>
        </identifiers>
        <balance>717454.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>8660978.15000000</valUSD>
        <pctVal>1.694507546102</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>Cosmo Energy Holdings Co., Ltd.</name>
        <lei>353800Y4GZ7KR5X7L150</lei>
        <title>Cosmo Energy Holdings Co., Ltd.</title>
        <cusip>J08906109</cusip>
        <identifiers>
          <isin value="JP3298000005"/>
        </identifiers>
        <balance>48796.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="154.26000000"/>
        <valUSD>1467995.25000000</valUSD>
        <pctVal>0.287211096216</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
