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        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>2336818.69</valUSD>
        <pctVal>0.9376460064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rakuten Bank Ltd</name>
        <lei>3538007HFAF2NOCBUE44</lei>
        <title>Rakuten Bank Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3967220009"/>
          <ticker value="5838 JP"/>
        </identifiers>
        <balance>70289</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>2249956.88</valUSD>
        <pctVal>0.9027927978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Integral Corp</name>
        <lei>254900LBW5E2GUM0UK59</lei>
        <title>Integral Corp.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3152910000"/>
          <ticker value="5842 JP"/>
        </identifiers>
        <balance>88617</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>1503295.37</valUSD>
        <pctVal>0.6031956635</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>Kyoto Financial Group Inc</name>
        <lei>N/A</lei>
        <title>Kyoto Financial Group, Inc.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3252200005"/>
          <ticker value="5844 JP"/>
        </identifiers>
        <balance>155838</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>4336520.64</valUSD>
        <pctVal>1.7400242806</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>Shibaura Mechatronics Corp</name>
        <lei>N/A</lei>
        <title>Shibaura Mechatronics Corp.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3355000005"/>
          <ticker value="6590 JP"/>
        </identifiers>
        <balance>97764</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>2857588.06</valUSD>
        <pctVal>1.1466041606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Micronics Japan Co Ltd</name>
        <lei>353800FFW2OP7ZVXBO86</lei>
        <title>Micronics Japan Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3750400008"/>
          <ticker value="6871 JP"/>
        </identifiers>
        <balance>41227</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>4376786.04</valUSD>
        <pctVal>1.7561807294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiyo Yuden Co Ltd</name>
        <lei>353800V9G3X5PLB9AD43</lei>
        <title>Taiyo Yuden Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3452000007"/>
          <ticker value="6976 JP"/>
        </identifiers>
        <balance>31685</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>4028898.57</valUSD>
        <pctVal>1.6165912531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Topoint Technology Co Ltd</name>
        <lei>N/A</lei>
        <title>Topoint Technology Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="TW0008021007"/>
          <ticker value="8021 TT"/>
        </identifiers>
        <balance>269527</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>4975496.42</valUSD>
        <pctVal>1.9964126306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>77 Bank Ltd/The</name>
        <lei>549300U6CT3EHB9XS980</lei>
        <title>77 Bank Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3352000008"/>
          <ticker value="8341 JP"/>
        </identifiers>
        <balance>204332</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>4202912.25</valUSD>
        <pctVal>1.6864140566</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>SKY Perfect JSAT Corp</name>
        <lei>5299009SAF34W9TVEF26</lei>
        <title>SKY Perfect JSAT Corp.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3396350005"/>
          <ticker value="9412 JP"/>
        </identifiers>
        <balance>93310</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>1555658.44</valUSD>
        <pctVal>0.6242062895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alzchem Group AG</name>
        <lei>8945004EL7WZK3ERG181</lei>
        <title>Alzchem Group A.G.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="DE000A2YNT30"/>
          <ticker value="ACT GR"/>
        </identifiers>
        <balance>12749</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>2530602.21</valUSD>
        <pctVal>1.0154014371</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>Rigaku Holdings Corp</name>
        <lei>529900Y0KH94TFOLAZ47</lei>
        <title>Rigaku Holdings Corp.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3969750003"/>
          <ticker value="268A JP"/>
        </identifiers>
        <balance>206792</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>3223799.46</valUSD>
        <pctVal>1.2935460941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APR Corp/Korea</name>
        <lei>N/A</lei>
        <title>APR Corp./Korea</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7278470000"/>
          <ticker value="278470KS"/>
        </identifiers>
        <balance>10537</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30"/>
        <valUSD>2643814.70</valUSD>
        <pctVal>1.0608278279</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>Wasion Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Wasion Holdings Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KYG9463P1081"/>
          <ticker value="3393 HK"/>
        </identifiers>
        <balance>1020203</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8429"/>
        <valUSD>2597811.03</valUSD>
        <pctVal>1.0423689044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Microwave Technology</name>
        <lei>N/A</lei>
        <title>Universal Microwave Technology, Inc.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="TW0003491007"/>
          <ticker value="3491 TT"/>
        </identifiers>
        <balance>44667</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>1924412.63</valUSD>
        <pctVal>0.7721685148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tokyo Ohka Kogyo Co Ltd</name>
        <lei>N/A</lei>
        <title>Tokyo Ohka Kogyo Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="JP3571800006"/>
          <ticker value="4186 JP"/>
        </identifiers>
        <balance>44027</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>3127976.10</valUSD>
        <pctVal>1.2550970732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DB HiTek Co Ltd</name>
        <lei>N/A</lei>
        <title>DB HiTek Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7000990002"/>
          <ticker value="000990KS"/>
        </identifiers>
        <balance>19188</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30"/>
        <valUSD>1807930.66</valUSD>
        <pctVal>0.7254302486</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>LS Corp</name>
        <lei>988400SQWZ34LADYL505</lei>
        <title>LS Corp.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7006260004"/>
          <ticker value="006260KS"/>
        </identifiers>
        <balance>6763</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30"/>
        <valUSD>1629014.80</valUSD>
        <pctVal>0.6536404507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIG Defense&amp;Aerospace Co Ltd</name>
        <lei>988400VTP0QVY3OIY652</lei>
        <title>LIG Defense&amp;Aerospace Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7079550000"/>
          <ticker value="079550KS"/>
        </identifiers>
        <balance>4750</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30"/>
        <valUSD>2204382.62</valUSD>
        <pctVal>0.8845061746</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>Vitzrocell Co Ltd</name>
        <lei>N/A</lei>
        <title>Vitzrocell Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7082920000"/>
          <ticker value="082920KS"/>
        </identifiers>
        <balance>64843</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30"/>
        <valUSD>1704860.11</valUSD>
        <pctVal>0.6840733004</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>Harbin Electric Co Ltd</name>
        <lei>529900QH6Y4U07RU0U61</lei>
        <title>Harbin Electric Co., Ltd. - Class H</title>
        <cusip>Y30683109</cusip>
        <identifiers>
          <isin value="CNE1000003C0"/>
          <ticker value="1133 HK"/>
        </identifiers>
        <balance>1174736</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8429"/>
        <valUSD>2315710.83</valUSD>
        <pctVal>0.9291765001</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>BNK Financial Group Inc</name>
        <lei>N/A</lei>
        <title>BNK Financial Group, Inc.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KR7138930003"/>
          <ticker value="138930KS"/>
        </identifiers>
        <balance>271323</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30"/>
        <valUSD>3004073.97</valUSD>
        <pctVal>1.2053814757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASTA Energy Solutions AG</name>
        <lei>529900H9GYEOPOXFNN04</lei>
        <title>ASTA Energy Solutions A.G.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="AT100ASTA001"/>
          <ticker value="1AST GR"/>
        </identifiers>
        <balance>38250</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>2983714.15</valUSD>
        <pctVal>1.1972121196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AEM Holdings Ltd</name>
        <lei>N/A</lei>
        <title>AEM Holdings Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="SG1BA1000003"/>
          <ticker value="AEM SP"/>
        </identifiers>
        <balance>1462192</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2938"/>
        <valUSD>12106199.34</valUSD>
        <pctVal>4.8575995702</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>Auto1 Group SE</name>
        <lei>391200S2LPXG5ZD5G304</lei>
        <title>Auto1 Group S.E.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="DE000A2LQ884"/>
          <ticker value="AG1 GR"/>
        </identifiers>
        <balance>114710</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>3042069.36</valUSD>
        <pctVal>1.2206270854</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>AIXTRON SE</name>
        <lei>5299004UJ4D51M25LD67</lei>
        <title>AIXTRON S.E.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="DE000A0WMPJ6"/>
          <ticker value="AIXA GR"/>
        </identifiers>
        <balance>81569</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>4928708.03</valUSD>
        <pctVal>1.9776388390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUR SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>EUR SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="EUR FWD"/>
        </identifiers>
        <balance>-773310.39</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>-883581.34</valUSD>
        <pctVal>-0.3545360701</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allegro.eu SA</name>
        <lei>222100VRLXV3FPMG4982</lei>
        <title>Allegro.eu S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="LU2237380790"/>
          <ticker value="ALE PW"/>
        </identifiers>
        <balance>634326</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.7618"/>
        <valUSD>6384404.01</valUSD>
        <pctVal>2.5617352981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALK-Abello A/S</name>
        <lei>529900SGCREUZCZ7P020</lei>
        <title>ALK-Abello A/S</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="DK0061802139"/>
          <ticker value="ALKB DC"/>
        </identifiers>
        <balance>65303</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.5417"/>
        <valUSD>2442545.03</valUSD>
        <pctVal>0.9800685876</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>Exail Technologies SA</name>
        <lei>549300EWC06TYV07XE53</lei>
        <title>Exail Technologies S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="FR0000062671"/>
          <ticker value="EXA FP"/>
        </identifiers>
        <balance>24636</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>3384832.14</valUSD>
        <pctVal>1.3581602852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Bank Ltd</name>
        <lei>335800J8VWGE2HGWF417</lei>
        <title>Federal Bank Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE171A01029"/>
          <ticker value="FB IN"/>
        </identifiers>
        <balance>904730</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>3158790.24</valUSD>
        <pctVal>1.2674612140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alpha Bank SA</name>
        <lei>213800DBQIB6VBNU5C64</lei>
        <title>Alpha Bank S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GRS830003000"/>
          <ticker value="ALPHA GA"/>
        </identifiers>
        <balance>1046414</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>4736482.02</valUSD>
        <pctVal>1.9005083576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;S Austria Technologie &amp; Sys</name>
        <lei>529900EVOKN4LCCD9321</lei>
        <title>AT&amp;S Austria Technologie &amp; Systemtechnik A.G.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="AT0000969985"/>
          <ticker value="ATS AV"/>
        </identifiers>
        <balance>30196</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>7297647.28</valUSD>
        <pctVal>2.9281731859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scout24 SE</name>
        <lei>5493007EIKM2ENQS7U66</lei>
        <title>Scout24 S.E.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="DE000A12DM80"/>
          <ticker value="G24 GR"/>
        </identifiers>
        <balance>36674</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>3034932.73</valUSD>
        <pctVal>1.2177635202</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>PRIO SA/Brazil</name>
        <lei>N/A</lei>
        <title>PRIO S.A./Brazil</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="BRPRIOACNOR1"/>
          <ticker value="PRIO3 BZ"/>
        </identifiers>
        <balance>258786</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>2614278.50</valUSD>
        <pctVal>1.0489764592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Protector Forsikring ASA</name>
        <lei>5967007LIEEXZXAIO813</lei>
        <title>Protector Forsikring A.S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="NO0010209331"/>
          <ticker value="PROT NO"/>
        </identifiers>
        <balance>54736</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.8985"/>
        <valUSD>2641590.27</valUSD>
        <pctVal>1.0599352778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rightmove PLC</name>
        <lei>2138001JXGCFKBXYB828</lei>
        <title>Rightmove PLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GB00BGDT3G23"/>
          <ticker value="RMV LN"/>
        </identifiers>
        <balance>270259</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7539"/>
        <valUSD>1572119.44</valUSD>
        <pctVal>0.6308112481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>R&amp;S Group Holding AG</name>
        <lei>549300BKHOM0Y2GJZJ41</lei>
        <title>R&amp;S Group Holding A.G.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="CH1107979838"/>
          <ticker value="RSGN SW"/>
        </identifiers>
        <balance>65874</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.8080"/>
        <valUSD>2228302.19</valUSD>
        <pctVal>0.8941038766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>St James's Place PLC</name>
        <lei>213800M993ICXOMBCP87</lei>
        <title>St (*** Please punctuate:  St. or State ***) James's Place PLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GB0007669376"/>
          <ticker value="STJ LN"/>
        </identifiers>
        <balance>156877</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7539"/>
        <valUSD>2522329.96</valUSD>
        <pctVal>1.0120822056</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>Tel Aviv Stock Exchange Ltd</name>
        <lei>N/A</lei>
        <title>Tel Aviv Stock Exchange Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="IL0011590291"/>
          <ticker value="TASE IT"/>
        </identifiers>
        <balance>49724</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.9759"/>
        <valUSD>2060505.82</valUSD>
        <pctVal>0.8267757621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TWD SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>TWD SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="TWD FWD"/>
        </identifiers>
        <balance>-16112167</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>-505773.30</valUSD>
        <pctVal>-0.2029409971</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nokian Renkaat Oyj</name>
        <lei>743700YQIO8Y4L4WKR40</lei>
        <title>Nokian Renkaat Oyj</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="FI0009005318"/>
          <ticker value="TYRES FH"/>
        </identifiers>
        <balance>253021</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>3466202.68</valUSD>
        <pctVal>1.3908101276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Attendo AB</name>
        <lei>549300KEJDL2FNITUW65</lei>
        <title>Attendo A.B.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="SE0007666110"/>
          <ticker value="ATT SS"/>
        </identifiers>
        <balance>315204</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.6964"/>
        <valUSD>3990124.28</valUSD>
        <pctVal>1.6010331107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATALAYA MINING COPPER SA</name>
        <lei>549300QNQPXVRXGXOX56</lei>
        <title>ATALAYA MINING COPPER S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="CY0106002112"/>
          <ticker value="ATYM LN"/>
        </identifiers>
        <balance>224694</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7539"/>
        <valUSD>2439534.86</valUSD>
        <pctVal>0.9788607601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bachem Holding AG</name>
        <lei>506700S81111XI7TG884</lei>
        <title>Bachem Holding A.G.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="CH1176493729"/>
          <ticker value="BANB SW"/>
        </identifiers>
        <balance>33433</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.8080"/>
        <valUSD>3129188.12</valUSD>
        <pctVal>1.2555833949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genus PLC</name>
        <lei>54930022EOITNKSIGH56</lei>
        <title>Genus PLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GB0002074580"/>
          <ticker value="GNS LN"/>
        </identifiers>
        <balance>69080</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7539"/>
        <valUSD>1967327.66</valUSD>
        <pctVal>0.7893881248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grenergy Renovables SA</name>
        <lei>959800M1FVPL5BMW3R13</lei>
        <title>Grenergy Renovables S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="ES0105079000"/>
          <ticker value="GRE SM"/>
        </identifiers>
        <balance>25940</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>3393131.02</valUSD>
        <pctVal>1.3614902020</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hemnet Group AB</name>
        <lei>5493008VIU67J3HUAR07</lei>
        <title>Hemnet Group A.B.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="SE0015671995"/>
          <ticker value="HEM SS"/>
        </identifiers>
        <balance>170663</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.6964"/>
        <valUSD>1296196.78</valUSD>
        <pctVal>0.5200975752</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>Hammond Power Solutions Inc</name>
        <lei>549300OLI26OOKEG5V73</lei>
        <title>Hammond Power Solutions, Inc.</title>
        <cusip>408549954</cusip>
        <identifiers>
          <isin value="CA4085491039"/>
          <ticker value="HPS/A CN"/>
        </identifiers>
        <balance>12406</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4183"/>
        <valUSD>3037077.67</valUSD>
        <pctVal>1.2186241751</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>Indian Energy Exchange Ltd</name>
        <lei>335800JRG8ZOKN1KAE97</lei>
        <title>Indian Energy Exchange Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE022Q01020"/>
          <ticker value="IEX IN"/>
        </identifiers>
        <balance>1438095</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>1903357.90</valUSD>
        <pctVal>0.7637203269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDIAN RUPIES  /</name>
        <lei>N/A</lei>
        <title>INDIAN RUPIES  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="INR$"/>
        </identifiers>
        <balance>56111781.08</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>592779.34</valUSD>
        <pctVal>0.2378520778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPY SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>JPY SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="JPY FWD"/>
        </identifiers>
        <balance>-96376565</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="JPY" exchangeRt="162.5950"/>
        <valUSD>-592740.03</valUSD>
        <pctVal>-0.2378363047</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KRW SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>KRW SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="KRW FWD"/>
        </identifiers>
        <balance>-1249424550</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="KRW" exchangeRt="1549.30"/>
        <valUSD>-806444.56</valUSD>
        <pctVal>-0.3235850194</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kuros Biosciences AG</name>
        <lei>5299006U5POB2AVTT709</lei>
        <title>Kuros Biosciences A.G.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="CH0325814116"/>
          <ticker value="KURN SW"/>
        </identifiers>
        <balance>67588</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.8080"/>
        <valUSD>1611689.40</valUSD>
        <pctVal>0.6466886524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lottomatica Group Spa</name>
        <lei>549300R72LKEGT4EX026</lei>
        <title>Lottomatica Group S.p.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="IT0005541336"/>
          <ticker value="LTMC IM"/>
        </identifiers>
        <balance>272184</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>7551644.32</valUSD>
        <pctVal>3.0300892272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multi Commodity Exchange of In</name>
        <lei>254900BTZEPM27IOAM68</lei>
        <title>Multi Commodity Exchange of India Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE745G01043"/>
          <ticker value="MCX IN"/>
        </identifiers>
        <balance>69760</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>2097080.06</valUSD>
        <pctVal>0.8414511369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MDA Space Ltd</name>
        <lei>N/A</lei>
        <title>MDA Space Ltd.</title>
        <cusip>55293N950</cusip>
        <identifiers>
          <isin value="CA55293N1096"/>
          <ticker value="MDA CN"/>
        </identifiers>
        <balance>61029</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4183"/>
        <valUSD>2521539.45</valUSD>
        <pctVal>1.0117650143</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>MIPS AB</name>
        <lei>549300LZSA4S0L54VQ25</lei>
        <title>MIPS A.B.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="SE0009216278"/>
          <ticker value="MIPS SS"/>
        </identifiers>
        <balance>76769</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.6964"/>
        <valUSD>2044031.23</valUSD>
        <pctVal>0.8201653504</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>Nordex SE</name>
        <lei>529900HVDYCUWVD0OE76</lei>
        <title>Nordex S.E.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="DE000A0D6554"/>
          <ticker value="NDX1 GR"/>
        </identifiers>
        <balance>95943</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>5061979.87</valUSD>
        <pctVal>2.0311140227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neuren Pharmaceuticals Ltd</name>
        <lei>984500E48D0FDEE7CE63</lei>
        <title>Neuren Pharmaceuticals Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="NZNEUE0001S8"/>
          <ticker value="NEU AU"/>
        </identifiers>
        <balance>199264</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4444"/>
        <valUSD>2456793.79</valUSD>
        <pctVal>0.9857858873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OHB SE</name>
        <lei>391200Y9EA2FRAPKRQ70</lei>
        <title>OHB S.E.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="DE0005936124"/>
          <ticker value="OHB GR"/>
        </identifiers>
        <balance>8670</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>2808559.92</valUSD>
        <pctVal>1.1269316717</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>Compass Gas e Energia SA</name>
        <lei>N/A</lei>
        <title>Compass Gas e Energia S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="BRPASSACNOR7"/>
          <ticker value="PASS3 BZ"/>
        </identifiers>
        <balance>542347</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>2550836.87</valUSD>
        <pctVal>1.0235205728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PayPay Corp</name>
        <lei>N/A</lei>
        <title>PayPay Corp. - ADR</title>
        <cusip>70450C101</cusip>
        <identifiers>
          <isin value="US70450C1018"/>
          <ticker value="PAYP"/>
        </identifiers>
        <balance>127603</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1828550.99</valUSD>
        <pctVal>0.7337041340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLN SPOT FORWARD CONTRACT   /</name>
        <lei>N/A</lei>
        <title>PLN SPOT FORWARD CONTRACT   /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="PLN FWD"/>
        </identifiers>
        <balance>-1802986.63</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="PLN" exchangeRt="3.7618"/>
        <valUSD>-479288.27</valUSD>
        <pctVal>-0.1923139070</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vermilion Energy Inc</name>
        <lei>8945009D1HGCJC8M8A68</lei>
        <title>Vermilion Energy, Inc.</title>
        <cusip>923725956</cusip>
        <identifiers>
          <isin value="CA9237251058"/>
          <ticker value="VET CN"/>
        </identifiers>
        <balance>185748</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4183"/>
        <valUSD>1737908.74</valUSD>
        <pctVal>0.6973340279</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>Vista Energy SAB de CV</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>Vista Energy S.A.B. de C.V. - ADR</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
          <ticker value="VIST"/>
        </identifiers>
        <balance>41806</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2667222.80</valUSD>
        <pctVal>1.0702203031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>5N Plus Inc</name>
        <lei>5493005GU1NFX4YB2S73</lei>
        <title>5N Plus, Inc.</title>
        <cusip>33833X952</cusip>
        <identifiers>
          <isin value="CA33833X1015"/>
          <ticker value="VNP CN"/>
        </identifiers>
        <balance>265951</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.4183"/>
        <valUSD>8209359.64</valUSD>
        <pctVal>3.2939967977</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>Verisure PLC</name>
        <lei>636700ZY9PP0NGXTA943</lei>
        <title>Verisure PLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GB00BVMN1558"/>
          <ticker value="VSURE SS"/>
        </identifiers>
        <balance>206830</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>2305828.37</valUSD>
        <pctVal>0.9252111736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-13</ncom:dateSigned>
      <ncom:nameOfApplicant>INVESTMENT MANAGERS SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>/s/ Maureen Quill</ncom:signature>
      <ncom:signerName>Maureen Quill</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
