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        <cusip>G6683N103</cusip>
        <identifiers>
          <isin value="KYG6683N1034"/>
          <ticker value="NU"/>
        </identifiers>
        <balance>1406472</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18790465.92</valUSD>
        <pctVal>1.7141067155</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>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>1783171</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>8386841.50</valUSD>
        <pctVal>0.7650657199</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>PDD Holdings Inc</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD Holdings, Inc. - ADR</title>
        <cusip>722304102</cusip>
        <identifiers>
          <isin value="US7223041028"/>
          <ticker value="PDD"/>
        </identifiers>
        <balance>55147</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4206613.16</valUSD>
        <pctVal>0.3837363000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Phoenix Mills Ltd/The</name>
        <lei>33580037PCXCE5PNQU51</lei>
        <title>Phoenix Mills Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE211B01039"/>
          <ticker value="PHNX IN"/>
        </identifiers>
        <balance>520550</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>10735354.71</valUSD>
        <pctVal>0.9793021461</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>
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      </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>2203069</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>22255593.12</valUSD>
        <pctVal>2.0302030714</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Cia de Saneamento Basico do Es</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>Cia de Saneamento Basico do Estado de Sao Paulo SABESP</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
          <ticker value="SBSP3 BZ"/>
        </identifiers>
        <balance>3931694.63</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>22574323.23</valUSD>
        <pctVal>2.0592783176</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>
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      <invstOrSec>
        <name>Sea Ltd</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>Sea Ltd. - ADR</title>
        <cusip>81141R100</cusip>
        <identifiers>
          <isin value="US81141R1005"/>
          <ticker value="SE"/>
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        <balance>269199</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25797340.17</valUSD>
        <pctVal>2.3532888548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shriram Finance Ltd</name>
        <lei>335800TM2YO24B76XL26</lei>
        <title>Shriram Finance Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE721A01047"/>
          <ticker value="SHFL IN"/>
        </identifiers>
        <balance>798400</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>8808990.62</valUSD>
        <pctVal>0.8035750706</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>
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      </invstOrSec>
      <invstOrSec>
        <name>UMB MONEY MARKET II SPECIAL   /</name>
        <lei>N/A</lei>
        <title>UMB MONEY MARKET II SPECIAL   /</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>20724420.02</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20724420.02</valUSD>
        <pctVal>1.8905261680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tata Capital Ltd</name>
        <lei>335800TXSHN87ZZ57925</lei>
        <title>Tata Capital Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE976I01016"/>
          <ticker value="TATACAP"/>
        </identifiers>
        <balance>2367713</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>9168053.04</valUSD>
        <pctVal>0.8363295168</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Telkom Indonesia Persero Tbk P</name>
        <lei>529900M5SQZAOKV1PC81</lei>
        <title>Telkom Indonesia Persero Tbk P.T.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="ID1000129000"/>
          <ticker value="TLKM IJ"/>
        </identifiers>
        <balance>66432375</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>8824300.06</valUSD>
        <pctVal>0.8049716306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Piraeus Bank SA</name>
        <lei>M6AD1Y1KW32H8THQ6F76</lei>
        <title>Piraeus Bank S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="GRS831003009"/>
          <ticker value="TPEIR GA"/>
        </identifiers>
        <balance>3038722</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.8752"/>
        <valUSD>31629512.88</valUSD>
        <pctVal>2.8853121932</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>
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      </invstOrSec>
      <invstOrSec>
        <name>XTB SA</name>
        <lei>259400AVUPSABLEXNT19</lei>
        <title>XTB S.A.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="PLXTRDM00011"/>
          <ticker value="XTB PW"/>
        </identifiers>
        <balance>421181</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.7618"/>
        <valUSD>11975522.29</valUSD>
        <pctVal>1.0924329001</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Hongfa Technology Co Ltd</name>
        <lei>N/A</lei>
        <title>Hongfa Technology Co., Ltd. - Class A</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="CNE000000JK6"/>
          <ticker value="600885C1"/>
        </identifiers>
        <balance>3581655</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.7854"/>
        <valUSD>18274601.02</valUSD>
        <pctVal>1.6670484098</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Tencent Holdings Ltd</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <ticker value="700 HK"/>
        </identifiers>
        <balance>541914</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8429"/>
        <valUSD>29904008.36</valUSD>
        <pctVal>2.7279079597</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>
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      </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"/>
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        <balance>757000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>13974298.65</valUSD>
        <pctVal>1.2747655786</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
          <ticker value="9988 HK"/>
        </identifiers>
        <balance>993453</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.8429"/>
        <valUSD>11909883.78</valUSD>
        <pctVal>1.0864452140</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>
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      </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>1887493</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.2938"/>
        <valUSD>15627473.35</valUSD>
        <pctVal>1.4255717303</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Credicorp Ltd</name>
        <lei>529900UYAEYQCQ2BKB17</lei>
        <title>Credicorp Ltd.</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
          <ticker value="BAP"/>
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        <balance>77418</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30160504.44</valUSD>
        <pctVal>2.7513060838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank Central Asia Tbk PT</name>
        <lei>254900BR956G2OHVOM21</lei>
        <title>Bank Central Asia Tbk P.T.</title>
        <cusip>019452379</cusip>
        <identifiers>
          <isin value="ID1000109507"/>
          <ticker value="BBCA IJ"/>
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        <balance>17069152</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>5318843.13</valUSD>
        <pctVal>0.4851963100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Baidu Inc</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>Baidu, Inc. - ADR</title>
        <cusip>056752108</cusip>
        <identifiers>
          <isin value="US0567521085"/>
          <ticker value="BIDU"/>
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        <balance>44783</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5118249.07</valUSD>
        <pctVal>0.4668976884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank Mandiri Persero Tbk PT</name>
        <lei>549300RSKQN4Z5ZSGH94</lei>
        <title>Bank Mandiri Persero Tbk P.T.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="ID1000095003"/>
          <ticker value="BMRI IJ"/>
        </identifiers>
        <balance>19990690</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>4311732.67</valUSD>
        <pctVal>0.3933255278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bupa Arabia for Cooperative In</name>
        <lei>558600B2WJHD5P31XS68</lei>
        <title>Bupa Arabia for Cooperative Insurance Co.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="SA1210540914"/>
          <ticker value="BUPA AB"/>
        </identifiers>
        <balance>172362</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.7572"/>
        <valUSD>8027921.17</valUSD>
        <pctVal>0.7323242355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capitec Bank Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Capitec Bank Holdings Ltd.</title>
        <cusip>S64408594</cusip>
        <identifiers>
          <isin value="ZAE000035861"/>
          <ticker value="CPI SJ"/>
        </identifiers>
        <balance>53637</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>15571618.45</valUSD>
        <pctVal>1.4204765262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coupang Inc</name>
        <lei>549300XR4L1D80AK4W76</lei>
        <title>Coupang, Inc.</title>
        <cusip>22266T109</cusip>
        <identifiers>
          <isin value="US22266T1097"/>
          <ticker value="CPNG"/>
        </identifiers>
        <balance>488177</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8479634.49</valUSD>
        <pctVal>0.7735304960</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>COPASA</name>
        <lei>N/A</lei>
        <title>Cia de Saneamento de Minas Gerais Copasa MG</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="BRCSMGACNOR5"/>
          <ticker value="CSMG3 BZ"/>
        </identifiers>
        <balance>1951755</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>22658248.68</valUSD>
        <pctVal>2.0669341776</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>Cemex SAB de CV</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>Cemex S.A.B. de C.V. - ADR</title>
        <cusip>151290889</cusip>
        <identifiers>
          <isin value="US1512908898"/>
          <ticker value="CX"/>
        </identifiers>
        <balance>2140397</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25684764</valUSD>
        <pctVal>2.3430194145</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>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>7359778</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>25696058.42</valUSD>
        <pctVal>2.3440497158</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>Grupo Aeroportuario del Pacifi</name>
        <lei>4469000001BZ368XFI90</lei>
        <title>Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="MX01GA000004"/>
          <ticker value="GAPB MM"/>
        </identifiers>
        <balance>378182</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>9564247.11</valUSD>
        <pctVal>0.8724711920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HDFC Life Insurance Co Ltd</name>
        <lei>335800RQI8GAFHIRGZ37</lei>
        <title>HDFC Life Insurance Co., Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE795G01014"/>
          <ticker value="HDFCLIFE"/>
        </identifiers>
        <balance>2716686</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>16550062.32</valUSD>
        <pctVal>1.5097322805</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>ICICI Bank Ltd</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE090A01021"/>
          <ticker value="ICICIBC"/>
        </identifiers>
        <balance>868575</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>12678783.77</valUSD>
        <pctVal>1.1565859248</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>INDIAN RUPIES  /</name>
        <lei>N/A</lei>
        <title>INDIAN RUPIES  /</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="INR$"/>
        </identifiers>
        <balance>114833128</balance>
        <units>OU</units>
        <descOthUnits>Currency</descOthUnits>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>1213126.81</valUSD>
        <pctVal>0.1106640368</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>Kaspi.KZ JSC</name>
        <lei>2549003YU6FARG8OAZ13</lei>
        <title>Kaspi.KZ JSC - ADR</title>
        <cusip>48581R205</cusip>
        <identifiers>
          <isin value="US48581R2058"/>
          <ticker value="KSPI"/>
        </identifiers>
        <balance>104033</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9013419.12</valUSD>
        <pctVal>0.8222234781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meesho Ltd</name>
        <lei>984500M5ED0E01BBA079</lei>
        <title>Meesho Ltd.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="INE0VDM01015"/>
          <ticker value="MEESHOIN"/>
        </identifiers>
        <balance>1461855</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.6588"/>
        <valUSD>2975626.12</valUSD>
        <pctVal>0.2714430146</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>Melco Resorts &amp; Entertainment</name>
        <lei>529900NRV6LBR3T6B421</lei>
        <title>Melco Resorts &amp; Entertainment Ltd. - ADR</title>
        <cusip>585464100</cusip>
        <identifiers>
          <isin value="US5854641009"/>
          <ticker value="MLCO"/>
        </identifiers>
        <balance>1172070</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6176808.90</valUSD>
        <pctVal>0.5634617928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity-Depositary Receipt"/>
        <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>Moscow Exchange MICEX-RTS PJSC</name>
        <lei>253400M5M1222KPNWE87</lei>
        <title>Moscow Exchange MICEX-RTS PJSC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <isin value="RU000A0JR4A1"/>
          <ticker value="MOEX RU"/>
        </identifiers>
        <balance>15336645</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0.0000000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</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>
