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      <invstOrSec>
        <name>PARAMOUNT RESOURCES LTD</name>
        <lei>549300JSO4G6XV6Y5V84</lei>
        <title>PARAMOUNT RES -A</title>
        <cusip>699320206</cusip>
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          <isin value="CA6993202069"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BREAD FINANCIAL HOLDINGS INC</name>
        <lei>549300G8S4PO686J7H97</lei>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARUICHI STEEL TUBE LTD</name>
        <lei>N/A</lei>
        <title>MARUICHI STL TUB</title>
        <cusip>J40046104</cusip>
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          <isin value="JP3871200006"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PARADE TECHNOLOGIES LTD</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AKITA DRILLING LTD</name>
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        <title>AKITA DRILLING</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MIRAIT ONE CORP</name>
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          <isin value="JP3910620008"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SAMSUNG E&amp;A CO LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SKANSKA AB</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JUPITER FUND MANAGEMENT PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SENDAS DISTRIBUIDORA SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DHT HOLDINGS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PUREGOLD PRICE CLUB INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DPM METALS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DWS GROUP GMBH &amp; CO. KGAA</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CPFL ENERGIA SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AMBEV SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>IPH LTD</name>
        <lei>529900KRTADQ17ANK140</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>JOHN WILEY &amp; SONS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BRENNTAG SE</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>OCCIDENTAL PETROLEUM CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WACKER CHEMIE AG</name>
        <lei>0NURKC5Q3CJYZPPK5046</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>DETERRA ROYALTIES LTD</name>
        <lei>N/A</lei>
        <title>DETERRA ROYALTIE</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>TRANSCONTINENTAL INC</name>
        <lei>549300C86G4JLR01YF53</lei>
        <title>TRANSCONTINENT-A</title>
        <cusip>893578104</cusip>
        <identifiers>
          <isin value="CA8935781044"/>
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        <balance>106933.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40177000"/>
        <valUSD>407358.00000000</valUSD>
        <pctVal>0.315408224191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PASON SYSTEMS INC</name>
        <lei>984500DC6T2FLR969F65</lei>
        <title>Pason Systems Inc</title>
        <cusip>702925108</cusip>
        <identifiers>
          <isin value="CA7029251088"/>
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        <balance>135555.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40177000"/>
        <valUSD>1199113.98000000</valUSD>
        <pctVal>0.928447240596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BROTHER INDUSTRIES LTD</name>
        <lei>549300O5FACQ67KI6R92</lei>
        <title>BROTHER INDS LTD</title>
        <cusip>114813108</cusip>
        <identifiers>
          <isin value="JP3830000000"/>
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        <balance>56100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>1396472.75000000</valUSD>
        <pctVal>1.081257739407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BIOGEN INC</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>BIOGEN INC</title>
        <cusip>09062X103</cusip>
        <identifiers>
          <isin value="US09062X1037"/>
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        <balance>7382.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1498176.90000000</valUSD>
        <pctVal>1.160004996965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SONOCO PRODUCTS COMPANY</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
        <title>SONOCO PRODUCTS</title>
        <cusip>835495102</cusip>
        <identifiers>
          <isin value="US8354951027"/>
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        <balance>27562.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1553394.32000000</valUSD>
        <pctVal>1.202758615125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BBH SWEEP VEHICLE</name>
        <lei>N/A</lei>
        <title>BBH SWEEP VEHICLE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>5489546.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5489546.55000000</valUSD>
        <pctVal>4.250433596375</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>APA CORP</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA CORP</title>
        <cusip>03743Q108</cusip>
        <identifiers>
          <isin value="US03743Q1085"/>
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        <balance>50706.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1892347.92000000</valUSD>
        <pctVal>1.465202836325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LG INNOTEK COMPANY LTD</name>
        <lei>988400KTHH2LMUX7EB48</lei>
        <title>LG INNOTEK CO LT</title>
        <cusip>Y5S54X104</cusip>
        <identifiers>
          <isin value="KR7011070000"/>
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        <balance>4375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
        <valUSD>1492905.08000000</valUSD>
        <pctVal>1.155923144186</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>OTE-HELLENIC TELECOMMUNICATION ORGANIZATIONS SA</name>
        <lei>ELPUFM0XZRZO4LFXW404</lei>
        <title>HELLENIC TELECOM</title>
        <cusip>X3258B102</cusip>
        <identifiers>
          <isin value="GRS260333000"/>
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        <balance>59177.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86690000"/>
        <valUSD>1366211.33000000</valUSD>
        <pctVal>1.057826996071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPI SEMICONDUCTOR CORP</name>
        <lei>N/A</lei>
        <title>UPI SEMICONDUCT</title>
        <cusip>Y929ER108</cusip>
        <identifiers>
          <isin value="TW0006719008"/>
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        <balance>180000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.30300000"/>
        <valUSD>1091792.00000000</valUSD>
        <pctVal>0.845350222424</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>HALLIBURTON COMPANY</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>HALLIBURTON CO</title>
        <cusip>406216101</cusip>
        <identifiers>
          <isin value="US4062161017"/>
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        <balance>40120.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1293870.00000000</valUSD>
        <pctVal>1.001814715888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GUDANG GARAM TBK PT</name>
        <lei>5299005TDQ8UGGR3AM31</lei>
        <title>GUDANG GARAM TBK</title>
        <cusip>Y7121F165</cusip>
        <identifiers>
          <isin value="ID1000068604"/>
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        <balance>1312200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="18026.00000000"/>
        <valUSD>1382364.72000000</valUSD>
        <pctVal>1.070334206079</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>HARTALEGA HOLDINGS BHD</name>
        <lei>N/A</lei>
        <title>HARTALEGA HLDGS</title>
        <cusip>Y31139101</cusip>
        <identifiers>
          <isin value="MYL5168OO009"/>
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        <balance>4197674.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.08530000"/>
        <valUSD>1047851.55000000</valUSD>
        <pctVal>0.811328110904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BGF RETAIL CO LTD</name>
        <lei>N/A</lei>
        <title>BGF RETAIL CO LT</title>
        <cusip>Y0R8SQ109</cusip>
        <identifiers>
          <isin value="KR7282330000"/>
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        <balance>14473.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
        <valUSD>1239326.54000000</valUSD>
        <pctVal>0.959582929940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST RESOURCES LTD</name>
        <lei>5493007RRD817HUP4O49</lei>
        <title>FIRST RESOURCES</title>
        <cusip>Y2560F107</cusip>
        <identifiers>
          <isin value="SG1W35938974"/>
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        <balance>981800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.28238000"/>
        <valUSD>2594380.36000000</valUSD>
        <pctVal>2.008770914588</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>
        <name>DOOSAN BOBCAT INC</name>
        <lei>9884007K6X0Q0112FX44</lei>
        <title>DOOSAN BOBCAT IN</title>
        <cusip>Y2103B100</cusip>
        <identifiers>
          <isin value="KR7241560002"/>
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        <balance>30952.00000000</balance>
        <units>NS</units>
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        <valUSD>1258868.91000000</valUSD>
        <pctVal>0.974714151662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CURRYS PLC</name>
        <lei>2138001E12GWLLDQQF16</lei>
        <title>DIXONS CARPHONE PLC</title>
        <cusip>G2601D103</cusip>
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          <isin value="GB00B4Y7R145"/>
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        <balance>599000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SM ENERGY COMPANY</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY CO</title>
        <cusip>78454L100</cusip>
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          <isin value="US78454L1008"/>
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        <balance>38600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1255272.00000000</valUSD>
        <pctVal>0.971929144382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DOUBLEUGAMES CO LTD</name>
        <lei>549300YX1GSB0NJDFU35</lei>
        <title>DOUBLEUGAMES CO</title>
        <cusip>Y2106F108</cusip>
        <identifiers>
          <isin value="KR7192080000"/>
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        <balance>30400.00000000</balance>
        <units>NS</units>
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        <valUSD>1257286.37000000</valUSD>
        <pctVal>0.973488826197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTELBRAS SA</name>
        <lei>254900KMTRJJ34YRJE34</lei>
        <title>INTELBRAS SA IND</title>
        <cusip>P5R68S100</cusip>
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          <isin value="BRINTBACNOR9"/>
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        <balance>479785.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.07250000"/>
        <valUSD>1374327.46000000</valUSD>
        <pctVal>1.064111134717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG SDS CO LTD</name>
        <lei>988400G19T2TB4CAWX91</lei>
        <title>SAMSUNG SDS CO</title>
        <cusip>Y7T72C103</cusip>
        <identifiers>
          <isin value="KR7018260000"/>
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        <balance>8800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
        <valUSD>1225602.17000000</valUSD>
        <pctVal>0.948956456004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SYNERGY GRID &amp; DEVELOPMENT PHILIPPINES INC</name>
        <lei>N/A</lei>
        <title>SYNERGY GRID &amp; D</title>
        <cusip>Y8321B103</cusip>
        <identifiers>
          <isin value="PHY8321B1036"/>
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        <balance>4997100.00000000</balance>
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        <currencyConditional curCd="PHP" exchangeRt="61.22000000"/>
        <valUSD>2322943.73000000</valUSD>
        <pctVal>1.798603579103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICANA RESTAURANTS INTERNATIONAL PLC</name>
        <lei>549300EYHRPEZ6UVAM64</lei>
        <title>AMERICANA RESTAU</title>
        <cusip>M0859X105</cusip>
        <identifiers>
          <isin value="AEE01135A222"/>
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        <balance>2294018.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67340000"/>
        <valUSD>1357799.62000000</valUSD>
        <pctVal>1.051313996416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>APERAM SA</name>
        <lei>5493001136GE6L4R7M63</lei>
        <title>APERAM</title>
        <cusip>L0187K107</cusip>
        <identifiers>
          <isin value="LU0569974404"/>
        </identifiers>
        <balance>34312.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86690000"/>
        <valUSD>1813062.27000000</valUSD>
        <pctVal>1.403813723872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMN HEALTHCARE SERVICES INC</name>
        <lei>529900W3ARRTCNFH2I39</lei>
        <title>AMN HEALTHCARE</title>
        <cusip>001744101</cusip>
        <identifiers>
          <isin value="US0017441017"/>
        </identifiers>
        <balance>48738.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1639058.94000000</valUSD>
        <pctVal>1.269086821937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSG CORP</name>
        <lei>353800IWJAOVAFO6X450</lei>
        <title>OSG CORP</title>
        <cusip>J63137103</cusip>
        <identifiers>
          <isin value="JP3170800001"/>
        </identifiers>
        <balance>88600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>2020512.06000000</valUSD>
        <pctVal>1.564437474659</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>LOTTE FINE CHEMICAL CO LTD</name>
        <lei>N/A</lei>
        <title>LOTTE FINE CHEMICAL CO LT</title>
        <cusip>Y7472W106</cusip>
        <identifiers>
          <isin value="KR7004000006"/>
        </identifiers>
        <balance>9240.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
        <valUSD>282050.14000000</valUSD>
        <pctVal>0.218385139828</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>KANDENKO CO LTD</name>
        <lei>35380080NSN7GCYZ3X14</lei>
        <title>KANDENKO CO LTD</title>
        <cusip>J29653102</cusip>
        <identifiers>
          <isin value="JP3230600003"/>
        </identifiers>
        <balance>98800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>3284887.45000000</valUSD>
        <pctVal>2.543415171111</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>F&amp;F CO LTD</name>
        <lei>N/A</lei>
        <title>F&amp;F CO LTD / NEW</title>
        <cusip>Y2R81L105</cusip>
        <identifiers>
          <isin value="KR7383220001"/>
        </identifiers>
        <balance>25100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
        <valUSD>1392128.36000000</valUSD>
        <pctVal>1.077893975015</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>OVINTIV INC</name>
        <lei>2549003MEX7YMKLGI239</lei>
        <title>OVINTIV INC</title>
        <cusip>69047Q102</cusip>
        <identifiers>
          <isin value="US69047Q1022"/>
        </identifiers>
        <balance>24419.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1525210.74000000</valUSD>
        <pctVal>1.180936697011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASHMORE GROUP PLC</name>
        <lei>549300U3L59WB4YI2X12</lei>
        <title>ASHMORE GROUP PL</title>
        <cusip>G0609C101</cusip>
        <identifiers>
          <isin value="GB00B132NW22"/>
        </identifiers>
        <balance>505264.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74200000"/>
        <valUSD>1405714.58000000</valUSD>
        <pctVal>1.088413482484</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>RPC INC</name>
        <lei>549300ZDXAFBC3SB4918</lei>
        <title>RPC INC</title>
        <cusip>749660106</cusip>
        <identifiers>
          <isin value="US7496601060"/>
        </identifiers>
        <balance>224020.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1256752.20000000</valUSD>
        <pctVal>0.973075230266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONY GROUP PLC</name>
        <lei>54930016B7VO33FBE722</lei>
        <title>Moneysupermarket.com Grou</title>
        <cusip>G6258H101</cusip>
        <identifiers>
          <isin value="GB00B1ZBKY84"/>
        </identifiers>
        <balance>318000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74200000"/>
        <valUSD>845785.71000000</valUSD>
        <pctVal>0.654873032658</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>ANRITSU CORP</name>
        <lei>N/A</lei>
        <title>ANRITSU CORP</title>
        <cusip>J01554104</cusip>
        <identifiers>
          <isin value="JP3128800004"/>
        </identifiers>
        <balance>122900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>2684858.16000000</valUSD>
        <pctVal>2.078825859445</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>ONO PHARMACEUTICAL CO LTD</name>
        <lei>529900G26L4NG4GFJZ86</lei>
        <title>ONO PHARMA</title>
        <cusip>J61546115</cusip>
        <identifiers>
          <isin value="JP3197600004"/>
        </identifiers>
        <balance>177200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>2647121.61000000</valUSD>
        <pctVal>2.049607289483</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>SOCIETE BIC SA</name>
        <lei>969500UR00DF63I0VH67</lei>
        <title>BIC</title>
        <cusip>F10080103</cusip>
        <identifiers>
          <isin value="FR0000120966"/>
        </identifiers>
        <balance>9550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86690000"/>
        <valUSD>749025.18000000</valUSD>
        <pctVal>0.579953509931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUN INTERNATIONAL LTD</name>
        <lei>3789008355F180983C60</lei>
        <title>SUN INTERNATIONA</title>
        <cusip>S8250P120</cusip>
        <identifiers>
          <isin value="ZAE000097580"/>
        </identifiers>
        <balance>417850.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.51970000"/>
        <valUSD>1343214.09000000</valUSD>
        <pctVal>1.040020745476</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>TOYODA GOSEI COMPANY LTD</name>
        <lei>353800ZV4HXVM4DWPO50</lei>
        <title>TOYODA GOSEI</title>
        <cusip>J91128108</cusip>
        <identifiers>
          <isin value="JP3634200004"/>
        </identifiers>
        <balance>44600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>1539088.46000000</valUSD>
        <pctVal>1.191681906436</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>ITHACA ENERGY PLC</name>
        <lei>21380057TNFLXPXBIP34</lei>
        <title>ITHACA ENERGY PL</title>
        <cusip>G49776100</cusip>
        <identifiers>
          <isin value="GB00BPJHV584"/>
        </identifiers>
        <balance>684788.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74200000"/>
        <valUSD>2236168.76000000</valUSD>
        <pctVal>1.731415653023</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>NC CORP</name>
        <lei>N/A</lei>
        <title>NC CORP</title>
        <cusip>Y6258Y104</cusip>
        <identifiers>
          <isin value="KR7036570000"/>
        </identifiers>
        <balance>7738.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
        <valUSD>1242974.47000000</valUSD>
        <pctVal>0.962407440870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
