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        <pctVal>1.851510297162</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>Katitas Co Ltd</name>
        <lei>N/A</lei>
        <title>Katitas Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3932950003"/>
          <ticker value="8919"/>
          <other otherDesc="SEDOL" value="BF0QD69"/>
        </identifiers>
        <balance>11400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>151028.15000000</valUSD>
        <pctVal>1.105936775823</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>Airtac International Group</name>
        <lei>N/A</lei>
        <title>Airtac International Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG014081064"/>
          <ticker value="1590"/>
          <other otherDesc="SEDOL" value="B52J816"/>
        </identifiers>
        <balance>14229.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.20250000"/>
        <valUSD>361367.96000000</valUSD>
        <pctVal>2.646196199636</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>TCI Co Ltd</name>
        <lei>N/A</lei>
        <title>TCI Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0008436007"/>
          <ticker value="8436"/>
          <other otherDesc="SEDOL" value="B6X51B1"/>
        </identifiers>
        <balance>12148.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.20250000"/>
        <valUSD>53450.14000000</valUSD>
        <pctVal>0.391400381312</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>Sansan Inc</name>
        <lei>N/A</lei>
        <title>Sansan Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3332540008"/>
          <ticker value="4443"/>
          <other otherDesc="SEDOL" value="BJYJG18"/>
        </identifiers>
        <balance>18500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>239093.71000000</valUSD>
        <pctVal>1.750816167429</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>Kamakura Shinsho Ltd</name>
        <lei>N/A</lei>
        <title>Kamakura Shinsho Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3218950008"/>
          <ticker value="6184"/>
          <other otherDesc="SEDOL" value="BD09G76"/>
        </identifiers>
        <balance>21300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>69119.78000000</valUSD>
        <pctVal>0.506144759363</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>Melexis NV</name>
        <lei>549300QRPSGOJRPUFO80</lei>
        <title>Melexis NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BE0165385973"/>
          <ticker value="MELE"/>
          <other otherDesc="SEDOL" value="7370063"/>
        </identifiers>
        <balance>1496.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>84237.25000000</valUSD>
        <pctVal>0.616845751399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEED Technology Inc</name>
        <lei>N/A</lei>
        <title>ASPEED Technology Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
          <ticker value="5274"/>
          <other otherDesc="SEDOL" value="B80VKP3"/>
        </identifiers>
        <balance>3100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.20250000"/>
        <valUSD>287077.39000000</valUSD>
        <pctVal>2.102187195620</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>Tonies SE</name>
        <lei>222100DAYRVSS1X9EB98</lei>
        <title>Tonies SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LU2333563281"/>
          <ticker value="TNIE"/>
          <other otherDesc="SEDOL" value="BP2C235"/>
        </identifiers>
        <balance>31383.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>190083.86000000</valUSD>
        <pctVal>1.391930784190</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>VNV Global AB</name>
        <lei>549300ONMNSTOBAU0S14</lei>
        <title>VNV Global AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0014428835"/>
          <ticker value="VNV"/>
          <other otherDesc="SEDOL" value="BMTCQY6"/>
        </identifiers>
        <balance>23434.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05180000"/>
        <valUSD>39538.54000000</valUSD>
        <pctVal>0.289529637013</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>Cellectis SA</name>
        <lei>5493000KKX5VQ37Q2W83</lei>
        <title>Cellectis SA</title>
        <cusip>15117K103</cusip>
        <identifiers>
          <isin value="US15117K1034"/>
          <ticker value="CLLS"/>
        </identifiers>
        <balance>8846.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10969.04000000</valUSD>
        <pctVal>0.080323202869</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>Shima Seiki Manufacturing Ltd</name>
        <lei>3538003VF74W7607DA80</lei>
        <title>Shima Seiki Manufacturing Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3356500003"/>
          <ticker value="6222"/>
          <other otherDesc="SEDOL" value="6806008"/>
        </identifiers>
        <balance>6100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>37161.62000000</valUSD>
        <pctVal>0.272124118630</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>Games Workshop Group PLC</name>
        <lei>213800RP9QJQYGWHNT41</lei>
        <title>Games Workshop Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0003718474"/>
          <ticker value="GAW"/>
          <other otherDesc="SEDOL" value="0371847"/>
        </identifiers>
        <balance>2350.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>426998.87000000</valUSD>
        <pctVal>3.126792942692</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>Technogym SpA</name>
        <lei>815600B9149F66E77F76</lei>
        <title>Technogym SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005162406"/>
          <ticker value="TGYM"/>
          <other otherDesc="SEDOL" value="BD9Y5C0"/>
        </identifiers>
        <balance>25940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>335030.97000000</valUSD>
        <pctVal>2.453337809955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maytronics Ltd</name>
        <lei>N/A</lei>
        <title>Maytronics Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0010910656"/>
          <ticker value="MTRN"/>
          <other otherDesc="SEDOL" value="B034DS7"/>
        </identifiers>
        <balance>24150.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.71850000"/>
        <valUSD>25091.59000000</valUSD>
        <pctVal>0.183738674842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Philippine Seven Corp</name>
        <lei>N/A</lei>
        <title>Philippine Seven Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PHY6955M1063"/>
          <ticker value="SEVN"/>
          <other otherDesc="SEDOL" value="6040378"/>
        </identifiers>
        <balance>83720.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="57.22500000"/>
        <valUSD>84454.71000000</valUSD>
        <pctVal>0.618438149977</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Andes Technology Corp</name>
        <lei>549300HYC94K4ELRHM60</lei>
        <title>Andes Technology Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0006533003"/>
          <ticker value="6533"/>
          <other otherDesc="SEDOL" value="BWT3K58"/>
        </identifiers>
        <balance>5301.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.20250000"/>
        <valUSD>51461.14000000</valUSD>
        <pctVal>0.376835492269</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>Nayax Ltd</name>
        <lei>N/A</lei>
        <title>Nayax Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0011751166"/>
          <ticker value="NYAX"/>
          <other otherDesc="SEDOL" value="BMXT7N9"/>
        </identifiers>
        <balance>8320.20000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.71850000"/>
        <valUSD>281790.64000000</valUSD>
        <pctVal>2.063473808417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oxford Nanopore Technologies P</name>
        <lei>213800IRWQ2Q6M2CDW55</lei>
        <title>Oxford Nanopore Technologies PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BP6S8Z30"/>
          <ticker value="ONT"/>
          <other otherDesc="SEDOL" value="BP6S8Z3"/>
        </identifiers>
        <balance>69940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>92422.93000000</valUSD>
        <pctVal>0.676787189780</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>Hana Tour Service Inc</name>
        <lei>988400CYMN8PVIM47U40</lei>
        <title>Hana Tour Service Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7039130000"/>
          <ticker value="039130"/>
          <other otherDesc="SEDOL" value="6311632"/>
        </identifiers>
        <balance>2497.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.50000000"/>
        <valUSD>92263.72000000</valUSD>
        <pctVal>0.675621339612</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>eGuarantee Inc</name>
        <lei>N/A</lei>
        <title>eGuarantee Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3130300001"/>
          <ticker value="8771"/>
          <other otherDesc="SEDOL" value="B1QGV49"/>
        </identifiers>
        <balance>10300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>120876.27000000</valUSD>
        <pctVal>0.885143016830</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>Storytel AB</name>
        <lei>549300I1FSPPI9HHU419</lei>
        <title>Storytel AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0007439443"/>
          <ticker value="STORYB"/>
          <other otherDesc="SEDOL" value="BYXX821"/>
        </identifiers>
        <balance>4561.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05180000"/>
        <valUSD>43232.39000000</valUSD>
        <pctVal>0.316578664359</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>Aumann AG</name>
        <lei>529900GLI93PGU71F690</lei>
        <title>Aumann AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A2DAM03"/>
          <ticker value="AAG"/>
          <other otherDesc="SEDOL" value="BYW82K3"/>
        </identifiers>
        <balance>3322.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>43079.95000000</valUSD>
        <pctVal>0.315462389002</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>Avanza Bank Holding AB</name>
        <lei>549300MBWR5H8SIJLE03</lei>
        <title>Avanza Bank Holding AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0012454072"/>
          <ticker value="AZA"/>
          <other otherDesc="SEDOL" value="BJXMLF7"/>
        </identifiers>
        <balance>12653.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05180000"/>
        <valUSD>386474.52000000</valUSD>
        <pctVal>2.830044495589</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>Freee KK</name>
        <lei>N/A</lei>
        <title>Freee KK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3826520003"/>
          <ticker value="4478"/>
          <other otherDesc="SEDOL" value="BKLFVR7"/>
        </identifiers>
        <balance>2700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>64047.02000000</valUSD>
        <pctVal>0.468998360900</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>CreditAccess Grameen Ltd</name>
        <lei>335800YHFDVKKBDQMK23</lei>
        <title>CreditAccess Grameen Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE741K01010"/>
          <ticker value="CREDAG"/>
          <other otherDesc="SEDOL" value="BYVKG53"/>
        </identifiers>
        <balance>15301.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.47250000"/>
        <valUSD>169382.47000000</valUSD>
        <pctVal>1.240340312403</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>Bengo4.com Inc</name>
        <lei>N/A</lei>
        <title>Bengo4.com Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3835870001"/>
          <ticker value="6027"/>
          <other otherDesc="SEDOL" value="BSLTDM4"/>
        </identifiers>
        <balance>11300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>208850.93000000</valUSD>
        <pctVal>1.529356773236</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>Iriso Electronics Co Ltd</name>
        <lei>N/A</lei>
        <title>Iriso Electronics Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3149800009"/>
          <ticker value="6908"/>
          <other otherDesc="SEDOL" value="6461128"/>
        </identifiers>
        <balance>4900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>85351.68000000</valUSD>
        <pctVal>0.625006409667</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>Auto1 Group SE</name>
        <lei>391200S2LPXG5ZD5G304</lei>
        <title>Auto1 Group SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A2LQ884"/>
          <ticker value="AG1"/>
          <other otherDesc="SEDOL" value="BL5C4C7"/>
        </identifiers>
        <balance>15594.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>346896.02000000</valUSD>
        <pctVal>2.540222242705</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>DMG Mori Co Ltd</name>
        <lei>353800P4I3FIXTQV2E13</lei>
        <title>DMG Mori Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3924800000"/>
          <ticker value="6141"/>
          <other otherDesc="SEDOL" value="6602563"/>
        </identifiers>
        <balance>9800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>191419.18000000</valUSD>
        <pctVal>1.401708957965</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>Cover Corp</name>
        <lei>N/A</lei>
        <title>Cover Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3218500001"/>
          <ticker value="5253"/>
          <other otherDesc="SEDOL" value="BNDTKL5"/>
        </identifiers>
        <balance>6800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>109769.36000000</valUSD>
        <pctVal>0.803810230626</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>Hypoport SE</name>
        <lei>391200GNIFXXP6KRYQ46</lei>
        <title>Hypoport SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0005493365"/>
          <ticker value="HYQ"/>
          <other otherDesc="SEDOL" value="B28XLF6"/>
        </identifiers>
        <balance>1976.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>338490.48000000</valUSD>
        <pctVal>2.478670831219</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>Xvivo Perfusion AB</name>
        <lei>549300G2464FYLS14B41</lei>
        <title>Xvivo Perfusion AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0004840718"/>
          <ticker value="XVIVO"/>
          <other otherDesc="SEDOL" value="B898BV8"/>
        </identifiers>
        <balance>3008.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05180000"/>
        <valUSD>84588.41000000</valUSD>
        <pctVal>0.619417197571</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>Fugro NV</name>
        <lei>7245000R8GNBSDTSZ396</lei>
        <title>Fugro NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL00150003E1"/>
          <ticker value="FUR"/>
          <other otherDesc="SEDOL" value="BN0TYP0"/>
        </identifiers>
        <balance>9463.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>136617.98000000</valUSD>
        <pctVal>1.000415143274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bossard Holding AG</name>
        <lei>5067001959OEPG6X8016</lei>
        <title>Bossard Holding AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0238627142"/>
          <ticker value="BOSN"/>
          <other otherDesc="SEDOL" value="BLNN0G8"/>
        </identifiers>
        <balance>884.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88470000"/>
        <valUSD>192680.72000000</valUSD>
        <pctVal>1.410946861496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</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>000000000</cusip>
        <identifiers>
          <isin value="DK0061802139"/>
          <ticker value="ALKB"/>
          <other otherDesc="SEDOL" value="BNHSHK6"/>
        </identifiers>
        <balance>9773.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
        <valUSD>197208.71000000</valUSD>
        <pctVal>1.444104062068</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>Reply SpA</name>
        <lei>815600DAEFB0388F3521</lei>
        <title>Reply SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005282865"/>
          <ticker value="REY"/>
          <other otherDesc="SEDOL" value="BZ1DZ96"/>
        </identifiers>
        <balance>2455.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>402137.10000000</valUSD>
        <pctVal>2.944737175240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Angle PLC</name>
        <lei>213800BY11K6W3NMS374</lei>
        <title>Angle PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0034330679"/>
          <ticker value="AGL"/>
          <other otherDesc="SEDOL" value="3433067"/>
        </identifiers>
        <balance>88524.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>11149.21000000</valUSD>
        <pctVal>0.081642537238</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>Nayax Ltd</name>
        <lei>N/A</lei>
        <title>Nayax Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0011751166"/>
          <ticker value="NYAX"/>
          <other otherDesc="SEDOL" value="BMVK1V0"/>
        </identifiers>
        <balance>565.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19356.90000000</valUSD>
        <pctVal>0.141745148675</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>Burford Capital Ltd</name>
        <lei>549300FUKUWFYJMT2277</lei>
        <title>Burford Capital Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GG00BMGYLN96"/>
          <ticker value="BUR"/>
          <other otherDesc="SEDOL" value="BMGYLN9"/>
        </identifiers>
        <balance>21138.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>279958.28000000</valUSD>
        <pctVal>2.050055950153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Electric Holdings Ltd</name>
        <lei>529900EDYRQ6K25JEC80</lei>
        <title>Johnson Electric Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG5150J1577"/>
          <ticker value="179"/>
          <other otherDesc="SEDOL" value="BP4JH17"/>
        </identifiers>
        <balance>134357.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78145000"/>
        <valUSD>271129.99000000</valUSD>
        <pctVal>1.985408859007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>dotdigital group plc</name>
        <lei>2138006LZ7HHQ6DWFD42</lei>
        <title>dotdigital group plc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B3W40C23"/>
          <ticker value="DOTD"/>
          <other otherDesc="SEDOL" value="B3W40C2"/>
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        <balance>73839.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>64859.44000000</valUSD>
        <pctVal>0.474947484659</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>Douzone Bizon Co Ltd</name>
        <lei>N/A</lei>
        <title>Douzone Bizon Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7012510004"/>
          <ticker value="012510"/>
          <other otherDesc="SEDOL" value="6510989"/>
        </identifiers>
        <balance>1971.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.50000000"/>
        <valUSD>74589.15000000</valUSD>
        <pctVal>0.546195421597</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>Mader Group Ltd</name>
        <lei>N/A</lei>
        <title>Mader Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000056269"/>
          <ticker value="MAD"/>
          <other otherDesc="SEDOL" value="BHNG8Z4"/>
        </identifiers>
        <balance>19819.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60038409"/>
        <valUSD>75417.96000000</valUSD>
        <pctVal>0.552264564728</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>Chroma ATE Inc</name>
        <lei>N/A</lei>
        <title>Chroma ATE Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002360005"/>
          <ticker value="2360"/>
          <other otherDesc="SEDOL" value="6212100"/>
        </identifiers>
        <balance>41000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.20250000"/>
        <valUSD>358270.67000000</valUSD>
        <pctVal>2.623515613822</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>Inter Action Corp</name>
        <lei>N/A</lei>
        <title>Inter Action Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3152720003"/>
          <ticker value="7725"/>
          <other otherDesc="SEDOL" value="6321266"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>33295.68000000</valUSD>
        <pctVal>0.243814924489</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>Brunello Cucinelli SpA</name>
        <lei>5493003CX2RZ0FOBH256</lei>
        <title>Brunello Cucinelli SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0004764699"/>
          <ticker value="BC"/>
          <other otherDesc="SEDOL" value="B7K6D18"/>
        </identifiers>
        <balance>3614.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>415184.80000000</valUSD>
        <pctVal>3.040281822181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Park Systems Corp</name>
        <lei>N/A</lei>
        <title>Park Systems Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7140860008"/>
          <ticker value="140860"/>
          <other otherDesc="SEDOL" value="BD0CJ98"/>
        </identifiers>
        <balance>1284.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.50000000"/>
        <valUSD>183558.55000000</valUSD>
        <pctVal>1.344147769549</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>Raksul Inc</name>
        <lei>353800MJOUNWM4MY4B07</lei>
        <title>Raksul Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3967180005"/>
          <ticker value="4384"/>
          <other otherDesc="SEDOL" value="BFM1K61"/>
        </identifiers>
        <balance>26700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>181165.08000000</valUSD>
        <pctVal>1.326621060159</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>PVR Inox Ltd</name>
        <lei>335800NR78RUVFDE4L48</lei>
        <title>PVR Inox Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE191H01014"/>
          <ticker value="PVRINOX"/>
          <other otherDesc="SEDOL" value="B0LX4M7"/>
        </identifiers>
        <balance>8450.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.47250000"/>
        <valUSD>89799.25000000</valUSD>
        <pctVal>0.657574717139</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>Kinaxis Inc</name>
        <lei>5299009VAZ14K7PFUQ15</lei>
        <title>Kinaxis Inc</title>
        <cusip>49448Q109</cusip>
        <identifiers>
          <isin value="CA49448Q1090"/>
          <ticker value="KXS"/>
          <other otherDesc="SEDOL" value="BN85P68"/>
        </identifiers>
        <balance>3265.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
        <valUSD>359977.00000000</valUSD>
        <pctVal>2.636010589750</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>IndiaMart InterMesh Ltd</name>
        <lei>335800VCSXC76EXLSH68</lei>
        <title>IndiaMart InterMesh Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE933S01016"/>
          <ticker value="INMART"/>
          <other otherDesc="SEDOL" value="BKDX4P8"/>
        </identifiers>
        <balance>2766.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="85.47250000"/>
        <valUSD>66709.47000000</valUSD>
        <pctVal>0.488494735376</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>Alpha Group International PLC</name>
        <lei>213800RESM1FPUXY6K31</lei>
        <title>Alpha Group International PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BF1TM596"/>
          <ticker value="ALPH"/>
          <other otherDesc="SEDOL" value="BF1TM59"/>
        </identifiers>
        <balance>9264.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>302759.33000000</valUSD>
        <pctVal>2.217021643121</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>Victoria PLC</name>
        <lei>2138002K6ECECHVCQN25</lei>
        <title>Victoria PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BZC0LC10"/>
          <ticker value="VCP"/>
          <other otherDesc="SEDOL" value="BZC0LC1"/>
        </identifiers>
        <balance>33010.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>37694.35000000</valUSD>
        <pctVal>0.276025150978</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>Netwealth Group Ltd</name>
        <lei>N/A</lei>
        <title>Netwealth Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000NWL7"/>
          <ticker value="NWL"/>
          <other otherDesc="SEDOL" value="BF52PL1"/>
        </identifiers>
        <balance>15976.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60038409"/>
        <valUSD>259515.60000000</valUSD>
        <pctVal>1.900359939122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Paradox Interactive AB</name>
        <lei>529900QNSZUY53R5WW95</lei>
        <title>Paradox Interactive AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0008294953"/>
          <ticker value="PDX"/>
          <other otherDesc="SEDOL" value="BD4F658"/>
        </identifiers>
        <balance>10831.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05180000"/>
        <valUSD>196323.86000000</valUSD>
        <pctVal>1.437624553737</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>WAG Payment Solutions PLC</name>
        <lei>213800HU63CWV5J8YK95</lei>
        <title>WAG Payment Solutions PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BLGXWY71"/>
          <ticker value="WPS"/>
          <other otherDesc="SEDOL" value="BLGXWY7"/>
        </identifiers>
        <balance>89933.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>69470.23000000</valUSD>
        <pctVal>0.508711006404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Energy Resources Ltd</name>
        <lei>8945006OYFHQ9HE4XE54</lei>
        <title>Vulcan Energy Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000066086"/>
          <ticker value="VUL"/>
          <other otherDesc="SEDOL" value="BKYBH63"/>
        </identifiers>
        <balance>25918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60038409"/>
        <valUSD>83360.07000000</valUSD>
        <pctVal>0.610422408327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Infomart Corp</name>
        <lei>N/A</lei>
        <title>Infomart Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3153480003"/>
          <ticker value="2492"/>
          <other otherDesc="SEDOL" value="B18RC03"/>
        </identifiers>
        <balance>62600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>149076.17000000</valUSD>
        <pctVal>1.091642973855</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>Wantedlab Inc</name>
        <lei>N/A</lei>
        <title>Wantedlab Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7376980009"/>
          <ticker value="376980"/>
          <other otherDesc="SEDOL" value="BMYXW80"/>
        </identifiers>
        <balance>4359.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1472.50000000"/>
        <valUSD>14510.41000000</valUSD>
        <pctVal>0.106255661949</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>KeePer Technical Laboratory Co</name>
        <lei>N/A</lei>
        <title>KeePer Technical Laboratory Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3236320002"/>
          <ticker value="6036"/>
          <other otherDesc="SEDOL" value="BVFNJ69"/>
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        <balance>6100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>154206.14000000</valUSD>
        <pctVal>1.129208305098</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>Cellavision AB</name>
        <lei>529900IUBZBZ0HXFJ114</lei>
        <title>Cellavision AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0000683484"/>
          <ticker value="CEVI"/>
          <other otherDesc="SEDOL" value="4018786"/>
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        <balance>1790.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05180000"/>
        <valUSD>29738.95000000</valUSD>
        <pctVal>0.217769988438</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>Trustpilot Group PLC</name>
        <lei>2138002ILUNMGNPSGG46</lei>
        <title>Trustpilot Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BNK9TP58"/>
          <ticker value="TRST"/>
          <other otherDesc="SEDOL" value="BNK9TP5"/>
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        <balance>59794.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>171445.72000000</valUSD>
        <pctVal>1.255448913367</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>GMO Financial Gate Inc</name>
        <lei>N/A</lei>
        <title>GMO Financial Gate Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3386710002"/>
          <ticker value="4051"/>
          <other otherDesc="SEDOL" value="BKPTHH7"/>
        </identifiers>
        <balance>3900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>139186.84000000</valUSD>
        <pctVal>1.019226184433</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>Jade Group Inc/Japan</name>
        <lei>N/A</lei>
        <title>Jade Group Inc/Japan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3984120000"/>
          <ticker value="3558"/>
          <other otherDesc="SEDOL" value="BD83SJ6"/>
        </identifiers>
        <balance>11500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>97224.66000000</valUSD>
        <pctVal>0.711948911583</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>Sensirion Holding AG</name>
        <lei>894500ANJ9YNE8YCTT04</lei>
        <title>Sensirion Holding AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0406705126"/>
          <ticker value="SENS"/>
          <other otherDesc="SEDOL" value="BG0SQC9"/>
        </identifiers>
        <balance>4511.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88470000"/>
        <valUSD>351316.80000000</valUSD>
        <pctVal>2.572594374522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Molten Ventures PLC</name>
        <lei>213800IPCR3SAYJWSW10</lei>
        <title>Molten Ventures PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BY7QYJ50"/>
          <ticker value="GROW"/>
          <other otherDesc="SEDOL" value="BY7QYJ5"/>
        </identifiers>
        <balance>17229.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>57085.51000000</valUSD>
        <pctVal>0.418021176023</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>Global Unichip Corp</name>
        <lei>N/A</lei>
        <title>Global Unichip Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0003443008"/>
          <ticker value="3443"/>
          <other otherDesc="SEDOL" value="B056381"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="33.20250000"/>
        <valUSD>259992.35000000</valUSD>
        <pctVal>1.903851045633</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>Xtep International Holdings Lt</name>
        <lei>529900ZZZZBTOKZQI549</lei>
        <title>Xtep International Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG982771092"/>
          <ticker value="1368"/>
          <other otherDesc="SEDOL" value="B2RJYH8"/>
        </identifiers>
        <balance>251500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78145000"/>
        <valUSD>164035.74000000</valUSD>
        <pctVal>1.201187708485</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>KH Neochem Co Ltd</name>
        <lei>N/A</lei>
        <title>KH Neochem Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3277040006"/>
          <ticker value="4189"/>
          <other otherDesc="SEDOL" value="BZCRNM6"/>
        </identifiers>
        <balance>13800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>232852.85000000</valUSD>
        <pctVal>1.705116100344</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>Flow Traders Ltd</name>
        <lei>549300GSUZI1V3BEXQ36</lei>
        <title>Flow Traders Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG3602E1084"/>
          <ticker value="FLOW"/>
          <other otherDesc="SEDOL" value="BQJXXT1"/>
        </identifiers>
        <balance>8405.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>248379.48000000</valUSD>
        <pctVal>1.818813256282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HMS Networks AB</name>
        <lei>549300MOY2FDUUDIQ179</lei>
        <title>HMS Networks AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0009997018"/>
          <ticker value="HMS"/>
          <other otherDesc="SEDOL" value="BZ30ML6"/>
        </identifiers>
        <balance>4255.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.05180000"/>
        <valUSD>187592.21000000</valUSD>
        <pctVal>1.373685130202</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>Everplay Group PLC</name>
        <lei>2138006EUUCCL4ZI5E51</lei>
        <title>Everplay Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYVX2X20"/>
          <ticker value="EVPL"/>
          <other otherDesc="SEDOL" value="BYVX2X2"/>
        </identifiers>
        <balance>22496.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414360"/>
        <valUSD>80784.60000000</valUSD>
        <pctVal>0.591562963991</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>Megachips Corp</name>
        <lei>529900CHDZ5G02UMD829</lei>
        <title>Megachips Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3920860008"/>
          <ticker value="6875"/>
          <other otherDesc="SEDOL" value="6123923"/>
        </identifiers>
        <balance>6900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>203495.83000000</valUSD>
        <pctVal>1.490142878156</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>Docebo Inc</name>
        <lei>98450059461F12KCE754</lei>
        <title>Docebo Inc</title>
        <cusip>25609L105</cusip>
        <identifiers>
          <isin value="CA25609L1058"/>
          <ticker value="DCBO"/>
          <other otherDesc="SEDOL" value="BK5MWP9"/>
        </identifiers>
        <balance>6390.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
        <valUSD>183789.37000000</valUSD>
        <pctVal>1.345837999660</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>ViTrox Corp Bhd</name>
        <lei>N/A</lei>
        <title>ViTrox Corp Bhd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MYQ0097OO004"/>
          <ticker value="VITRO"/>
          <other otherDesc="SEDOL" value="B0KLDR0"/>
        </identifiers>
        <balance>83600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.43750000"/>
        <valUSD>57070.93000000</valUSD>
        <pctVal>0.417914410773</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GA Technologies Co Ltd/Japan</name>
        <lei>N/A</lei>
        <title>GA Technologies Co Ltd/Japan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3386670008"/>
          <ticker value="3491"/>
          <other otherDesc="SEDOL" value="BFWVYJ2"/>
        </identifiers>
        <balance>10900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
        <valUSD>92473.72000000</valUSD>
        <pctVal>0.677159110703</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>u-blox Holding AG</name>
        <lei>506700B2W2NUXS9X8479</lei>
        <title>u-blox Holding AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0033361673"/>
          <ticker value="UBXN"/>
          <other otherDesc="SEDOL" value="B28PS95"/>
        </identifiers>
        <balance>1230.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88470000"/>
        <valUSD>107167.40000000</valUSD>
        <pctVal>0.784756807451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Baillie Gifford Funds</ncom:nameOfApplicant>
      <ncom:signature>Lindsay Cockburn</ncom:signature>
      <ncom:signerName>Lindsay Cockburn</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
