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      <invstOrSec>
        <name>Krosaki Harima Corp.</name>
        <lei>N/A</lei>
        <title>Krosaki Harima Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3272400007"/>
          <other otherDesc="Inhouse Asset ID" value="349826"/>
        </identifiers>
        <balance>17100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>677570.04000000</valUSD>
        <pctVal>0.866532823373</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>doValue SpA</name>
        <lei>8156007AF7DB5FE05555</lei>
        <title>doValue SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0001044996"/>
          <other otherDesc="Inhouse Asset ID" value="810943"/>
        </identifiers>
        <balance>59390.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>515013.39000000</valUSD>
        <pctVal>0.658641882854</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>Luk Fook Holdings International Ltd.</name>
        <lei>529900U7PECBLERIIX44</lei>
        <title>Luk Fook Holdings International Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG5695X1258"/>
          <other otherDesc="Inhouse Asset ID" value="402939"/>
        </identifiers>
        <balance>145810.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79695000"/>
        <valUSD>384325.27000000</valUSD>
        <pctVal>0.491507064430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sulzer AG</name>
        <lei>529900NZ6MAST5IJF669</lei>
        <title>Sulzer AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0038388911"/>
          <other otherDesc="Inhouse Asset ID" value="19013"/>
        </identifiers>
        <balance>8790.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.92670000"/>
        <valUSD>841293.32000000</valUSD>
        <pctVal>1.075915747196</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>Wienerberger AG</name>
        <lei>529900VXIFBHO0SW2I31</lei>
        <title>Wienerberger AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT0000831706"/>
          <other otherDesc="Inhouse Asset ID" value="60883"/>
        </identifiers>
        <balance>31759.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1150001.87000000</valUSD>
        <pctVal>1.470717871905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Star Bulk Carriers Corp.</name>
        <lei>549300SO3FMK7H6DDY54</lei>
        <title>Star Bulk Carriers Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY8162K2046"/>
          <other otherDesc="Inhouse Asset ID" value="407043"/>
        </identifiers>
        <balance>28997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>644893.28000000</valUSD>
        <pctVal>0.824743069650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sun Frontier Fudousan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Sun Frontier Fudousan Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3336950005"/>
          <other otherDesc="Inhouse Asset ID" value="350193"/>
        </identifiers>
        <balance>110700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1004838.92000000</valUSD>
        <pctVal>1.285071439083</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>JDE Peet's NV</name>
        <lei>724500EHG519SE5ZRT89</lei>
        <title>JDE Peet's NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0014332678"/>
          <other otherDesc="Inhouse Asset ID" value="1073181"/>
        </identifiers>
        <balance>13214.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>395717.03000000</valUSD>
        <pctVal>0.506075792936</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>Tethys Oil AB</name>
        <lei>549300WI3UNWMNQDVQ18</lei>
        <title>Tethys Oil AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0015949847"/>
          <other otherDesc="Inhouse Asset ID" value="479330"/>
        </identifiers>
        <balance>190429.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.32475000"/>
        <valUSD>1394070.02000000</valUSD>
        <pctVal>1.782852486232</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>West China Cement Ltd.</name>
        <lei>529900MMG3NBTIWPPR63</lei>
        <title>West China Cement Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B3MW7P88"/>
          <other otherDesc="Inhouse Asset ID" value="475110"/>
        </identifiers>
        <balance>5404000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79695000"/>
        <valUSD>910224.22000000</valUSD>
        <pctVal>1.164070305202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jupiter Mines Ltd.</name>
        <lei>254900OFKP9ZQXBCHE19</lei>
        <title>Jupiter Mines Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000005159"/>
          <other otherDesc="Inhouse Asset ID" value="987267"/>
        </identifiers>
        <balance>1484426.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41452720"/>
        <valUSD>231841.45000000</valUSD>
        <pctVal>0.296498095227</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>Vistry Group plc</name>
        <lei>2138001KOWN7CG9SLK53</lei>
        <title>Vistry Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0001859296"/>
          <other otherDesc="Inhouse Asset ID" value="260036"/>
        </identifiers>
        <balance>29575.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>410064.19000000</valUSD>
        <pctVal>0.524424132337</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>Metso Outotec OYJ</name>
        <lei>549300R0VN9C371W0E07</lei>
        <title>Metso Outotec OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009014575"/>
          <other otherDesc="Inhouse Asset ID" value="377481"/>
        </identifiers>
        <balance>54113.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>580392.33000000</valUSD>
        <pctVal>0.742253899506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anima Holding SpA</name>
        <lei>549300T1EREIRH8ICX03</lei>
        <title>Anima Holding SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0004998065"/>
          <other otherDesc="Inhouse Asset ID" value="574503"/>
        </identifiers>
        <balance>177740.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>899064.83000000</valUSD>
        <pctVal>1.149798750746</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>AMG Advanced Metallurgical Group NV</name>
        <lei>5493006MN6OH67U2YI74</lei>
        <title>AMG Advanced Metallurgical Group NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000888691"/>
          <other otherDesc="Inhouse Asset ID" value="400858"/>
        </identifiers>
        <balance>25560.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>879734.73000000</valUSD>
        <pctVal>1.125077813957</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>Tisco Financial Group PCL</name>
        <lei>529900OOUQI3OWX2WU06</lei>
        <title>Tisco Financial Group PCL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TH0999010Z11"/>
          <other otherDesc="Inhouse Asset ID" value="437652"/>
        </identifiers>
        <balance>162120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.22500000"/>
        <valUSD>484158.26000000</valUSD>
        <pctVal>0.619181780819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sanwa Holdings Corp.</name>
        <lei>5299003X6BCA4ROO5A70</lei>
        <title>Sanwa Holdings Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3344400001"/>
          <other otherDesc="Inhouse Asset ID" value="253292"/>
        </identifiers>
        <balance>74400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>805717.56000000</valUSD>
        <pctVal>1.030418511580</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>Travis Perkins plc</name>
        <lei>2138001I27OUBAF22K83</lei>
        <title>Travis Perkins plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BK9RKT01"/>
          <other otherDesc="Inhouse Asset ID" value="261752"/>
        </identifiers>
        <balance>49970.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>1013934.20000000</valUSD>
        <pctVal>1.296703238296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Inwido AB</name>
        <lei>529900A9NKQW5UTHBG13</lei>
        <title>Inwido AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0006220018"/>
          <other otherDesc="Inhouse Asset ID" value="596584"/>
        </identifiers>
        <balance>42109.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.32475000"/>
        <valUSD>736874.72000000</valUSD>
        <pctVal>0.942376572012</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Maire Tecnimont SpA</name>
        <lei>815600D85A61200A1B83</lei>
        <title>Maire Tecnimont SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0004931058"/>
          <other otherDesc="Inhouse Asset ID" value="408951"/>
        </identifiers>
        <balance>312921.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1494598.51000000</valUSD>
        <pctVal>1.911416665765</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>Anglo Pacific Group plc</name>
        <lei>213800LXSV317746JZ71</lei>
        <title>Anglo Pacific Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006449366"/>
          <other otherDesc="Inhouse Asset ID" value="324076"/>
        </identifiers>
        <balance>226467.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>417893.07000000</valUSD>
        <pctVal>0.534436354085</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>Tanseisha Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Tanseisha Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3472200009"/>
          <other otherDesc="Inhouse Asset ID" value="562789"/>
        </identifiers>
        <balance>95500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>599531.29000000</valUSD>
        <pctVal>0.766730390594</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>Optorun Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Optorun Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3197760006"/>
          <other otherDesc="Inhouse Asset ID" value="877174"/>
        </identifiers>
        <balance>29443.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>602216.80000000</valUSD>
        <pctVal>0.770164843750</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>Fuji Corp.</name>
        <lei>353800G4VS3QLM6BSX66</lei>
        <title>Fuji Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3809200003"/>
          <other otherDesc="Inhouse Asset ID" value="317188"/>
        </identifiers>
        <balance>42600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>983380.35000000</valUSD>
        <pctVal>1.257628438139</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>Cementir Holding NV</name>
        <lei>8156008B101B97A43B02</lei>
        <title>Cementir Holding NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0013995087"/>
          <other otherDesc="Inhouse Asset ID" value="315311"/>
        </identifiers>
        <balance>91747.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>808978.71000000</valUSD>
        <pctVal>1.034589140961</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>SBS Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>SBS Holdings, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3163500006"/>
          <other otherDesc="Inhouse Asset ID" value="348874"/>
        </identifiers>
        <balance>36200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>1116646.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Parex Resources, Inc.</name>
        <lei>549300U7LWRGTY6XWK67</lei>
        <title>Parex Resources, Inc.</title>
        <cusip>69946Q104</cusip>
        <identifiers>
          <isin value="CA69946Q1046"/>
          <other otherDesc="Inhouse Asset ID" value="492759"/>
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        <balance>81918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27110000"/>
        <valUSD>1742634.51000000</valUSD>
        <pctVal>2.228625696109</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>Metrovacesa SA</name>
        <lei>959800ZQW44V5U3SEZ73</lei>
        <title>Metrovacesa SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0105122024"/>
          <other otherDesc="Inhouse Asset ID" value="877189"/>
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        <balance>124451.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>922857.68000000</valUSD>
        <pctVal>1.180227022762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>D/S Norden A/S</name>
        <lei>529900RGXD3CBR3BRU63</lei>
        <title>D/S Norden A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060083210"/>
          <other otherDesc="Inhouse Asset ID" value="317001"/>
        </identifiers>
        <balance>25396.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.62260000"/>
        <valUSD>578091.03000000</valUSD>
        <pctVal>0.739310805998</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Spar Nord Bank A/S</name>
        <lei>549300DHT635Q5P8J715</lei>
        <title>Spar Nord Bank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060036564"/>
          <other otherDesc="Inhouse Asset ID" value="316944"/>
        </identifiers>
        <balance>57920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.62260000"/>
        <valUSD>832964.70000000</valUSD>
        <pctVal>1.065264416444</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>China Water Affairs Group Ltd.</name>
        <lei>529900XTSVH0DH4CEX74</lei>
        <title>China Water Affairs Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG210901242"/>
          <other otherDesc="Inhouse Asset ID" value="372319"/>
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        <balance>433223.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79695000"/>
        <valUSD>506604.40000000</valUSD>
        <pctVal>0.647887768274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Palfinger AG</name>
        <lei>529900IFAV83BX8O1O91</lei>
        <title>Palfinger AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT0000758305"/>
          <other otherDesc="Inhouse Asset ID" value="206894"/>
        </identifiers>
        <balance>32130.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1098083.34000000</valUSD>
        <pctVal>1.404320145130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nishio Rent All Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nishio Rent All Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3657500009"/>
          <other otherDesc="Inhouse Asset ID" value="318371"/>
        </identifiers>
        <balance>37983.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>930584.80000000</valUSD>
        <pctVal>1.190109105373</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>Essentra plc</name>
        <lei>5493007MOZNA03BVNE96</lei>
        <title>Essentra plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0744359"/>
          <other otherDesc="Inhouse Asset ID" value="336492"/>
        </identifiers>
        <balance>85030.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>396260.09000000</valUSD>
        <pctVal>0.506770303152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RHI Magnesita NV</name>
        <lei>724500UWG6A61XNA3Y36</lei>
        <title>RHI Magnesita NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0012650360"/>
          <other otherDesc="Inhouse Asset ID" value="817404"/>
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        <balance>13204.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>609052.47000000</valUSD>
        <pctVal>0.778906866087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <other otherDesc="Inhouse Asset ID" value="607952"/>
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        <balance>92860.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27110000"/>
        <valUSD>633385.41000000</valUSD>
        <pctVal>0.810025850037</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>Melco International Development Ltd.</name>
        <lei>5299005YLKSGQRHYMI33</lei>
        <title>Melco International Development Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0200030994"/>
          <other otherDesc="Inhouse Asset ID" value="344190"/>
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        <balance>615546.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79695000"/>
        <valUSD>718733.19000000</valUSD>
        <pctVal>0.919175677222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elis SA</name>
        <lei>969500UX71LCE8MAY492</lei>
        <title>Elis SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0012435121"/>
          <other otherDesc="Inhouse Asset ID" value="601000"/>
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        <balance>57643.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1053097.02000000</valUSD>
        <pctVal>1.346787904061</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Wickes Group plc</name>
        <lei>213800IEX9ZXJRAOL133</lei>
        <title>Wickes Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BL6C2002"/>
          <other otherDesc="Inhouse Asset ID" value="1144597"/>
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        <balance>407060.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>Value Added Technology Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Value Added Technology Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7043150002"/>
          <other otherDesc="Inhouse Asset ID" value="432127"/>
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        <balance>38204.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1205.71500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Unicaja Banco SA</name>
        <lei>5493007SJLLCTM6J6M37</lei>
        <title>Unicaja Banco SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0180907000"/>
          <other otherDesc="Inhouse Asset ID" value="810241"/>
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        <balance>753990.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
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        <pctVal>0.988537765330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dynagreen Environmental Protection Group Co. Ltd.</name>
        <lei>529900LHVN4BGJP1ZY93</lei>
        <title>Dynagreen Environmental Protection Group Co. Ltd., Class H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001SH0"/>
          <other otherDesc="Inhouse Asset ID" value="578853"/>
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        <balance>820947.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.79695000"/>
        <valUSD>387241.12000000</valUSD>
        <pctVal>0.495236095503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JHSF Participacoes SA</name>
        <lei>N/A</lei>
        <title>JHSF Participacoes SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRJHSFACNOR2"/>
          <other otherDesc="Inhouse Asset ID" value="404801"/>
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        <balance>379260.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.30995000"/>
        <valUSD>459258.90000000</valUSD>
        <pctVal>0.587338411946</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>Chlitina Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Chlitina Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG211641017"/>
          <other otherDesc="Inhouse Asset ID" value="583254"/>
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        <balance>159000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="27.79200000"/>
        <valUSD>1209283.10000000</valUSD>
        <pctVal>1.546531630737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lumax International Corp. Ltd.</name>
        <lei>N/A</lei>
        <title>Lumax International Corp. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0006192008"/>
          <other otherDesc="Inhouse Asset ID" value="405939"/>
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        <balance>363000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="27.79200000"/>
        <valUSD>963641.95000000</valUSD>
        <pctVal>1.232385333410</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>GreenTree Hospitality Group Ltd.</name>
        <lei>3003001U5LT3SICVFH79</lei>
        <title>GreenTree Hospitality Group Ltd.</title>
        <cusip>39579V100</cusip>
        <identifiers>
          <isin value="US39579V1008"/>
          <other otherDesc="Inhouse Asset ID" value="875909"/>
        </identifiers>
        <balance>60417.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>334106.01000000</valUSD>
        <pctVal>0.427282505217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pason Systems, Inc.</name>
        <lei>984500DC6T2FLR969F65</lei>
        <title>Pason Systems, Inc.</title>
        <cusip>702925108</cusip>
        <identifiers>
          <isin value="CA7029251088"/>
          <other otherDesc="Inhouse Asset ID" value="320555"/>
        </identifiers>
        <balance>140120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27110000"/>
        <valUSD>1390066.24000000</valUSD>
        <pctVal>1.777732119948</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>Nexans SA</name>
        <lei>96950015FU78G84UIV14</lei>
        <title>Nexans SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000044448"/>
          <other otherDesc="Inhouse Asset ID" value="315308"/>
        </identifiers>
        <balance>8595.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>776749.77000000</valUSD>
        <pctVal>0.993372096635</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>Mersen SA</name>
        <lei>OQXDLNM5DTBULYMF5U27</lei>
        <title>Mersen SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000039620"/>
          <other otherDesc="Inhouse Asset ID" value="315918"/>
        </identifiers>
        <balance>34528.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1440158.50000000</valUSD>
        <pctVal>1.841794261018</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Banca Sistema SpA</name>
        <lei>815600B5C61A10BBB451</lei>
        <title>Banca Sistema SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003173629"/>
          <other otherDesc="Inhouse Asset ID" value="609946"/>
        </identifiers>
        <balance>445670.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
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        <pctVal>1.317839862416</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Galliford Try Holdings plc</name>
        <lei>213800MR6DRHCJIV8113</lei>
        <title>Galliford Try Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BKY40Q38"/>
          <other otherDesc="Inhouse Asset ID" value="1036008"/>
        </identifiers>
        <balance>568222.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>1349420.72000000</valUSD>
        <pctVal>1.725751254320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sopra Steria Group SACA</name>
        <lei>96950020QIOHAAK9V551</lei>
        <title>Sopra Steria Group SACA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000050809"/>
          <other otherDesc="Inhouse Asset ID" value="319106"/>
        </identifiers>
        <balance>2185.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>384185.45000000</valUSD>
        <pctVal>0.491328251006</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>ERO Copper Corp.</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
        <cusip>296006109</cusip>
        <identifiers>
          <isin value="CA2960061091"/>
          <other otherDesc="Inhouse Asset ID" value="971411"/>
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        <balance>32645.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27110000"/>
        <valUSD>406553.65000000</valUSD>
        <pctVal>0.519934562317</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>Vitzrocell Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Vitzrocell Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7082920000"/>
          <other otherDesc="Inhouse Asset ID" value="596949"/>
        </identifiers>
        <balance>64051.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1205.71500000"/>
        <valUSD>760273.31000000</valUSD>
        <pctVal>0.972300631606</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>JET2 plc</name>
        <lei>I72RQ3PNLDPW8R7JIJ56</lei>
        <title>JET2 plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1722W11"/>
          <other otherDesc="Inhouse Asset ID" value="324080"/>
        </identifiers>
        <balance>27091.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>482496.62000000</valUSD>
        <pctVal>0.617056737627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Marston's plc</name>
        <lei>213800Q6RP3ZJ2CZR962</lei>
        <title>Marston's plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1JQDM80"/>
          <other otherDesc="Inhouse Asset ID" value="317141"/>
        </identifiers>
        <balance>934180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>1021453.87000000</valUSD>
        <pctVal>1.306320016623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutz AG</name>
        <lei>5299005DETTV58V2PP63</lei>
        <title>Deutz AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0006305006"/>
          <other otherDesc="Inhouse Asset ID" value="316961"/>
        </identifiers>
        <balance>119590.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>819458.52000000</valUSD>
        <pctVal>1.047991592090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DFS Furniture plc</name>
        <lei>213800GDSOBNKS1U1P93</lei>
        <title>DFS Furniture plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BTC0LB89"/>
          <other otherDesc="Inhouse Asset ID" value="598597"/>
        </identifiers>
        <balance>127984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>410328.67000000</valUSD>
        <pctVal>0.524762371320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Granges AB</name>
        <lei>5493006UG44TYSIXOB13</lei>
        <title>Granges AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0006288015"/>
          <other otherDesc="Inhouse Asset ID" value="596401"/>
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        <balance>110349.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.32475000"/>
        <valUSD>1368567.77000000</valUSD>
        <pctVal>1.750238091571</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Advanced Materials plc</name>
        <lei>I4K14LL95N2PHDL7EG85</lei>
        <title>Morgan Advanced Materials plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006027295"/>
          <other otherDesc="Inhouse Asset ID" value="51879"/>
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        <balance>304128.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>1308918.25000000</valUSD>
        <pctVal>1.673953332908</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Bellway plc</name>
        <lei>213800CY4L3HST4FGZ98</lei>
        <title>Bellway plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000904986"/>
          <other otherDesc="Inhouse Asset ID" value="307115"/>
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        <balance>19896.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
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        <pctVal>0.979125109522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stillfront Group AB</name>
        <lei>529900SYKCO4GYBTIJ54</lei>
        <title>Stillfront Group AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0015346135"/>
          <other otherDesc="Inhouse Asset ID" value="877173"/>
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        <balance>75991.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.32475000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sydbank A/S</name>
        <lei>GP5DT10VX1QRQUKVBK64</lei>
        <title>Sydbank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010311471"/>
          <other otherDesc="Inhouse Asset ID" value="315193"/>
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        <balance>33778.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.62260000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mediaset Espana Comunicacion SA</name>
        <lei>95980020140005021479</lei>
        <title>Mediaset Espana Comunicacion SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0152503035"/>
          <other otherDesc="Inhouse Asset ID" value="308958"/>
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        <balance>53325.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hikma Pharmaceuticals plc</name>
        <lei>549300BNS685UXH4JI75</lei>
        <title>Hikma Pharmaceuticals plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0LCW083"/>
          <other otherDesc="Inhouse Asset ID" value="351810"/>
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        <balance>21364.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>600204.58000000</valUSD>
        <pctVal>0.767591449747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goodbaby International Holdings Ltd.</name>
        <lei>5299001OEMI45O3O6H29</lei>
        <title>Goodbaby International Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG398141013"/>
          <other otherDesc="Inhouse Asset ID" value="481569"/>
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        <balance>1327069.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79695000"/>
        <valUSD>187997.46000000</valUSD>
        <pctVal>0.240426760605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairfax India Holdings Corp.</name>
        <lei>549300K2JHXU7AX7CV78</lei>
        <title>Fairfax India Holdings Corp.</title>
        <cusip>303897102</cusip>
        <identifiers>
          <isin value="CA3038971022"/>
          <other otherDesc="Inhouse Asset ID" value="602261"/>
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        <balance>75250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>895475.00000000</valUSD>
        <pctVal>1.145207778091</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>Eurobank Ergasias Services and Holdings SA</name>
        <lei>JEUVK5RWVJEN8W0C9M24</lei>
        <title>Eurobank Ergasias Services and Holdings SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS323003012"/>
          <other otherDesc="Inhouse Asset ID" value="575608"/>
        </identifiers>
        <balance>874665.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>989336.38000000</valUSD>
        <pctVal>1.265245503811</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>Yellow Cake plc</name>
        <lei>213800CVMYUGOA9EZY95</lei>
        <title>Yellow Cake plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BF50RG45"/>
          <other otherDesc="Inhouse Asset ID" value="948096"/>
        </identifiers>
        <balance>295580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>1280958.54000000</valUSD>
        <pctVal>1.638196134365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Merchants Port Holdings Co. Ltd.</name>
        <lei>529900GA4UH90FUOR048</lei>
        <title>China Merchants Port Holdings Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0144000764"/>
          <other otherDesc="Inhouse Asset ID" value="181024"/>
        </identifiers>
        <balance>200449.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79695000"/>
        <valUSD>370468.26000000</valUSD>
        <pctVal>0.473785569544</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>Applus Services SA</name>
        <lei>213800M9XCA6NR98E873</lei>
        <title>Applus Services SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0105022000"/>
          <other otherDesc="Inhouse Asset ID" value="592459"/>
        </identifiers>
        <balance>115770.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1017173.86000000</valUSD>
        <pctVal>1.300846384481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kanamoto Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kanamoto Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3215200001"/>
          <other otherDesc="Inhouse Asset ID" value="49590"/>
        </identifiers>
        <balance>30500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>593083.81000000</valUSD>
        <pctVal>0.758484817859</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>Kanematsu Corp.</name>
        <lei>353800N574WR0FX80I71</lei>
        <title>Kanematsu Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3217100001"/>
          <other otherDesc="Inhouse Asset ID" value="22592"/>
        </identifiers>
        <balance>55800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.07500000"/>
        <valUSD>607040.71000000</valUSD>
        <pctVal>0.776334060370</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>Sims Ltd.</name>
        <lei>5493002YM7ZHVDMFC916</lei>
        <title>Sims Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SGM7"/>
          <other otherDesc="Inhouse Asset ID" value="316323"/>
        </identifiers>
        <balance>38111.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.41452720"/>
        <valUSD>387962.39000000</valUSD>
        <pctVal>0.496158515463</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>Axactor SE</name>
        <lei>549300P5VT8OMA17TJ33</lei>
        <title>Axactor SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010840515"/>
          <other otherDesc="Inhouse Asset ID" value="364988"/>
        </identifiers>
        <balance>72412.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.89535000"/>
        <valUSD>47981.28000000</valUSD>
        <pctVal>0.061362444578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAF-Holland SE</name>
        <lei>222100QJQLUJHWREL058</lei>
        <title>SAF-Holland SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000SAFH001"/>
          <other otherDesc="Inhouse Asset ID" value="432124"/>
        </identifiers>
        <balance>40853.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>515201.35000000</valUSD>
        <pctVal>0.658882261708</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>Orla Mining Ltd.</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>Orla Mining Ltd.</title>
        <cusip>68634K106</cusip>
        <identifiers>
          <isin value="CA68634K1066"/>
          <other otherDesc="Inhouse Asset ID" value="654902"/>
        </identifiers>
        <balance>119960.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27110000"/>
        <valUSD>394487.29000000</valUSD>
        <pctVal>0.504503099323</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>Strix Group plc</name>
        <lei>213800KZEW5W6BZMNT62</lei>
        <title>Strix Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IM00BF0FMG91"/>
          <other otherDesc="Inhouse Asset ID" value="1081412"/>
        </identifiers>
        <balance>115010.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>378972.61000000</valUSD>
        <pctVal>0.484661638410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chorus Aviation, Inc.</name>
        <lei>529900TODFT0W0C9NM47</lei>
        <title>Chorus Aviation, Inc.</title>
        <cusip>17040T300</cusip>
        <identifiers>
          <isin value="CA17040T3001"/>
          <other otherDesc="Inhouse Asset ID" value="357846"/>
        </identifiers>
        <balance>171251.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27110000"/>
        <valUSD>487710.35000000</valUSD>
        <pctVal>0.623724488428</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>Cargotec OYJ</name>
        <lei>5493002B0GOVF42KWX33</lei>
        <title>Cargotec OYJ, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009013429"/>
          <other otherDesc="Inhouse Asset ID" value="335945"/>
        </identifiers>
        <balance>25471.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1271805.22000000</valUSD>
        <pctVal>1.626490108782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARR SpA</name>
        <lei>815600576D5536AC7B34</lei>
        <title>MARR SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003428445"/>
          <other otherDesc="Inhouse Asset ID" value="346086"/>
        </identifiers>
        <balance>54190.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1154049.43000000</valUSD>
        <pctVal>1.475894227687</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>u-blox Holding AG</name>
        <lei>506700B2W2NUXS9X8479</lei>
        <title>u-blox Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0033361673"/>
          <other otherDesc="Inhouse Asset ID" value="414958"/>
        </identifiers>
        <balance>8135.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.92670000"/>
        <valUSD>580054.39000000</valUSD>
        <pctVal>0.741821713776</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>QinetiQ Group plc</name>
        <lei>213800S8OBDOZMCMUW34</lei>
        <title>QinetiQ Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WMWD03"/>
          <other otherDesc="Inhouse Asset ID" value="357750"/>
        </identifiers>
        <balance>98663.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>358074.19000000</valUSD>
        <pctVal>0.457935003793</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>Melia Hotels International SA</name>
        <lei>959800JRKSZ6YZD4EL80</lei>
        <title>Melia Hotels International SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0176252718"/>
          <other otherDesc="Inhouse Asset ID" value="219486"/>
        </identifiers>
        <balance>132420.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89003604"/>
        <valUSD>1003594.64000000</valUSD>
        <pctVal>1.283480150511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>i-SENS, Inc.</name>
        <lei>N/A</lei>
        <title>i-SENS, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7099190001"/>
          <other otherDesc="Inhouse Asset ID" value="546902"/>
        </identifiers>
        <balance>38646.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1205.71500000"/>
        <valUSD>903576.64000000</valUSD>
        <pctVal>1.155568827974</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>Wincanton plc</name>
        <lei>213800Z5WTW8QKOHWQ82</lei>
        <title>Wincanton plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0030329360"/>
          <other otherDesc="Inhouse Asset ID" value="318512"/>
        </identifiers>
        <balance>252543.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>1311078.75000000</valUSD>
        <pctVal>1.676716359687</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>Serica Energy plc</name>
        <lei>213800EZZOKA815VC426</lei>
        <title>Serica Energy plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0CY5V57"/>
          <other otherDesc="Inhouse Asset ID" value="454085"/>
        </identifiers>
        <balance>343170.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74352206"/>
        <valUSD>1192833.36000000</valUSD>
        <pctVal>1.525494337462</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>
    </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>2022-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Global Trust</ncom:nameOfApplicant>
      <ncom:signature>Jeffrey W. White </ncom:signature>
      <ncom:signerName>Jeffrey W. White </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
