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          <ccc>XXXXXXXX</ccc>
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      <regCik>0001965454</regCik>
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      <regStreet1>225 Pictoria Drive</regStreet1>
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      <regCity>Cincinnati</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>631-470-2688</regPhone>
      <seriesName>GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND</seriesName>
      <seriesId>S000080371</seriesId>
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      <repPdEnd>2025-04-30</repPdEnd>
      <repPdDate>2025-04-30</repPdDate>
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      <totLiabs>3476188.26</totLiabs>
      <netAssets>457473116.23</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>RxSight Inc.</name>
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        <name>MarketAxess Holdings Inc.</name>
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        <name>Burlington Stores Inc.</name>
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        <name>Selamat Sempurna</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Healthequity Inc</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HealthEquity, Inc. </title>
        <cusip>42226A107</cusip>
        <identifiers>
          <isin value="US42226A1079"/>
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        <balance>45452.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3896145.44000000</valUSD>
        <pctVal>0.851666535534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspirasi Hidup Indonesia Tbk PT</name>
        <lei>529900WER46RYFNZER60</lei>
        <title>Aspirasi Hidup Ind </title>
        <cusip>Y000CY105</cusip>
        <identifiers>
          <isin value="ID1000125503"/>
        </identifiers>
        <balance>58356925.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1880780.41000000</valUSD>
        <pctVal>0.411123701759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grocery Outlet Holding Corp.</name>
        <lei>N/A</lei>
        <title>Grocery Outlet Holding Corp </title>
        <cusip>39874R101</cusip>
        <identifiers>
          <isin value="US39874R1014"/>
        </identifiers>
        <balance>282375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4741076.25000000</valUSD>
        <pctVal>1.036361718710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swedencare Ab</name>
        <lei>549300FZT7YIF6SWX789</lei>
        <title>Swedencare AB </title>
        <cusip>W942AH117</cusip>
        <identifiers>
          <isin value="SE0015988167"/>
        </identifiers>
        <balance>804669.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>3213787.05000000</valUSD>
        <pctVal>0.702508395790</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>Momentum Group AB</name>
        <lei>549300QOHUWQMD9G3757</lei>
        <title>Momentum Group AB </title>
        <cusip>W5659A121</cusip>
        <identifiers>
          <isin value="SE0017562523"/>
        </identifiers>
        <balance>182986.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>3021782.99000000</valUSD>
        <pctVal>0.660537828955</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>Bruker Corporation</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
        <title>Bruker Corporation </title>
        <cusip>116794108</cusip>
        <identifiers>
          <isin value="US1167941087"/>
        </identifiers>
        <balance>66546.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2665832.76000000</valUSD>
        <pctVal>0.582729927819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Upwork Inc</name>
        <lei>5493004QJ6WWBXVE2S70</lei>
        <title>Upwork Inc. Class A</title>
        <cusip>91688F104</cusip>
        <identifiers>
          <isin value="US91688F1049"/>
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        <balance>141403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1859449.45000000</valUSD>
        <pctVal>0.406460922845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allfunds Group Plc</name>
        <lei>9598005U8TZQ8Q64SC71</lei>
        <title>Allfunds Group Plc </title>
        <cusip>G0236L102</cusip>
        <identifiers>
          <isin value="GB00BNTJ3546"/>
        </identifiers>
        <balance>759928.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>4273518.00000000</valUSD>
        <pctVal>0.934157188343</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>Addtech AB</name>
        <lei>549300QZ5U2IDRHPWL60</lei>
        <title>AddTech AB </title>
        <cusip>W4260L147</cusip>
        <identifiers>
          <isin value="SE0014781795"/>
        </identifiers>
        <balance>78489.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>2636148.26000000</valUSD>
        <pctVal>0.576241131221</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>Fiducian Group Limited</name>
        <lei>N/A</lei>
        <title>Fiducian Group Ltd </title>
        <cusip>Q3750N107</cusip>
        <identifiers>
          <isin value="AU000000FID9"/>
        </identifiers>
        <balance>201670.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1253090.13000000</valUSD>
        <pctVal>0.273915577887</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>Intermediate Capital Group PLC</name>
        <lei>549300OGASR5WRKJ8R68</lei>
        <title>Intermediate Capital Group PLC </title>
        <cusip>G4807D192</cusip>
        <identifiers>
          <isin value="GB00BYT1DJ19"/>
        </identifiers>
        <balance>92284.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2307438.24000000</valUSD>
        <pctVal>0.504387724248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHOTT Pharma AG &amp; Co KGaA</name>
        <lei>529900TU48UE99NHEY88</lei>
        <title>Schott Pharma AG &amp; Co </title>
        <cusip>D6T79R108</cusip>
        <identifiers>
          <isin value="DE000A3ENQ51"/>
        </identifiers>
        <balance>99775.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>2799808.67000000</valUSD>
        <pctVal>0.612016000650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hackett Group Inc.</name>
        <lei>5K016KLIRB6156644289</lei>
        <title>Hackett Group, Inc. (The) </title>
        <cusip>404609109</cusip>
        <identifiers>
          <isin value="US4046091090"/>
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        <balance>106950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2731503.00000000</valUSD>
        <pctVal>0.597084922172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Core &amp; Main Inc</name>
        <lei>N/A</lei>
        <title>Core &amp; Main Inc. - Class A </title>
        <cusip>21874C102</cusip>
        <identifiers>
          <isin value="US21874C1027"/>
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        <balance>68173.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3591353.64000000</valUSD>
        <pctVal>0.785041462019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asia Commercial Bk</name>
        <lei>5493001VSLUXY7LJS086</lei>
        <title>Asia Commercial Bank JSC </title>
        <cusip>Y0324N101</cusip>
        <identifiers>
          <isin value="VN000000ACB8"/>
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        <balance>3573165.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>3307085.56000000</valUSD>
        <pctVal>0.722902711148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Installed Building Products Inc</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>Installed Building Products, Inc. </title>
        <cusip>45780R101</cusip>
        <identifiers>
          <isin value="US45780R1014"/>
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        <balance>15346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2544827.18000000</valUSD>
        <pctVal>0.556279066401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sword Group SE</name>
        <lei>222100GEODKMZ0FFWK29</lei>
        <title>Sword Group </title>
        <cusip>F91829105</cusip>
        <identifiers>
          <isin value="FR0004180578"/>
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        <balance>45908.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1626558.96000000</valUSD>
        <pctVal>0.355552906235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Corporacion Inmobiliaria Vesta S A B De C V</name>
        <lei>4469000001BIRIFZJ959</lei>
        <title>Vesta Real Estate Corporation ADR</title>
        <cusip>92540K109</cusip>
        <identifiers>
          <isin value="US92540K1097"/>
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        <balance>76071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2085866.82000000</valUSD>
        <pctVal>0.455953966691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Elixirr International Plc</name>
        <lei>213800MKY7OHMVAKW681</lei>
        <title>Elixirr International PLC </title>
        <cusip>G3002J103</cusip>
        <identifiers>
          <isin value="GB00BLPHTX84"/>
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        <balance>244518.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2411645.10000000</valUSD>
        <pctVal>0.527166518521</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>
        <name>Gentex Corp</name>
        <lei>549300S3UD8XV1MN0287</lei>
        <title>Gentex Corporation </title>
        <cusip>371901109</cusip>
        <identifiers>
          <isin value="US3719011096"/>
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        <balance>94418.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2056424.04000000</valUSD>
        <pctVal>0.449518008172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Medpace Holdings Inc.</name>
        <lei>549300H8TYEUVTW14A54</lei>
        <title>Medpace Holdings, Inc. </title>
        <cusip>58506Q109</cusip>
        <identifiers>
          <isin value="US58506Q1094"/>
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        <balance>6306.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1944707.34000000</valUSD>
        <pctVal>0.425097622353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Roadhouse Inc</name>
        <lei>5299002Y1CNRPDGXTQ75</lei>
        <title>Texas Roadhouse, Inc. </title>
        <cusip>882681109</cusip>
        <identifiers>
          <isin value="US8826811098"/>
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        <balance>20418.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3388571.28000000</valUSD>
        <pctVal>0.740714844169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yeti Holdings Inc</name>
        <lei>549300DSQICIGNT5GO63</lei>
        <title>Yeti Holdings, Inc. </title>
        <cusip>98585X104</cusip>
        <identifiers>
          <isin value="US98585X1046"/>
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        <balance>105071.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2999777.05000000</valUSD>
        <pctVal>0.655727504759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vietnam Technological &amp; Commercial Joint Stock Bank</name>
        <lei>5493001XNKHV3FNIUD50</lei>
        <title>Vietnam Technological &amp; Comm Joint-stock Bank </title>
        <cusip>Y937GK104</cusip>
        <identifiers>
          <isin value="VN000000TCB8"/>
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        <balance>3363608.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>3404382.93000000</valUSD>
        <pctVal>0.744171145630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Virbac SA</name>
        <lei>969500QQ1X5XHG649644</lei>
        <title>Virbac SA </title>
        <cusip>F97900116</cusip>
        <identifiers>
          <isin value="FR0000031577"/>
        </identifiers>
        <balance>37083.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>13040014.12000000</valUSD>
        <pctVal>2.850443809127</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>Sporton International Inc</name>
        <lei>N/A</lei>
        <title>Sporton International, Inc. </title>
        <cusip>Y8129X109</cusip>
        <identifiers>
          <isin value="TW0006146004"/>
        </identifiers>
        <balance>949151.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>4958914.30000000</valUSD>
        <pctVal>1.083979391153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thermador Groupe</name>
        <lei>969500SSIGMAGT008F11</lei>
        <title>Thermador Groupe </title>
        <cusip>F91651194</cusip>
        <identifiers>
          <isin value="FR0013333432"/>
        </identifiers>
        <balance>44522.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3336626.08000000</valUSD>
        <pctVal>0.729360034857</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>Aritzia Inc</name>
        <lei>549300U83HKFRL1EX527</lei>
        <title>Aritzia Inc </title>
        <cusip>04045U102</cusip>
        <identifiers>
          <isin value="CA04045U1021"/>
        </identifiers>
        <balance>78161.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>2749524.38000000</valUSD>
        <pctVal>0.601024253109</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>Solum Co.  Ltd.</name>
        <lei>N/A</lei>
        <title>SOLUM Co Ltd </title>
        <cusip>Y806G2101</cusip>
        <identifiers>
          <isin value="KR7248070005"/>
        </identifiers>
        <balance>96566.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1114750.21000000</valUSD>
        <pctVal>0.243675567033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regional Sab De Cv</name>
        <lei>N/A</lei>
        <title>Regional SAB de cv </title>
        <cusip>P8008V109</cusip>
        <identifiers>
          <isin value="MX01R0000006"/>
        </identifiers>
        <balance>657202.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>4621504.01000000</valUSD>
        <pctVal>1.010224174064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kitz Corp</name>
        <lei>N/A</lei>
        <title>Kitz Corp </title>
        <cusip>J34039115</cusip>
        <identifiers>
          <isin value="JP3240700009"/>
        </identifiers>
        <balance>447384.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>3415168.93000000</valUSD>
        <pctVal>0.746528879804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EO Technics Co</name>
        <lei>N/A</lei>
        <title>Eo Technics Co Ltd </title>
        <cusip>Y2297V102</cusip>
        <identifiers>
          <isin value="KR7039030002"/>
        </identifiers>
        <balance>25905.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>2098595.13000000</valUSD>
        <pctVal>0.458736274449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neogen Corp</name>
        <lei>549300HJT9FC36N4UW43</lei>
        <title>Neogen Corporation </title>
        <cusip>640491106</cusip>
        <identifiers>
          <isin value="US6404911066"/>
        </identifiers>
        <balance>339123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1712571.15000000</valUSD>
        <pctVal>0.374354489748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVS Group PLC</name>
        <lei>213800J41XDQ2NX48O05</lei>
        <title>CVS Group plc </title>
        <cusip>G27234106</cusip>
        <identifiers>
          <isin value="GB00B2863827"/>
        </identifiers>
        <balance>590913.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>8474355.09000000</valUSD>
        <pctVal>1.852426905396</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>Globaldata PLC</name>
        <lei>2138005I669UO6PJXM24</lei>
        <title>GlobalData PLC </title>
        <cusip>G3932U111</cusip>
        <identifiers>
          <isin value="GB00BR3VDF43"/>
        </identifiers>
        <balance>1406343.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>3327058.64000000</valUSD>
        <pctVal>0.727268668248</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>Hennge K K</name>
        <lei>N/A</lei>
        <title>Hennge KK </title>
        <cusip>J20457107</cusip>
        <identifiers>
          <isin value="JP3835150008"/>
        </identifiers>
        <balance>483102.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>5790328.34000000</valUSD>
        <pctVal>1.265719915460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Riverstone Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd. </title>
        <cusip>Y7302Q105</cusip>
        <identifiers>
          <isin value="SG1U22933048"/>
        </identifiers>
        <balance>5293742.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>3668328.11000000</valUSD>
        <pctVal>0.801867471520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jeol Ltd</name>
        <lei>N/A</lei>
        <title>Jeol Ltd. </title>
        <cusip>J23317100</cusip>
        <identifiers>
          <isin value="JP3735000006"/>
        </identifiers>
        <balance>57000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1829009.24000000</valUSD>
        <pctVal>0.399806934027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADV Med Solutions</name>
        <lei>213800HJP6OWOSZI1L74</lei>
        <title>Advanced Medical Solutions Gro </title>
        <cusip>G0098X103</cusip>
        <identifiers>
          <isin value="GB0004536594"/>
        </identifiers>
        <balance>1235309.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>3177633.14000000</valUSD>
        <pctVal>0.694605437405</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>Marex Group Plc</name>
        <lei>549300DWX0SVICJAL507</lei>
        <title>Marex Group PLC </title>
        <cusip>G5S37H101</cusip>
        <identifiers>
          <isin value="GB00BMT7GT62"/>
        </identifiers>
        <balance>124811.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5535367.85000000</valUSD>
        <pctVal>1.209987571644</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>Pinnacle Investment Management Group Ltd.</name>
        <lei>N/A</lei>
        <title>Pinnacle Investment Management Group </title>
        <cusip>Q75485104</cusip>
        <identifiers>
          <isin value="AU000000PNI7"/>
        </identifiers>
        <balance>368463.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>4267382.64000000</valUSD>
        <pctVal>0.932816047239</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>FRP Advisory Group Plc</name>
        <lei>213800IPCG6DE1CVLY36</lei>
        <title>FRP Advisory Group PLC </title>
        <cusip>G371BX103</cusip>
        <identifiers>
          <isin value="GB00BL9BW044"/>
        </identifiers>
        <balance>1331655.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2378303.99000000</valUSD>
        <pctVal>0.519878415938</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>Techtronic Industries Co. Ltd.</name>
        <lei>549300HZW2SBE758OK89</lei>
        <title>Techtronic Industries Co Limited </title>
        <cusip>Y8563B159</cusip>
        <identifiers>
          <isin value="HK0669013440"/>
        </identifiers>
        <balance>172800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1746789.12000000</valUSD>
        <pctVal>0.381834266982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dermapharm Holding SE</name>
        <lei>5299009F0KNZINQQQK37</lei>
        <title>Dermapharm Holding SE </title>
        <cusip>D1T0ZJ103</cusip>
        <identifiers>
          <isin value="DE000A2GS5D8"/>
        </identifiers>
        <balance>112953.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>4930488.10000000</valUSD>
        <pctVal>1.077765648970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vimian Group AB</name>
        <lei>549300OQ8R5TCAP0BS18</lei>
        <title>Vimian Group AB </title>
        <cusip>W981A4114</cusip>
        <identifiers>
          <isin value="SE0015961982"/>
        </identifiers>
        <balance>1416780.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>5711285.71000000</valUSD>
        <pctVal>1.248441822563</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>Smartcraft Asa</name>
        <lei>5493008ELCGPWZHWUX47</lei>
        <title>SmartCraft ASA </title>
        <cusip>R7T54K113</cusip>
        <identifiers>
          <isin value="NO0011008971"/>
        </identifiers>
        <balance>744089.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40399000"/>
        <valUSD>1845205.18000000</valUSD>
        <pctVal>0.403347238239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamo Group Inc</name>
        <lei>54930080C93RVZRSDV26</lei>
        <title>Alamo Group, Inc. </title>
        <cusip>011311107</cusip>
        <identifiers>
          <isin value="US0113111076"/>
        </identifiers>
        <balance>16816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2807935.68000000</valUSD>
        <pctVal>0.613792500669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arwana Citramulia</name>
        <lei>N/A</lei>
        <title>Arwana Citramulia Tbk P.T. </title>
        <cusip>Y7116S131</cusip>
        <identifiers>
          <isin value="ID1000128309"/>
        </identifiers>
        <balance>46926169.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1667857.81000000</valUSD>
        <pctVal>0.364580507756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Visional Inc.</name>
        <lei>N/A</lei>
        <title>Visional Inc </title>
        <cusip>J94590106</cusip>
        <identifiers>
          <isin value="JP3800270005"/>
        </identifiers>
        <balance>136123.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>8236717.77000000</valUSD>
        <pctVal>1.800481269342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Uls Group Inc</name>
        <lei>N/A</lei>
        <title>ULS Group Inc </title>
        <cusip>J94062106</cusip>
        <identifiers>
          <isin value="JP3159910003"/>
        </identifiers>
        <balance>61035.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>2109662.05000000</valUSD>
        <pctVal>0.461155415510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sitime Corporation</name>
        <lei>N/A</lei>
        <title>Sitime Corporation </title>
        <cusip>82982T106</cusip>
        <identifiers>
          <isin value="US82982T1060"/>
        </identifiers>
        <balance>7704.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1131409.44000000</valUSD>
        <pctVal>0.247317142769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mateus SA</name>
        <lei>N/A</lei>
        <title>Grupo Mateus SA </title>
        <cusip>P5R16Z107</cusip>
        <identifiers>
          <isin value="BRGMATACNOR7"/>
        </identifiers>
        <balance>1624200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>2203799.19000000</valUSD>
        <pctVal>0.481733048744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rise Consulting Group Inc.</name>
        <lei>N/A</lei>
        <title>Rise Consulting Group Inc </title>
        <cusip>J6522L109</cusip>
        <identifiers>
          <isin value="JP3965420007"/>
        </identifiers>
        <balance>461640.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>3013644.84000000</valUSD>
        <pctVal>0.658758893819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPS Commerce Inc</name>
        <lei>2549006XVF9GCCETDQ72</lei>
        <title>SPS Commerce, Inc. </title>
        <cusip>78463M107</cusip>
        <identifiers>
          <isin value="US78463M1071"/>
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        <balance>25859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3711025.09000000</valUSD>
        <pctVal>0.811200693186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bouvet Asa</name>
        <lei>5967007LIEEXZXFMBC26</lei>
        <title>Bouvet ASA </title>
        <cusip>R13781100</cusip>
        <identifiers>
          <isin value="NO0010360266"/>
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        <balance>250838.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40399000"/>
        <valUSD>1926372.11000000</valUSD>
        <pctVal>0.421089686291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Halma PLC</name>
        <lei>2138007FRGLUR9KGBT40</lei>
        <title>Halma plc </title>
        <cusip>G42504103</cusip>
        <identifiers>
          <isin value="GB0004052071"/>
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        <balance>67657.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2485208.28000000</valUSD>
        <pctVal>0.543246847045</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>Mama's Creations, Inc</name>
        <lei>N/A</lei>
        <title>Mama's Creations Incorporated </title>
        <cusip>56146T103</cusip>
        <identifiers>
          <isin value="US56146T1034"/>
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        <balance>361201.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2383926.60000000</valUSD>
        <pctVal>0.521107473952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NV5 Global Inc.</name>
        <lei>N/A</lei>
        <title>NV5 Global, Inc. </title>
        <cusip>62945V109</cusip>
        <identifiers>
          <isin value="US62945V1098"/>
        </identifiers>
        <balance>218381.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4050967.55000000</valUSD>
        <pctVal>0.885509422582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Patria Investments Limited</name>
        <lei>N/A</lei>
        <title>Patria Investments Limited Class A</title>
        <cusip>G69451105</cusip>
        <identifiers>
          <isin value="KYG694511059"/>
        </identifiers>
        <balance>263643.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2762978.64000000</valUSD>
        <pctVal>0.603965247787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sdiptech AB (publ)</name>
        <lei>549300JBO7VTEGMRW310</lei>
        <title>Sdiptech AB Series B</title>
        <cusip>W8T88U113</cusip>
        <identifiers>
          <isin value="SE0003756758"/>
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        <balance>264425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>5915217.58000000</valUSD>
        <pctVal>1.293019714195</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>Volution Group PLC</name>
        <lei>213800EPT84EQCDHO768</lei>
        <title>Volution Group PLC </title>
        <cusip>G93824103</cusip>
        <identifiers>
          <isin value="GB00BN3ZZ526"/>
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        <balance>1151876.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>8720169.11000000</valUSD>
        <pctVal>1.906159903310</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>Inter Cars SA</name>
        <lei>2594008ZF17JSW0OV865</lei>
        <title>Inter Cars SA </title>
        <cusip>X3964A109</cusip>
        <identifiers>
          <isin value="PLINTCS00010"/>
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        <balance>15780.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>2380090.50000000</valUSD>
        <pctVal>0.520268932875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Industrial Company</name>
        <lei>5493000GO8Z3HEWCGE46</lei>
        <title>Global Industrials, Co. </title>
        <cusip>37892E102</cusip>
        <identifiers>
          <isin value="US37892E1029"/>
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        <balance>81614.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2095847.52000000</valUSD>
        <pctVal>0.458135668664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Insource Co Ltd</name>
        <lei>N/A</lei>
        <title>Insource Co Ltd </title>
        <cusip>J2467H104</cusip>
        <identifiers>
          <isin value="JP3152670000"/>
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        <balance>824726.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>5245423.55000000</valUSD>
        <pctVal>1.146608044037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Softcat PLC</name>
        <lei>213800N42YZLR9GLVC42</lei>
        <title>Softcat plc </title>
        <cusip>G8251T108</cusip>
        <identifiers>
          <isin value="GB00BYZDVK82"/>
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        <balance>279410.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>6222848.63000000</valUSD>
        <pctVal>1.360265425273</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>Elmos Semiconductor Se</name>
        <lei>529900UMKKDCAP4P4H63</lei>
        <title>Elmos Semiconductor AG </title>
        <cusip>D2462G107</cusip>
        <identifiers>
          <isin value="DE0005677108"/>
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        <balance>47445.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3200654.76000000</valUSD>
        <pctVal>0.699637781204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Icon PLC</name>
        <lei>6354008SRQGEMC4XFI67</lei>
        <title>ICON plc </title>
        <cusip>G4705A100</cusip>
        <identifiers>
          <isin value="IE0005711209"/>
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        <balance>21083.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3192809.52000000</valUSD>
        <pctVal>0.697922873875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Esquire Financial Holdings Inc</name>
        <lei>N/A</lei>
        <title>Esquire Financial Holdings, Inc. </title>
        <cusip>29667J101</cusip>
        <identifiers>
          <isin value="US29667J1016"/>
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        <balance>26320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2182454.40000000</valUSD>
        <pctVal>0.477067246701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>X-FAB Silicon Foundries SE</name>
        <lei>5493003UDPENPUQBJH65</lei>
        <title>X-Fab Silicon Foundries S.E. </title>
        <cusip>B9901Z101</cusip>
        <identifiers>
          <isin value="BE0974310428"/>
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        <balance>615706.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3408023.46000000</valUSD>
        <pctVal>0.744966936655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Richelieu Hardware Ltd.</name>
        <lei>5493007VPNETW465DN04</lei>
        <title>Richelieu Hardware, Ltd. </title>
        <cusip>76329W103</cusip>
        <identifiers>
          <isin value="CA76329W1032"/>
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        <balance>107888.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>2552344.10000000</valUSD>
        <pctVal>0.557922205578</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>Ipd Group Limited</name>
        <lei>N/A</lei>
        <title>IPD Group Ltd/Australia </title>
        <cusip>Q496BN109</cusip>
        <identifiers>
          <isin value="AU0000189318"/>
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        <balance>488516.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1251722.50000000</valUSD>
        <pctVal>0.273616624800</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>Indigo Paints Ltd.</name>
        <lei>3358007YDYB5P8I6HB69</lei>
        <title>Indigo Paints Ltd </title>
        <cusip>Y3939M104</cusip>
        <identifiers>
          <isin value="INE09VQ01012"/>
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        <balance>179351.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>2066644.13000000</valUSD>
        <pctVal>0.451752038902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Globant S.A</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>Globant S.A. </title>
        <cusip>L44385109</cusip>
        <identifiers>
          <isin value="LU0974299876"/>
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        <balance>31412.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3693108.84000000</valUSD>
        <pctVal>0.807284342834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enerpac Tool Group Corp</name>
        <lei>IZW37BPZKUJE1QXGB081</lei>
        <title>Enerpac Tool Group Corporation </title>
        <cusip>292765104</cusip>
        <identifiers>
          <isin value="US2927651040"/>
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        <balance>68555.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2767565.35000000</valUSD>
        <pctVal>0.604967866266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neurones</name>
        <lei>9695008Y07TSG8SZCG57</lei>
        <title>Neurones SA </title>
        <cusip>F6523H101</cusip>
        <identifiers>
          <isin value="FR0004050250"/>
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        <balance>42262.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>2290389.57000000</valUSD>
        <pctVal>0.500661020012</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>Littelfuse Inc.</name>
        <lei>549300MY7HLQFYTPCX75</lei>
        <title>Littelfuse, Inc. </title>
        <cusip>537008104</cusip>
        <identifiers>
          <isin value="US5370081045"/>
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        <balance>55770.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10167428.70000000</valUSD>
        <pctVal>2.222519387322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FP Partner Inc.</name>
        <lei>N/A</lei>
        <title>FP Partner Inc </title>
        <cusip>J13675103</cusip>
        <identifiers>
          <isin value="JP3167010002"/>
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        <balance>62247.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1058791.33000000</valUSD>
        <pctVal>0.231443399062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wavestone SA</name>
        <lei>969500GSN25I3B3X6F94</lei>
        <title>Wavestone </title>
        <cusip>F98323102</cusip>
        <identifiers>
          <isin value="FR0013357621"/>
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        <balance>55799.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>2970252.89000000</valUSD>
        <pctVal>0.649273757216</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>Charm Care Corporation</name>
        <lei>N/A</lei>
        <title>Charm Care Corp KK </title>
        <cusip>J0625A102</cusip>
        <identifiers>
          <isin value="JP3512740006"/>
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        <balance>189129.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1666060.81000000</valUSD>
        <pctVal>0.364187697788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Interpump Group S.p.A.</name>
        <lei>815600C79D0F31F4D395</lei>
        <title>Interpump Group SpA </title>
        <cusip>T5513W107</cusip>
        <identifiers>
          <isin value="IT0001078911"/>
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        <balance>157019.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>5355024.40000000</valUSD>
        <pctVal>1.170565921803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rakus Co Ltd.</name>
        <lei>N/A</lei>
        <title>Rakus Co Ltd </title>
        <cusip>J6S879103</cusip>
        <identifiers>
          <isin value="JP3967170006"/>
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        <balance>85800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1293423.59000000</valUSD>
        <pctVal>0.282732152800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gulf Oil Lubricants Ltd</name>
        <lei>3358009J8O762GKOHS20</lei>
        <title>Gulf Oil Lubricants India Ltd. </title>
        <cusip>Y6985P111</cusip>
        <identifiers>
          <isin value="INE635Q01029"/>
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        <balance>206082.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>2898806.18000000</valUSD>
        <pctVal>0.633656072271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rvrc Holding Ab</name>
        <lei>549300YU7003VHQV3J57</lei>
        <title>RVRC Holding AB </title>
        <cusip>W7282E108</cusip>
        <identifiers>
          <isin value="SE0015962485"/>
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        <balance>516276.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>2669873.65000000</valUSD>
        <pctVal>0.583613234369</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>Diploma PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>Diploma plc </title>
        <cusip>G27664112</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
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        <balance>182989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>9662962.56000000</valUSD>
        <pctVal>2.112247084513</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>Baycurrent Inc.</name>
        <lei>N/A</lei>
        <title>BayCurrent Consulting, Inc. </title>
        <cusip>J0433F103</cusip>
        <identifiers>
          <isin value="JP3835250006"/>
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        <balance>146526.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>7884025.61000000</valUSD>
        <pctVal>1.723385556504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Primoris Services Corp.</name>
        <lei>549300UF3OLBJ8D5K349</lei>
        <title>Primoris Services Corporation </title>
        <cusip>74164F103</cusip>
        <identifiers>
          <isin value="US74164F1030"/>
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        <balance>54179.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3249114.63000000</valUSD>
        <pctVal>0.710230724982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Silergy Corporation</name>
        <lei>N/A</lei>
        <title>Silergy Corp </title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
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        <balance>553008.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>6899663.13000000</valUSD>
        <pctVal>1.508211714572</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Five Star Business Finance Ltd</name>
        <lei>335800SDB5FANSP25Z85</lei>
        <title>Five-Star Business </title>
        <cusip>Y2576G131</cusip>
        <identifiers>
          <isin value="INE128S01021"/>
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        <balance>359500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>3000139.79000000</valUSD>
        <pctVal>0.655806796850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>B&amp;M European Value Retail SA</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B &amp; M European Value Retail SA </title>
        <cusip>L1175H106</cusip>
        <identifiers>
          <isin value="LU1072616219"/>
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        <balance>3313464.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>14856246.12000000</valUSD>
        <pctVal>3.247457739687</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>
        <name>Recordati Industria Chimica e Farmaceutica S.p.A.</name>
        <lei>815600FBF92FD3531704</lei>
        <title>Recordati SpA </title>
        <cusip>T78458139</cusip>
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          <isin value="IT0003828271"/>
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        <balance>100099.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>5884504.71000000</valUSD>
        <pctVal>1.286306124061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dino Polska SA</name>
        <lei>259400H4L81SMPRTW956</lei>
        <title>Dino Polska SA </title>
        <cusip>X188AF102</cusip>
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          <isin value="PLDINPL00011"/>
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        <balance>49030.00000000</balance>
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        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>6860645.13000000</valUSD>
        <pctVal>1.499682688796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Boot Barn Holdings Inc</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>Boot Barn Holdings, Inc. </title>
        <cusip>099406100</cusip>
        <identifiers>
          <isin value="US0994061002"/>
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        <balance>22259.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2322504.06000000</valUSD>
        <pctVal>0.507680993178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DiaSorin S.p.A.</name>
        <lei>8156002878BDF0EE4348</lei>
        <title>Diasorin SPA </title>
        <cusip>T3475Y104</cusip>
        <identifiers>
          <isin value="IT0003492391"/>
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        <balance>19568.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>2229687.07000000</valUSD>
        <pctVal>0.487391934279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Leeno Industrial</name>
        <lei>N/A</lei>
        <title>LEENO Industrial Inc. </title>
        <cusip>Y5254W104</cusip>
        <identifiers>
          <isin value="KR7058470006"/>
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        <balance>126100.00000000</balance>
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        <valUSD>3198438.80000000</valUSD>
        <pctVal>0.699153389899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kulicke and Soffa Industries, Inc.</name>
        <lei>529900H6BEIRBF429744</lei>
        <title>Kulicke &amp; Soffa Industries, Inc. </title>
        <cusip>501242101</cusip>
        <identifiers>
          <isin value="US5012421013"/>
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        <balance>43168.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1391304.64000000</valUSD>
        <pctVal>0.304128175108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Renew Holdings</name>
        <lei>213800O3DC3V4WYA2E09</lei>
        <title>Renew Holdings PLC </title>
        <cusip>G7490A102</cusip>
        <identifiers>
          <isin value="GB0005359004"/>
        </identifiers>
        <balance>187449.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1886257.25000000</valUSD>
        <pctVal>0.412320895606</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>Ultrajaya Milk Industry &amp; Trading Co Tbk PT</name>
        <lei>N/A</lei>
        <title>Ultrajaya Milk Industry &amp; Trad </title>
        <cusip>Y7145S169</cusip>
        <identifiers>
          <isin value="ID1000063100"/>
        </identifiers>
        <balance>12631190.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1053867.36000000</valUSD>
        <pctVal>0.230367058218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Japan Elevator Service Hldgs Co Ltd</name>
        <lei>N/A</lei>
        <title>Japan Elevator Service Holdings Company Ltd. </title>
        <cusip>J2S19B100</cusip>
        <identifiers>
          <isin value="JP3389510003"/>
        </identifiers>
        <balance>203590.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>4394592.43000000</valUSD>
        <pctVal>0.960623099826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Melexis NV</name>
        <lei>549300QRPSGOJRPUFO80</lei>
        <title>Melexis NV </title>
        <cusip>B59283109</cusip>
        <identifiers>
          <isin value="BE0165385973"/>
        </identifiers>
        <balance>101166.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>6038990.82000000</valUSD>
        <pctVal>1.320075564170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petershill Partners Plc</name>
        <lei>213800HTCF8A7XM22A32</lei>
        <title>Petershill Partners PLC </title>
        <cusip>G52314104</cusip>
        <identifiers>
          <isin value="GB00BL9ZF303"/>
        </identifiers>
        <balance>1253554.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>3617193.90000000</valUSD>
        <pctVal>0.790689938199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ewell Co Ltd.</name>
        <lei>N/A</lei>
        <title>eWeLL Co Ltd </title>
        <cusip>J23835101</cusip>
        <identifiers>
          <isin value="JP3130160009"/>
        </identifiers>
        <balance>127930.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1997004.13000000</valUSD>
        <pctVal>0.436529286454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Silicon Laboratories, Inc.</name>
        <lei>4PRDF8Q9TDHRVZKZSZ47</lei>
        <title>Silicon Laboratories, Inc. </title>
        <cusip>826919102</cusip>
        <identifiers>
          <isin value="US8269191024"/>
        </identifiers>
        <balance>15825.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1610352.00000000</valUSD>
        <pctVal>0.352010193138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ma Financial Group Ltd</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd </title>
        <cusip>Q57129100</cusip>
        <identifiers>
          <isin value="AU0000156218"/>
        </identifiers>
        <balance>414946.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1756961.80000000</valUSD>
        <pctVal>0.384057934262</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>Marklines Co Ltd</name>
        <lei>N/A</lei>
        <title>MarkLines Company Ltd. </title>
        <cusip>J3971M100</cusip>
        <identifiers>
          <isin value="JP3860210008"/>
        </identifiers>
        <balance>269404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>4299681.81000000</valUSD>
        <pctVal>0.939876389990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Integral Corp.</name>
        <lei>N/A</lei>
        <title>Integral Corp </title>
        <cusip>J2401C104</cusip>
        <identifiers>
          <isin value="JP3152910000"/>
        </identifiers>
        <balance>315736.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>5995714.41000000</valUSD>
        <pctVal>1.310615683695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ensign Group Inc</name>
        <lei>5493003K4HEEA8Q0BC72</lei>
        <title>Ensign Group, Inc. (The) </title>
        <cusip>29358P101</cusip>
        <identifiers>
          <isin value="US29358P1012"/>
        </identifiers>
        <balance>14026.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1809213.74000000</valUSD>
        <pctVal>0.395479794508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SJS Enterprises Ltd.</name>
        <lei>984500E74D93F3F04562</lei>
        <title>SJS Enterprises Ltd </title>
        <cusip>Y8066B102</cusip>
        <identifiers>
          <isin value="INE284S01014"/>
        </identifiers>
        <balance>286718.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>3150453.01000000</valUSD>
        <pctVal>0.688664076254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Grandeur Peak Global Trust</ncom:nameOfApplicant>
      <ncom:signature>Grandeur Peak Global Trust</ncom:signature>
      <ncom:signerName>Sarah Criger</ncom:signerName>
      <ncom:title>VP, Fund Accouting</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
