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        <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>Allfunds Group Plc</name>
        <lei>9598005U8TZQ8Q64SC71</lei>
        <title>Allfunds Group Plc </title>
        <cusip>G0236L102</cusip>
        <identifiers>
          <isin value="GB00BNTJ3546"/>
        </identifiers>
        <balance>536273.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3015775.60000000</valUSD>
        <pctVal>0.976323984516</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"/>
        </identifiers>
        <balance>53051.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3578837.30000000</valUSD>
        <pctVal>1.158608980281</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>Synchro Food Co Ltd</name>
        <lei>N/A</lei>
        <title>Synchro Food Co Ltd </title>
        <cusip>J7867P101</cusip>
        <identifiers>
          <isin value="JP3372300008"/>
        </identifiers>
        <balance>240100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1001256.65000000</valUSD>
        <pctVal>0.324145762719</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>Aspirasi Hidup Indonesia Tbk PT</name>
        <lei>529900WER46RYFNZER60</lei>
        <title>Aspirasi Hidup Ind </title>
        <cusip>Y000CY105</cusip>
        <identifiers>
          <isin value="ID1000125503"/>
        </identifiers>
        <balance>52125900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1679961.23000000</valUSD>
        <pctVal>0.543868861432</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>Armac Locacao Logistica E Servicos SA</name>
        <lei>N/A</lei>
        <title>Armac Locacao Logistica </title>
        <cusip>P0R0FY103</cusip>
        <identifiers>
          <isin value="BRARMLACNOR1"/>
        </identifiers>
        <balance>1724100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>1321580.12000000</valUSD>
        <pctVal>0.427846942132</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>Swedish Logistic Property AB</name>
        <lei>254900AWRHP1QNE6OQ19</lei>
        <title>Swedish Logistic </title>
        <cusip>W9545H142</cusip>
        <identifiers>
          <isin value="SE0017565476"/>
        </identifiers>
        <balance>527307.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>2155128.42000000</valUSD>
        <pctVal>0.697698982032</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>Halma PLC</name>
        <lei>2138007FRGLUR9KGBT40</lei>
        <title>Halma plc </title>
        <cusip>G42504103</cusip>
        <identifiers>
          <isin value="GB0004052071"/>
        </identifiers>
        <balance>49394.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1814363.30000000</valUSD>
        <pctVal>0.587380044595</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>HPSP Co Ltd.</name>
        <lei>N/A</lei>
        <title>HPSP Co Ltd </title>
        <cusip>Y3R2Z4107</cusip>
        <identifiers>
          <isin value="KR7403870009"/>
        </identifiers>
        <balance>79257.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1250171.89000000</valUSD>
        <pctVal>0.404729317717</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>Dermapharm Holding SE</name>
        <lei>5299009F0KNZINQQQK37</lei>
        <title>Dermapharm Holding SE </title>
        <cusip>D1T0ZJ103</cusip>
        <identifiers>
          <isin value="DE000A2GS5D8"/>
        </identifiers>
        <balance>90643.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3956638.89000000</valUSD>
        <pctVal>1.280918065116</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>Tatton Asset Mgmt Plc</name>
        <lei>213800G2F8I1N7HTVP88</lei>
        <title>Tatton Asset Mgmt </title>
        <cusip>G86841106</cusip>
        <identifiers>
          <isin value="GB00BYX1P358"/>
        </identifiers>
        <balance>289542.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2392622.05000000</valUSD>
        <pctVal>0.774584917159</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>Aritzia Inc</name>
        <lei>549300U83HKFRL1EX527</lei>
        <title>Aritzia Inc </title>
        <cusip>04045U102</cusip>
        <identifiers>
          <isin value="CA04045U1021"/>
        </identifiers>
        <balance>65401.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>2300656.90000000</valUSD>
        <pctVal>0.744812217332</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>Selamat Sempurna</name>
        <lei>N/A</lei>
        <title>Selamat Sempurna Tbk PT </title>
        <cusip>Y7139P148</cusip>
        <identifiers>
          <isin value="ID1000095409"/>
        </identifiers>
        <balance>13733900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1472671.20000000</valUSD>
        <pctVal>0.476761007638</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>Crowdworks Inc. (Japan)</name>
        <lei>N/A</lei>
        <title>CrowdWorks Inc </title>
        <cusip>J0839R107</cusip>
        <identifiers>
          <isin value="JP3267900003"/>
        </identifiers>
        <balance>275500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>2168608.31000000</valUSD>
        <pctVal>0.702062947281</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>Petershill Partners Plc</name>
        <lei>213800HTCF8A7XM22A32</lei>
        <title>Petershill Partners PLC </title>
        <cusip>G52314104</cusip>
        <identifiers>
          <isin value="GB00BL9ZF303"/>
        </identifiers>
        <balance>974152.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2810965.20000000</valUSD>
        <pctVal>0.910018883501</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>Sporton International Inc</name>
        <lei>N/A</lei>
        <title>Sporton International, Inc. </title>
        <cusip>Y8129X109</cusip>
        <identifiers>
          <isin value="TW0006146004"/>
        </identifiers>
        <balance>1134338.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>5926438.40000000</valUSD>
        <pctVal>1.918618862982</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"/>
        </identifiers>
        <balance>223730.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40399000"/>
        <valUSD>1718189.56000000</valUSD>
        <pctVal>0.556244860318</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>EO Technics Co</name>
        <lei>N/A</lei>
        <title>Eo Technics Co Ltd </title>
        <cusip>Y2297V102</cusip>
        <identifiers>
          <isin value="KR7039030002"/>
        </identifiers>
        <balance>17162.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1390314.21000000</valUSD>
        <pctVal>0.450098843308</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>YouGov PLC</name>
        <lei>213800MZGBGCJIPOBB41</lei>
        <title>YouGov PLC </title>
        <cusip>G9875S112</cusip>
        <identifiers>
          <isin value="GB00B1VQ6H25"/>
        </identifiers>
        <balance>386742.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1474206.13000000</valUSD>
        <pctVal>0.477257924243</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>Cyber Security Cloud Inc</name>
        <lei>N/A</lei>
        <title>Cyber Security Cloud Inc </title>
        <cusip>J11098100</cusip>
        <identifiers>
          <isin value="JP3311590008"/>
        </identifiers>
        <balance>112600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1340138.54000000</valUSD>
        <pctVal>0.433855025280</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>Planisware SA</name>
        <lei>969500356FAUM2X41Q59</lei>
        <title>Planisware SAS </title>
        <cusip>F7S918135</cusip>
        <identifiers>
          <isin value="FR001400PFU4"/>
        </identifiers>
        <balance>74147.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>2009198.75000000</valUSD>
        <pctVal>0.650455865909</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>X-FAB Silicon Foundries SE</name>
        <lei>5493003UDPENPUQBJH65</lei>
        <title>X-Fab Silicon Foundries S.E. </title>
        <cusip>B9901Z101</cusip>
        <identifiers>
          <isin value="BE0974310428"/>
        </identifiers>
        <balance>639845.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3541636.38000000</valUSD>
        <pctVal>1.146565594015</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>
        </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>93989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2350069.49000000</valUSD>
        <pctVal>0.760808996653</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>Indigo Paints Ltd.</name>
        <lei>3358007YDYB5P8I6HB69</lei>
        <title>Indigo Paints Ltd </title>
        <cusip>Y3939M104</cusip>
        <identifiers>
          <isin value="INE09VQ01012"/>
        </identifiers>
        <balance>162298.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1870144.07000000</valUSD>
        <pctVal>0.605438451734</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>FRP Advisory Group Plc</name>
        <lei>213800IPCG6DE1CVLY36</lei>
        <title>FRP Advisory Group PLC </title>
        <cusip>G371BX103</cusip>
        <identifiers>
          <isin value="GB00BL9BW044"/>
        </identifiers>
        <balance>1096387.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1958120.97000000</valUSD>
        <pctVal>0.633919999749</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>Asia Commercial Bk</name>
        <lei>5493001VSLUXY7LJS086</lei>
        <title>Asia Commercial Bank JSC </title>
        <cusip>Y0324N101</cusip>
        <identifiers>
          <isin value="VN000000ACB8"/>
        </identifiers>
        <balance>3076180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>2847109.06000000</valUSD>
        <pctVal>0.921720058287</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>SJS Enterprises Ltd.</name>
        <lei>984500E74D93F3F04562</lei>
        <title>SJS Enterprises Ltd </title>
        <cusip>Y8066B102</cusip>
        <identifiers>
          <isin value="INE284S01014"/>
        </identifiers>
        <balance>268559.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>2950922.19000000</valUSD>
        <pctVal>0.955328410555</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>Dino Polska SA</name>
        <lei>259400H4L81SMPRTW956</lei>
        <title>Dino Polska SA </title>
        <cusip>X188AF102</cusip>
        <identifiers>
          <isin value="PLDINPL00011"/>
        </identifiers>
        <balance>31669.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>4431363.87000000</valUSD>
        <pctVal>1.434605025122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>Y</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"/>
        </identifiers>
        <balance>1090973.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>8259108.66000000</valUSD>
        <pctVal>2.673795051424</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>ADV Med Solutions</name>
        <lei>213800HJP6OWOSZI1L74</lei>
        <title>Advanced Medical Solutions Gro </title>
        <cusip>G0098X103</cusip>
        <identifiers>
          <isin value="GB0004536594"/>
        </identifiers>
        <balance>862025.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2217420.26000000</valUSD>
        <pctVal>0.717865276047</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>Gulf Oil Lubricants Ltd</name>
        <lei>3358009J8O762GKOHS20</lei>
        <title>Gulf Oil Lubricants India Ltd. </title>
        <cusip>Y6985P111</cusip>
        <identifiers>
          <isin value="INE635Q01029"/>
        </identifiers>
        <balance>175106.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>2463089.23000000</valUSD>
        <pctVal>0.797397887049</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>Kitz Corp</name>
        <lei>N/A</lei>
        <title>Kitz Corp </title>
        <cusip>J34039115</cusip>
        <identifiers>
          <isin value="JP3240700009"/>
        </identifiers>
        <balance>292100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>2229786.59000000</valUSD>
        <pctVal>0.721868738566</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>Renew Holdings</name>
        <lei>213800O3DC3V4WYA2E09</lei>
        <title>Renew Holdings PLC </title>
        <cusip>G7490A102</cusip>
        <identifiers>
          <isin value="GB0005359004"/>
        </identifiers>
        <balance>176211.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1773171.77000000</valUSD>
        <pctVal>0.574044742493</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>Sesa S.p.A. (Gia/ Made In Italy 1 SpA)</name>
        <lei>81560005C031D4E76707</lei>
        <title>Sesa SpA </title>
        <cusip>T8T09M129</cusip>
        <identifiers>
          <isin value="IT0004729759"/>
        </identifiers>
        <balance>21604.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1815029.93000000</valUSD>
        <pctVal>0.587595858682</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>Eurofins Scientific SE</name>
        <lei>529900JEHFM47DYY3S57</lei>
        <title>Eurofins Scientific </title>
        <cusip>L31839134</cusip>
        <identifiers>
          <isin value="FR0014000MR3"/>
        </identifiers>
        <balance>55288.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3477753.11000000</valUSD>
        <pctVal>1.125884092145</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>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"/>
        </identifiers>
        <balance>64778.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1776212.76000000</valUSD>
        <pctVal>0.575029229360</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>Puregold Price Club Inc.</name>
        <lei>N/A</lei>
        <title>Puregold Price Club Inc </title>
        <cusip>Y71617107</cusip>
        <identifiers>
          <isin value="PHY716171079"/>
        </identifiers>
        <balance>3512900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.79000000"/>
        <valUSD>2011779.08000000</valUSD>
        <pctVal>0.651291219198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centre Testing International Group Co Ltd.</name>
        <lei>N/A</lei>
        <title>Centre Testing Int </title>
        <cusip>Y1252N105</cusip>
        <identifiers>
          <isin value="CNE100000GV8"/>
        </identifiers>
        <balance>1670000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.27150000"/>
        <valUSD>2563047.51000000</valUSD>
        <pctVal>0.829758274279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Endava PLC</name>
        <lei>213800JJ6CRPCWCQVZ25</lei>
        <title>Endava plc ADR</title>
        <cusip>29260V105</cusip>
        <identifiers>
          <isin value="US29260V1052"/>
        </identifiers>
        <balance>49911.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>908879.31000000</valUSD>
        <pctVal>0.294239620939</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>Riverstone Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd. </title>
        <cusip>Y7302Q105</cusip>
        <identifiers>
          <isin value="SG1U22933048"/>
        </identifiers>
        <balance>3098800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>2147330.78000000</valUSD>
        <pctVal>0.695174582354</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>47900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1537009.52000000</valUSD>
        <pctVal>0.497589826911</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>Topicus Com Inc</name>
        <lei>N/A</lei>
        <title>Topicus.com, Inc. </title>
        <cusip>89072T102</cusip>
        <identifiers>
          <isin value="CA89072T1021"/>
        </identifiers>
        <balance>19900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>2381769.11000000</valUSD>
        <pctVal>0.771071397909</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>Globaldata PLC</name>
        <lei>2138005I669UO6PJXM24</lei>
        <title>GlobalData PLC </title>
        <cusip>G3932U111</cusip>
        <identifiers>
          <isin value="GB00BR3VDF43"/>
        </identifiers>
        <balance>847904.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2005930.51000000</valUSD>
        <pctVal>0.649397809368</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>PT Cisarua Mountain Dairy Tbk</name>
        <lei>N/A</lei>
        <title>Cisarua Mountain Dairy PT TBK </title>
        <cusip>Y163EZ106</cusip>
        <identifiers>
          <isin value="ID1000164700"/>
        </identifiers>
        <balance>3310700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>913434.10000000</valUSD>
        <pctVal>0.295714183809</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>Gremz Inc</name>
        <lei>N/A</lei>
        <title>gremz Inc </title>
        <cusip>J1773J101</cusip>
        <identifiers>
          <isin value="JP3952860009"/>
        </identifiers>
        <balance>95700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1582277.50000000</valUSD>
        <pctVal>0.512244834599</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>Sinbon Electronics Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Sinbon Electronics Co., Limited </title>
        <cusip>Y7989R103</cusip>
        <identifiers>
          <isin value="TW0003023008"/>
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        <balance>349000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>2405770.43000000</valUSD>
        <pctVal>0.778841559713</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>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>7931000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>661712.95000000</valUSD>
        <pctVal>0.214222246492</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>Redcare Pharmacy N.V</name>
        <lei>529900JK6UXHY1YKZ082</lei>
        <title>Redcare Pharmacy N.V. </title>
        <cusip>N7975Z103</cusip>
        <identifiers>
          <isin value="NL0012044747"/>
        </identifiers>
        <balance>17300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>2571462.59000000</valUSD>
        <pctVal>0.832482563326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sun Inc.</name>
        <lei>N/A</lei>
        <title>Sun* Inc </title>
        <cusip>J7808M100</cusip>
        <identifiers>
          <isin value="JP3323800007"/>
        </identifiers>
        <balance>329500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1307210.33000000</valUSD>
        <pctVal>0.423194881604</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>2G Energy Ag</name>
        <lei>529900GC2NUJ6F0TSK26</lei>
        <title>2G Energy AG </title>
        <cusip>D8453H103</cusip>
        <identifiers>
          <isin value="DE000A0HL8N9"/>
        </identifiers>
        <balance>57492.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1847957.14000000</valUSD>
        <pctVal>0.598255678619</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>ASPEED Technology Inc.</name>
        <lei>N/A</lei>
        <title>ASPEED Technology, Inc. </title>
        <cusip>Y04044106</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
        </identifiers>
        <balance>17000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>1590767.31000000</valUSD>
        <pctVal>0.514993316657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DPC Dash Ltd.</name>
        <lei>254900OG7TEI5GQICO05</lei>
        <title>DPC Dash LTD. </title>
        <cusip>G2R04S104</cusip>
        <identifiers>
          <isin value="VGG2R04S1048"/>
        </identifiers>
        <balance>181000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>2299936.69000000</valUSD>
        <pctVal>0.744579057313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>Y</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"/>
        </identifiers>
        <balance>13017.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>1963348.42000000</valUSD>
        <pctVal>0.635612328851</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>Ma Financial Group Ltd</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd </title>
        <cusip>Q57129100</cusip>
        <identifiers>
          <isin value="AU0000156218"/>
        </identifiers>
        <balance>374966.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1587678.73000000</valUSD>
        <pctVal>0.513993423053</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>Renk Group AG</name>
        <lei>894500H8CNSZ53EI6K63</lei>
        <title>RENK Group AG </title>
        <cusip>D6S2UZ108</cusip>
        <identifiers>
          <isin value="DE000RENK730"/>
        </identifiers>
        <balance>21636.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1297178.78000000</valUSD>
        <pctVal>0.419947278278</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>AB Dynamics Plc</name>
        <lei>213800OFXZP4A7I47K43</lei>
        <title>AB Dynamics PLC </title>
        <cusip>G0032G109</cusip>
        <identifiers>
          <isin value="GB00B9GQVG73"/>
        </identifiers>
        <balance>66020.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1548670.51000000</valUSD>
        <pctVal>0.501364943408</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>Globant S.A</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>Globant S.A. </title>
        <cusip>L44385109</cusip>
        <identifiers>
          <isin value="LU0974299876"/>
        </identifiers>
        <balance>19972.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2348108.04000000</valUSD>
        <pctVal>0.760173998917</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>1446100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>1962143.83000000</valUSD>
        <pctVal>0.635222356166</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>Tokyo Seimitsu Co Ltd</name>
        <lei>N/A</lei>
        <title>Tokyo Seimitsu Company Limited </title>
        <cusip>J87903100</cusip>
        <identifiers>
          <isin value="JP3580200008"/>
        </identifiers>
        <balance>47900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>2671165.69000000</valUSD>
        <pctVal>0.864760338854</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>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"/>
        </identifiers>
        <balance>2240043.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>10043456.06000000</valUSD>
        <pctVal>3.251457780485</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>ATOSS Software SE</name>
        <lei>529900Q9G9280ADNOA39</lei>
        <title>Atoss Software AG </title>
        <cusip>D0426N101</cusip>
        <identifiers>
          <isin value="DE0005104400"/>
        </identifiers>
        <balance>26578.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3983686.62000000</valUSD>
        <pctVal>1.289674468453</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>Marex Group Plc</name>
        <lei>549300DWX0SVICJAL507</lei>
        <title>Marex Group PLC </title>
        <cusip>G5S37H101</cusip>
        <identifiers>
          <isin value="GB00BMT7GT62"/>
        </identifiers>
        <balance>65712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2914327.20000000</valUSD>
        <pctVal>0.943481187423</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>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>164800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>3557290.79000000</valUSD>
        <pctVal>1.151633536055</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"/>
        </identifiers>
        <balance>178403.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>3973282.50000000</valUSD>
        <pctVal>1.286306249712</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>JFrog Ltd</name>
        <lei>N/A</lei>
        <title>JFrog Ltd. </title>
        <cusip>M6191J100</cusip>
        <identifiers>
          <isin value="IL0011684185"/>
        </identifiers>
        <balance>72952.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2463589.04000000</valUSD>
        <pctVal>0.797559695006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ewell Co Ltd.</name>
        <lei>N/A</lei>
        <title>eWeLL Co Ltd </title>
        <cusip>J23835101</cusip>
        <identifiers>
          <isin value="JP3130160009"/>
        </identifiers>
        <balance>65600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1024024.63000000</valUSD>
        <pctVal>0.331516644343</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>Charm Care Corporation</name>
        <lei>N/A</lei>
        <title>Charm Care Corp KK </title>
        <cusip>J0625A102</cusip>
        <identifiers>
          <isin value="JP3512740006"/>
        </identifiers>
        <balance>220400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1941530.93000000</valUSD>
        <pctVal>0.628549157848</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>59900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>2070431.01000000</valUSD>
        <pctVal>0.670279132621</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>iFAST Corporation Ltd.</name>
        <lei>254900R8J6BPHWK23Z14</lei>
        <title>iFast Corporation </title>
        <cusip>Y385EU106</cusip>
        <identifiers>
          <isin value="SG1AF5000000"/>
        </identifiers>
        <balance>408400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>1945059.72000000</valUSD>
        <pctVal>0.629691564569</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>Neurones</name>
        <lei>9695008Y07TSG8SZCG57</lei>
        <title>Neurones SA </title>
        <cusip>F6523H101</cusip>
        <identifiers>
          <isin value="FR0004050250"/>
        </identifiers>
        <balance>28133.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1524668.25000000</valUSD>
        <pctVal>0.493594477290</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>Marklines Co Ltd</name>
        <lei>N/A</lei>
        <title>MarkLines Company Ltd. </title>
        <cusip>J3971M100</cusip>
        <identifiers>
          <isin value="JP3860210008"/>
        </identifiers>
        <balance>257900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>4116078.23000000</valUSD>
        <pctVal>1.332534787434</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>JTC PLC</name>
        <lei>213800DVUG4KLF2ASK33</lei>
        <title>JTC plc </title>
        <cusip>G5211H117</cusip>
        <identifiers>
          <isin value="JE00BF4X3P53"/>
        </identifiers>
        <balance>825565.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>9176734.46000000</valUSD>
        <pctVal>2.970866251732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</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>835663.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>3368702.38000000</valUSD>
        <pctVal>1.090580124825</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>Ashtead Technology Holdings PLC</name>
        <lei>213800LHEWVY66RPGR58</lei>
        <title>Ashtead Technology Holdings plc </title>
        <cusip>G0609Y103</cusip>
        <identifiers>
          <isin value="GB00BLH42507"/>
        </identifiers>
        <balance>308581.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2046129.47000000</valUSD>
        <pctVal>0.662411777914</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>Kulicke and Soffa Industries, Inc.</name>
        <lei>529900H6BEIRBF429744</lei>
        <title>Kulicke &amp; Soffa Industries, Inc. </title>
        <cusip>501242101</cusip>
        <identifiers>
          <isin value="US5012421013"/>
        </identifiers>
        <balance>56978.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1836400.94000000</valUSD>
        <pctVal>0.594514486724</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>Diploma PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>Diploma plc </title>
        <cusip>G27664112</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
        </identifiers>
        <balance>123326.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>6512383.37000000</valUSD>
        <pctVal>2.108312064232</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>Motherson Sumi Wiring India Ltd.</name>
        <lei>335800Y5S92WUOZT3C60</lei>
        <title>Motherson Sumi Wiring India Lt </title>
        <cusip>Y613MV100</cusip>
        <identifiers>
          <isin value="INE0FS801015"/>
        </identifiers>
        <balance>2715755.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1790119.43000000</valUSD>
        <pctVal>0.579531359912</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>Plus Alpha Consulting Co Ltd.</name>
        <lei>N/A</lei>
        <title>Plus Alpha Consulting </title>
        <cusip>J63934103</cusip>
        <identifiers>
          <isin value="JP3832700003"/>
        </identifiers>
        <balance>156200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1820803.25000000</valUSD>
        <pctVal>0.589464907157</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>72031.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>4299809.69000000</valUSD>
        <pctVal>1.392015814838</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>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"/>
        </identifiers>
        <balance>1961346.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>1985122.18000000</valUSD>
        <pctVal>0.642661342750</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>Rvrc Holding Ab</name>
        <lei>549300YU7003VHQV3J57</lei>
        <title>RVRC Holding AB </title>
        <cusip>W7282E108</cusip>
        <identifiers>
          <isin value="SE0015962485"/>
        </identifiers>
        <balance>268300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>1387488.67000000</valUSD>
        <pctVal>0.449184105994</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>Ipd Group Limited</name>
        <lei>N/A</lei>
        <title>IPD Group Ltd/Australia </title>
        <cusip>Q496BN109</cusip>
        <identifiers>
          <isin value="AU0000189318"/>
        </identifiers>
        <balance>398222.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1020362.56000000</valUSD>
        <pctVal>0.330331089697</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>Five Star Business Finance Ltd</name>
        <lei>335800SDB5FANSP25Z85</lei>
        <title>Five-Star Business </title>
        <cusip>Y2576G131</cusip>
        <identifiers>
          <isin value="INE128S01021"/>
        </identifiers>
        <balance>293910.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>2452770.75000000</valUSD>
        <pctVal>0.794057393310</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>FPT Corp.</name>
        <lei>N/A</lei>
        <title>FPT Corp </title>
        <cusip>Y26333107</cusip>
        <identifiers>
          <isin value="VN000000FPT1"/>
        </identifiers>
        <balance>440177.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>1853198.53000000</valUSD>
        <pctVal>0.599952520641</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>20377.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>7165449.60000000</valUSD>
        <pctVal>2.319735030791</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>Uniphar PLC</name>
        <lei>21380028LJSQGRUAX965</lei>
        <title>Uniphar PLC </title>
        <cusip>G9300Z103</cusip>
        <identifiers>
          <isin value="IE00BJ5FQX74"/>
        </identifiers>
        <balance>521373.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1749732.52000000</valUSD>
        <pctVal>0.566456544633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</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"/>
        </identifiers>
        <balance>94100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>5063175.20000000</valUSD>
        <pctVal>1.639146952966</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>Smartcraft Asa</name>
        <lei>5493008ELCGPWZHWUX47</lei>
        <title>SmartCraft ASA </title>
        <cusip>R7T54K113</cusip>
        <identifiers>
          <isin value="NO0011008971"/>
        </identifiers>
        <balance>428058.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40399000"/>
        <valUSD>1061505.86000000</valUSD>
        <pctVal>0.343650777870</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>Silergy Corporation</name>
        <lei>N/A</lei>
        <title>Silergy Corp </title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
        </identifiers>
        <balance>694996.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>8671191.52000000</valUSD>
        <pctVal>2.807202318141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hill &amp; Smith PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>Hill &amp; Smith Holdings PLC </title>
        <cusip>G45080101</cusip>
        <identifiers>
          <isin value="GB0004270301"/>
        </identifiers>
        <balance>83320.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1987802.05000000</valUSD>
        <pctVal>0.643528921013</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>Regional Sab De Cv</name>
        <lei>N/A</lei>
        <title>Regional SAB de cv </title>
        <cusip>P8008V109</cusip>
        <identifiers>
          <isin value="MX01R0000006"/>
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        <balance>363400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>2555461.73000000</valUSD>
        <pctVal>0.827302461931</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>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>167547.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>3748045.61000000</valUSD>
        <pctVal>1.213388298554</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>Leeno Industrial</name>
        <lei>N/A</lei>
        <title>LEENO Industrial Inc. </title>
        <cusip>Y5254W104</cusip>
        <identifiers>
          <isin value="KR7058470006"/>
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        <balance>82455.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>2091413.73000000</valUSD>
        <pctVal>0.677072056072</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>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>135739.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>4629284.72000000</valUSD>
        <pctVal>1.498679710550</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>Integral Corp.</name>
        <lei>N/A</lei>
        <title>Integral Corp </title>
        <cusip>J2401C104</cusip>
        <identifiers>
          <isin value="JP3152910000"/>
        </identifiers>
        <balance>280800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>5332292.19000000</valUSD>
        <pctVal>1.726270601018</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>
    </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>
