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      <regZipOrPostalCode>45246</regZipOrPostalCode>
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      <seriesName>GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND</seriesName>
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      <repPdEnd>2025-04-30</repPdEnd>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>ASPEED Technology Inc.</name>
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        <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>iFAST Corporation Ltd.</name>
        <lei>254900R8J6BPHWK23Z14</lei>
        <title>iFast Corporation </title>
        <cusip>Y385EU106</cusip>
        <identifiers>
          <isin value="SG1AF5000000"/>
        </identifiers>
        <balance>652800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>3109047.47000000</valUSD>
        <pctVal>1.939105190175</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>Metrodata Electrnc</name>
        <lei>N/A</lei>
        <title>Metrodata Electronics Tbk </title>
        <cusip>Y7129H155</cusip>
        <identifiers>
          <isin value="ID1000055007"/>
        </identifiers>
        <balance>45290000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1527855.42000000</valUSD>
        <pctVal>0.952919633215</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>Riverstone Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd. </title>
        <cusip>Y7302Q105</cusip>
        <identifiers>
          <isin value="SG1U22933048"/>
        </identifiers>
        <balance>2603500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>1804109.88000000</valUSD>
        <pctVal>1.125218854235</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>Apr Co. Ltd.</name>
        <lei>N/A</lei>
        <title>APR Corp/Korea </title>
        <cusip>Y0R9CJ118</cusip>
        <identifiers>
          <isin value="KR7278470000"/>
        </identifiers>
        <balance>37726.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1995958.43000000</valUSD>
        <pctVal>1.244874318689</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>Venture Corp Ltd.</name>
        <lei>254900B1NLZC3J1MAE72</lei>
        <title>Venture Corp LTD. </title>
        <cusip>Y9361F111</cusip>
        <identifiers>
          <isin value="SG0531000230"/>
        </identifiers>
        <balance>196900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>1748882.08000000</valUSD>
        <pctVal>1.090773412454</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>Beijing Huafeng Test &amp; Control Technology Co Ltd.</name>
        <lei>N/A</lei>
        <title>Beijing Huafeng Test &amp; Control </title>
        <cusip>Y0S02Y106</cusip>
        <identifiers>
          <isin value="CNE100003RC9"/>
        </identifiers>
        <balance>68700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.27150000"/>
        <valUSD>1371638.04000000</valUSD>
        <pctVal>0.855487241050</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>BRBI BR PARTNERS S.A.</name>
        <lei>N/A</lei>
        <title>BR Advisory Partners </title>
        <cusip>P1S70G118</cusip>
        <identifiers>
          <isin value="BRBRBICDAM10"/>
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        <balance>751900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>1938412.48000000</valUSD>
        <pctVal>1.208983052507</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>Patria Investments Limited</name>
        <lei>N/A</lei>
        <title>Patria Investments Limited Class A</title>
        <cusip>G69451105</cusip>
        <identifiers>
          <isin value="KYG694511059"/>
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        <balance>103760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1087404.80000000</valUSD>
        <pctVal>0.678211674748</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>Century Pacific Food Inc</name>
        <lei>254900NFV7QTJB821G52</lei>
        <title>Century Pacific Food, Inc. </title>
        <cusip>Y1249R102</cusip>
        <identifiers>
          <isin value="PHY1249R1024"/>
        </identifiers>
        <balance>2755700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.79000000"/>
        <valUSD>1884387.08000000</valUSD>
        <pctVal>1.175287544621</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>DPC Dash Ltd.</name>
        <lei>254900OG7TEI5GQICO05</lei>
        <title>DPC Dash LTD. </title>
        <cusip>G2R04S104</cusip>
        <identifiers>
          <isin value="VGG2R04S1048"/>
        </identifiers>
        <balance>138000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1753542.89000000</valUSD>
        <pctVal>1.093680348082</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>Silergy Corporation</name>
        <lei>N/A</lei>
        <title>Silergy Corp </title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
        </identifiers>
        <balance>584288.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>7289931.38000000</valUSD>
        <pctVal>4.546712107610</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>Humanica Public Company Limited</name>
        <lei>N/A</lei>
        <title>Humanica PCL </title>
        <cusip>Y374E5121</cusip>
        <identifiers>
          <isin value="TH8335010014"/>
        </identifiers>
        <balance>7422400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.40600000"/>
        <valUSD>1788610.43000000</valUSD>
        <pctVal>1.115551885740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prudent Corporate Advisory Services Ltd.</name>
        <lei>335800YN8XGUHYLE4R90</lei>
        <title>Prudent Corporate Advisory Ser </title>
        <cusip>Y711E1131</cusip>
        <identifiers>
          <isin value="INE00F201020"/>
        </identifiers>
        <balance>49583.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1298476.22000000</valUSD>
        <pctVal>0.809856395509</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>Yum China Holdings Inc.</name>
        <lei>529900DO9BYZ7VA3K502</lei>
        <title>Yum China Holdings Inc </title>
        <cusip>98850P109</cusip>
        <identifiers>
          <isin value="US98850P1093"/>
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        <balance>25100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1173497.58000000</valUSD>
        <pctVal>0.731907527946</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>FPT Corp.</name>
        <lei>N/A</lei>
        <title>FPT Corp </title>
        <cusip>Y26333107</cusip>
        <identifiers>
          <isin value="VN000000FPT1"/>
        </identifiers>
        <balance>557009.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>2345075.41000000</valUSD>
        <pctVal>1.462617712583</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>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>4486100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1237731.20000000</valUSD>
        <pctVal>0.771969877308</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>Chaoju Eye Care Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Chaoju Eye Care Holdings Ltd </title>
        <cusip>G2047K109</cusip>
        <identifiers>
          <isin value="KYG2047K1094"/>
        </identifiers>
        <balance>2506900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>866268.42000000</valUSD>
        <pctVal>0.540289463418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home First Finance Company India Limited</name>
        <lei>335800LHIN24IFBBN535</lei>
        <title>Home First Finance Co India Lt </title>
        <cusip>Y3269P107</cusip>
        <identifiers>
          <isin value="INE481N01025"/>
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        <balance>152273.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>2212837.07000000</valUSD>
        <pctVal>1.380140988149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>Y</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"/>
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        <balance>30378800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1079728.43000000</valUSD>
        <pctVal>0.673423941833</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>Bajaj Finance Ltd.</name>
        <lei>335800YTEXC3DO4Z6F68</lei>
        <title>Bajaj Finance Ltd </title>
        <cusip>Y05473122</cusip>
        <identifiers>
          <isin value="INE296A01024"/>
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        <balance>8633.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>881186.00000000</valUSD>
        <pctVal>0.549593521037</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>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>269021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>3784123.49000000</valUSD>
        <pctVal>2.360148428266</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>Shenzhen Mindray Bio-Medical Electronics Co Ltd.</name>
        <lei>N/A</lei>
        <title>Shenzhen Mindray Bio-Medical Electronics Company </title>
        <cusip>Y774E3101</cusip>
        <identifiers>
          <isin value="CNE100003G67"/>
        </identifiers>
        <balance>35700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.27150000"/>
        <valUSD>1078438.01000000</valUSD>
        <pctVal>0.672619110081</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>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>838400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.27150000"/>
        <valUSD>1286741.94000000</valUSD>
        <pctVal>0.802537754198</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>Voltronic Power Technology Corp.</name>
        <lei>N/A</lei>
        <title>Voltronic Power Technology </title>
        <cusip>Y937BE103</cusip>
        <identifiers>
          <isin value="TW0006409006"/>
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        <balance>48108.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>2250842.17000000</valUSD>
        <pctVal>1.403844674688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>213325.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1780263.76000000</valUSD>
        <pctVal>1.110346088378</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>Solum Co.  Ltd.</name>
        <lei>N/A</lei>
        <title>SOLUM Co Ltd </title>
        <cusip>Y806G2101</cusip>
        <identifiers>
          <isin value="KR7248070005"/>
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        <balance>116988.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1350500.15000000</valUSD>
        <pctVal>0.842303591523</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>91App Inc</name>
        <lei>N/A</lei>
        <title>91APP Inc </title>
        <cusip>G6525T102</cusip>
        <identifiers>
          <isin value="KYG6525T1022"/>
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        <balance>511000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>1334082.97000000</valUSD>
        <pctVal>0.832064237106</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>Marksans Pharma Lt</name>
        <lei>335800YXQPMPSAC51K30</lei>
        <title>Marksans Pharma Ltd. </title>
        <cusip>Y57686100</cusip>
        <identifiers>
          <isin value="INE750C01026"/>
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        <balance>397849.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1031819.55000000</valUSD>
        <pctVal>0.643543292290</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>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>39055.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1070888.10000000</valUSD>
        <pctVal>0.667910249954</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>Auto Partner Sa</name>
        <lei>259400NXH0FT0MF6PV21</lei>
        <title>Auto Partner SA </title>
        <cusip>X02685117</cusip>
        <identifiers>
          <isin value="PLATPRT00018"/>
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        <balance>380478.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>2005536.18000000</valUSD>
        <pctVal>1.250847937591</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>
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      </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"/>
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        <balance>2458417.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1620492.29000000</valUSD>
        <pctVal>1.010697019103</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>Sarantis Sa</name>
        <lei>21380078FJXYHFE8KP46</lei>
        <title>Sarantis SA </title>
        <cusip>X7583P132</cusip>
        <identifiers>
          <isin value="GRS204003008"/>
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        <balance>217602.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>3330642.86000000</valUSD>
        <pctVal>2.077313684904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puregold Price Club Inc.</name>
        <lei>N/A</lei>
        <title>Puregold Price Club Inc </title>
        <cusip>Y71617107</cusip>
        <identifiers>
          <isin value="PHY716171079"/>
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        <balance>2315700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.79000000"/>
        <valUSD>1326162.66000000</valUSD>
        <pctVal>0.827124359417</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>
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      <invstOrSec>
        <name>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico S.A.B. de C.V. </title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
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        <balance>325900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>1032537.67000000</valUSD>
        <pctVal>0.643991181951</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>
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      <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>2803965.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>2595164.84000000</valUSD>
        <pctVal>1.618597869335</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>ANTA Sports Products Ltd.</name>
        <lei>529900291XG0CTK4LF95</lei>
        <title>ANTA Sports Products Ltd. </title>
        <cusip>G04011105</cusip>
        <identifiers>
          <isin value="KYG040111059"/>
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        <balance>237900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>2820504.87000000</valUSD>
        <pctVal>1.759141886737</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>
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      <invstOrSec>
        <name>Shoper Sa</name>
        <lei>259400HA8L5O5KQEIV88</lei>
        <title>Shoper Spolka Akcyjna </title>
        <cusip>X7807K117</cusip>
        <identifiers>
          <isin value="PLSHPR000021"/>
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        <balance>57367.00000000</balance>
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        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>648188.96000000</valUSD>
        <pctVal>0.404273845503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>1194700.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>915777.37000000</valUSD>
        <pctVal>0.571168072648</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>
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      <invstOrSec>
        <name>Mr D.I.Y. Group (M) Bhd</name>
        <lei>N/A</lei>
        <title>Mr D.I.Y. Group Berhad </title>
        <cusip>Y6143M257</cusip>
        <identifiers>
          <isin value="MYL5296OO008"/>
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        <balance>4261700.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="4.31500000"/>
        <valUSD>1659248.20000000</valUSD>
        <pctVal>1.034868983975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>474800.00000000</balance>
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        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>3338836.62000000</valUSD>
        <pctVal>2.082424112678</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>
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      <invstOrSec>
        <name>Bosideng International Holdings Ltd.</name>
        <lei>254900G7F1RDM4B3S169</lei>
        <title>Bosideng International Holdings, Ltd. </title>
        <cusip>G12652106</cusip>
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          <isin value="KYG126521064"/>
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        <balance>2430000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1259543.02000000</valUSD>
        <pctVal>0.785573855304</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>
        <name>Plover Bay Technologies Ltd</name>
        <lei>N/A</lei>
        <title>Plover Bay Tech </title>
        <cusip>G71332103</cusip>
        <identifiers>
          <isin value="KYG713321035"/>
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        <balance>4301600.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Frontken Corporation Berhad</name>
        <lei>N/A</lei>
        <title>Frontken Corporation Bhd. </title>
        <cusip>Y26510100</cusip>
        <identifiers>
          <isin value="MYQ0128OO007"/>
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        <balance>1522600.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="4.31500000"/>
        <valUSD>1235017.38000000</valUSD>
        <pctVal>0.770277274510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Asia Vital Components Co Ltd</name>
        <lei>N/A</lei>
        <title>Asia Vital Components Co., Ltd. </title>
        <cusip>Y0392D100</cusip>
        <identifiers>
          <isin value="TW0003017000"/>
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        <balance>161000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Corporativo Fragua  S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>Corporativo Fragua SAB de CV </title>
        <cusip>P31444105</cusip>
        <identifiers>
          <isin value="MXP321131015"/>
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        <balance>55100.00000000</balance>
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        <valUSD>1404888.30000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Likhitha Infrastructure Ltd</name>
        <lei>335800895BQCUICXOY22</lei>
        <title>Likhitha Infrastructure Ltd </title>
        <cusip>Y5S79S122</cusip>
        <identifiers>
          <isin value="INE060901027"/>
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        <balance>82423.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>249093.77000000</valUSD>
        <pctVal>0.155359166081</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>Jupiter Life Line Hospitals Ltd.</name>
        <lei>335800O7XGF2IIMHP506</lei>
        <title>Jupiter Life Line Hospitals Lt </title>
        <cusip>Y4S77P107</cusip>
        <identifiers>
          <isin value="INE682M01012"/>
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        <balance>87705.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1521600.73000000</valUSD>
        <pctVal>0.949018598586</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>Tk Group (Holdings) Limited</name>
        <lei>N/A</lei>
        <title>TK Group Holdings Ltd </title>
        <cusip>G88939106</cusip>
        <identifiers>
          <isin value="KYG889391069"/>
        </identifiers>
        <balance>2878417.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>705160.52000000</valUSD>
        <pctVal>0.439806866068</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>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>22663500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1890900.45000000</valUSD>
        <pctVal>1.179349917324</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>Techtronic Industries Co. Ltd.</name>
        <lei>549300HZW2SBE758OK89</lei>
        <title>Techtronic Industries Co Limited </title>
        <cusip>Y8563B159</cusip>
        <identifiers>
          <isin value="HK0669013440"/>
        </identifiers>
        <balance>205913.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>2081519.61000000</valUSD>
        <pctVal>1.298238614286</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>Leeno Industrial</name>
        <lei>N/A</lei>
        <title>LEENO Industrial Inc. </title>
        <cusip>Y5254W104</cusip>
        <identifiers>
          <isin value="KR7058470006"/>
        </identifiers>
        <balance>67955.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1723631.31000000</valUSD>
        <pctVal>1.075024569879</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>Ghcl Ltd</name>
        <lei>335800L2UYNOUH82F930</lei>
        <title>GHCL Limited </title>
        <cusip>Y29443119</cusip>
        <identifiers>
          <isin value="INE539A01019"/>
        </identifiers>
        <balance>113478.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>781270.98000000</valUSD>
        <pctVal>0.487276771059</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>Aspirasi Hidup Indonesia Tbk PT</name>
        <lei>529900WER46RYFNZER60</lei>
        <title>Aspirasi Hidup Ind </title>
        <cusip>Y000CY105</cusip>
        <identifiers>
          <isin value="ID1000125503"/>
        </identifiers>
        <balance>39706200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1279687.77000000</valUSD>
        <pctVal>0.798138085878</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>Man Wah Holdings Ltd.</name>
        <lei>52990005BW6K71UPKX41</lei>
        <title>Man Wah Holdings Limited </title>
        <cusip>G5800U107</cusip>
        <identifiers>
          <isin value="BMG5800U1071"/>
        </identifiers>
        <balance>1581700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>840237.40000000</valUSD>
        <pctVal>0.524053980854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</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>829918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>4335972.08000000</valUSD>
        <pctVal>2.704335024124</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>LT Foods Ltd</name>
        <lei>3358008WEECK49DUO516</lei>
        <title>LT Foods Ltd </title>
        <cusip>Y5341V127</cusip>
        <identifiers>
          <isin value="INE818H01020"/>
        </identifiers>
        <balance>609406.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>2496555.83000000</valUSD>
        <pctVal>1.557095674553</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>HOA Phat Group Jsc</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>Hoa Phat Group </title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
        </identifiers>
        <balance>860200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>844144.70000000</valUSD>
        <pctVal>0.526490954166</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>EO Technics Co</name>
        <lei>N/A</lei>
        <title>Eo Technics Co Ltd </title>
        <cusip>Y2297V102</cusip>
        <identifiers>
          <isin value="KR7039030002"/>
        </identifiers>
        <balance>9981.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>808572.78000000</valUSD>
        <pctVal>0.504304835954</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>LWSA SA</name>
        <lei>N/A</lei>
        <title>Locaweb Servicos de Internet S </title>
        <cusip>P6S00R100</cusip>
        <identifiers>
          <isin value="BRLWSAACNOR8"/>
        </identifiers>
        <balance>1648100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>1039700.79000000</valUSD>
        <pctVal>0.648458802116</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>Selamat Sempurna</name>
        <lei>N/A</lei>
        <title>Selamat Sempurna Tbk PT </title>
        <cusip>Y7139P148</cusip>
        <identifiers>
          <isin value="ID1000095409"/>
        </identifiers>
        <balance>20270100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>2173540.84000000</valUSD>
        <pctVal>1.355632027034</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>Arca Continental S.A.B. de C.V.</name>
        <lei>254900U2BSJCQHJCXN24</lei>
        <title>Arca Continental COM NPV </title>
        <cusip>P0448R103</cusip>
        <identifiers>
          <isin value="MX01AC100006"/>
        </identifiers>
        <balance>167000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>1758813.57000000</valUSD>
        <pctVal>1.096967658116</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>Sinbon Electronics Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Sinbon Electronics Co., Limited </title>
        <cusip>Y7989R103</cusip>
        <identifiers>
          <isin value="TW0003023008"/>
        </identifiers>
        <balance>486000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>3350155.96000000</valUSD>
        <pctVal>2.089483956941</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>Inter Cars SA</name>
        <lei>2594008ZF17JSW0OV865</lei>
        <title>Inter Cars SA </title>
        <cusip>X3964A109</cusip>
        <identifiers>
          <isin value="PLINTCS00010"/>
        </identifiers>
        <balance>19389.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>2924434.39000000</valUSD>
        <pctVal>1.823962470401</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>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>1676638.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>1696962.84000000</valUSD>
        <pctVal>1.058391511333</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>Grupo Mateus SA</name>
        <lei>N/A</lei>
        <title>Grupo Mateus SA </title>
        <cusip>P5R16Z107</cusip>
        <identifiers>
          <isin value="BRGMATACNOR7"/>
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        <balance>2029100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>2753188.60000000</valUSD>
        <pctVal>1.717156896222</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>GCC, S.A.B. de C.V.</name>
        <lei>254900WY9XL8033CKX68</lei>
        <title>Grupo Cementos de Chihuahua, S.A.B. de C.V </title>
        <cusip>P4948S124</cusip>
        <identifiers>
          <isin value="MX01GC2M0006"/>
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        <balance>156900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>1318401.33000000</valUSD>
        <pctVal>0.822283637161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBB Foods Inc</name>
        <lei>N/A</lei>
        <title>BBB Foods Inc </title>
        <cusip>G0896C103</cusip>
        <identifiers>
          <isin value="VGG0896C1032"/>
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        <balance>57635.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1761325.60000000</valUSD>
        <pctVal>1.098534404992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;S Tech Corporation</name>
        <lei>N/A</lei>
        <title>S&amp;S Tech Corp </title>
        <cusip>Y8T37R177</cusip>
        <identifiers>
          <isin value="KR7101490001"/>
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        <balance>50000.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>1212006.24000000</valUSD>
        <pctVal>0.755925283607</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>CTP NV</name>
        <lei>3157000YTVO4TN65UM14</lei>
        <title>CTP NV </title>
        <cusip>N2368S105</cusip>
        <identifiers>
          <isin value="NL00150006R6"/>
        </identifiers>
        <balance>59170.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1108263.49000000</valUSD>
        <pctVal>0.691221187929</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>
    </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>
