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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>932300.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>714639.02000000</valUSD>
        <pctVal>0.529061997292</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>Five Below Inc</name>
        <lei>529900AAXP5Z6BGI7418</lei>
        <title>Five Below, Inc. </title>
        <cusip>33829M101</cusip>
        <identifiers>
          <isin value="US33829M1018"/>
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        <balance>28547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2166431.83000000</valUSD>
        <pctVal>1.603854140204</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>Hill &amp; Smith PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>Hill &amp; Smith Holdings PLC </title>
        <cusip>G45080101</cusip>
        <identifiers>
          <isin value="GB0004270301"/>
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        <balance>45898.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1095008.86000000</valUSD>
        <pctVal>0.810657630372</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>Flow Traders Ltd.</name>
        <lei>549300GSUZI1V3BEXQ36</lei>
        <title>Flow Traders Ltd. </title>
        <cusip>G3602E108</cusip>
        <identifiers>
          <isin value="BMG3602E1084"/>
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        <balance>42364.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1259392.38000000</valUSD>
        <pctVal>0.932354138650</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>
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      </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>86743.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>1940450.86000000</valUSD>
        <pctVal>1.436555769988</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Integral Corp.</name>
        <lei>N/A</lei>
        <title>Integral Corp </title>
        <cusip>J2401C104</cusip>
        <identifiers>
          <isin value="JP3152910000"/>
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        <balance>65000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1234326.90000000</valUSD>
        <pctVal>0.913797647134</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>System Support Holdings Inc.</name>
        <lei>N/A</lei>
        <title>System Support, Inc. </title>
        <cusip>J78650108</cusip>
        <identifiers>
          <isin value="JP3350960005"/>
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        <balance>141700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1988876.29000000</valUSD>
        <pctVal>1.472406114006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Renew Holdings</name>
        <lei>213800O3DC3V4WYA2E09</lei>
        <title>Renew Holdings PLC </title>
        <cusip>G7490A102</cusip>
        <identifiers>
          <isin value="GB0005359004"/>
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        <balance>141074.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1419596.02000000</valUSD>
        <pctVal>1.050956195605</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>Petershill Partners Plc</name>
        <lei>213800HTCF8A7XM22A32</lei>
        <title>Petershill Partners PLC </title>
        <cusip>G52314104</cusip>
        <identifiers>
          <isin value="GB00BL9ZF303"/>
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        <balance>1074025.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>3099153.83000000</valUSD>
        <pctVal>2.294367462914</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>Littelfuse Inc.</name>
        <lei>549300MY7HLQFYTPCX75</lei>
        <title>Littelfuse, Inc. </title>
        <cusip>537008104</cusip>
        <identifiers>
          <isin value="US5370081045"/>
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        <balance>7827.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1426940.37000000</valUSD>
        <pctVal>1.056393369298</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>Bosideng International Holdings Ltd.</name>
        <lei>254900G7F1RDM4B3S169</lei>
        <title>Bosideng International Holdings, Ltd. </title>
        <cusip>G12652106</cusip>
        <identifiers>
          <isin value="KYG126521064"/>
        </identifiers>
        <balance>2056300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1065842.93000000</valUSD>
        <pctVal>0.789065491198</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>City Union Bank Limited</name>
        <lei>33580024M7FWA847JI64</lei>
        <title>City Union Bank Ltd </title>
        <cusip>Y1659F135</cusip>
        <identifiers>
          <isin value="INE491A01021"/>
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        <balance>487001.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>1016461.25000000</valUSD>
        <pctVal>0.752507215595</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>Gentex Corp</name>
        <lei>549300S3UD8XV1MN0287</lei>
        <title>Gentex Corporation </title>
        <cusip>371901109</cusip>
        <identifiers>
          <isin value="US3719011096"/>
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        <balance>41541.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>904762.98000000</valUSD>
        <pctVal>0.669814683888</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>
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      <invstOrSec>
        <name>Marex Group Plc</name>
        <lei>549300DWX0SVICJAL507</lei>
        <title>Marex Group PLC </title>
        <cusip>G5S37H101</cusip>
        <identifiers>
          <isin value="GB00BMT7GT62"/>
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        <balance>71899.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3188720.65000000</valUSD>
        <pctVal>2.360675625993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dollar General Corporation</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>Dollar General Corporation </title>
        <cusip>256677105</cusip>
        <identifiers>
          <isin value="US2566771059"/>
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        <balance>28500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2670165.00000000</valUSD>
        <pctVal>1.976778189359</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>Grocery Outlet Holding Corp.</name>
        <lei>N/A</lei>
        <title>Grocery Outlet Holding Corp </title>
        <cusip>39874R101</cusip>
        <identifiers>
          <isin value="US39874R1014"/>
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        <balance>159393.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2676208.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FRP Advisory Group Plc</name>
        <lei>213800IPCG6DE1CVLY36</lei>
        <title>FRP Advisory Group PLC </title>
        <cusip>G371BX103</cusip>
        <identifiers>
          <isin value="GB00BL9BW044"/>
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        <balance>842550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1504774.15000000</valUSD>
        <pctVal>1.114015321012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>732400.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>993758.48000000</valUSD>
        <pctVal>0.735699886993</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>Fiducian Group Limited</name>
        <lei>N/A</lei>
        <title>Fiducian Group Ltd </title>
        <cusip>Q3750N107</cusip>
        <identifiers>
          <isin value="AU000000FID9"/>
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        <balance>304458.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1891770.29000000</valUSD>
        <pctVal>1.400516540569</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>
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      <invstOrSec>
        <name>Ashtead Group PLC</name>
        <lei>2138007UTBN8X9K1A235</lei>
        <title>Ashtead Group plc </title>
        <cusip>G05320109</cusip>
        <identifiers>
          <isin value="GB0000536739"/>
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        <balance>23898.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1270882.19000000</valUSD>
        <pctVal>0.940860281831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Uls Group Inc</name>
        <lei>N/A</lei>
        <title>ULS Group Inc </title>
        <cusip>J94062106</cusip>
        <identifiers>
          <isin value="JP3159910003"/>
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        <balance>52800.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1825020.99000000</valUSD>
        <pctVal>1.351100657882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FPT Corp.</name>
        <lei>N/A</lei>
        <title>FPT Corp </title>
        <cusip>Y26333107</cusip>
        <identifiers>
          <isin value="VN000000FPT1"/>
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        <balance>216192.00000000</balance>
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        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
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        <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>
      <invstOrSec>
        <name>China MeiDong Auto Holdings Ltd.</name>
        <lei>875500GUQWEG1PXVMG17</lei>
        <title>CHINA MEIDONG AUTO HOLDINGS </title>
        <cusip>G21192102</cusip>
        <identifiers>
          <isin value="KYG211921021"/>
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        <balance>963000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>257026.15000000</valUSD>
        <pctVal>0.190281756900</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>Ipd Group Limited</name>
        <lei>N/A</lei>
        <title>IPD Group Ltd/Australia </title>
        <cusip>Q496BN109</cusip>
        <identifiers>
          <isin value="AU0000189318"/>
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        <balance>277066.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>709925.05000000</valUSD>
        <pctVal>0.525572148133</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>Aspirasi Hidup Indonesia Tbk PT</name>
        <lei>529900WER46RYFNZER60</lei>
        <title>Aspirasi Hidup Ind </title>
        <cusip>Y000CY105</cusip>
        <identifiers>
          <isin value="ID1000125503"/>
        </identifiers>
        <balance>40397400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1301964.40000000</valUSD>
        <pctVal>0.963871082589</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>Kitwave Group plc</name>
        <lei>2138007DLCYPVY95UD40</lei>
        <title>Kitwave Group Plc </title>
        <cusip>G5282G105</cusip>
        <identifiers>
          <isin value="GB00BNYKB709"/>
        </identifiers>
        <balance>255608.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1011816.44000000</valUSD>
        <pctVal>0.749068567008</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>Gremz Inc</name>
        <lei>N/A</lei>
        <title>gremz Inc </title>
        <cusip>J1773J101</cusip>
        <identifiers>
          <isin value="JP3952860009"/>
        </identifiers>
        <balance>78400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1296244.05000000</valUSD>
        <pctVal>0.959636189571</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>Hartadinata Abadi</name>
        <lei>N/A</lei>
        <title>Hartadinata Abadi Tbk PT </title>
        <cusip>Y2731W104</cusip>
        <identifiers>
          <isin value="ID1000139405"/>
        </identifiers>
        <balance>29666800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>1259945.42000000</valUSD>
        <pctVal>0.932763565562</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>Yeti Holdings Inc</name>
        <lei>549300DSQICIGNT5GO63</lei>
        <title>Yeti Holdings, Inc. </title>
        <cusip>98585X104</cusip>
        <identifiers>
          <isin value="US98585X1046"/>
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        <balance>63781.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1820947.55000000</valUSD>
        <pctVal>1.348085006285</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>Emeco Holdings Ltd.</name>
        <lei>5299005P968PATHZP480</lei>
        <title>Emeco Holdings Ltd. </title>
        <cusip>Q34648156</cusip>
        <identifiers>
          <isin value="AU000000EHL7"/>
        </identifiers>
        <balance>2804367.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1365267.39000000</valUSD>
        <pctVal>1.010735590945</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>User Local Inc</name>
        <lei>N/A</lei>
        <title>User Local inc </title>
        <cusip>J96388103</cusip>
        <identifiers>
          <isin value="JP3944410004"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>811083.12000000</valUSD>
        <pctVal>0.600461552515</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>Plover Bay Technologies Ltd</name>
        <lei>N/A</lei>
        <title>Plover Bay Tech </title>
        <cusip>G71332103</cusip>
        <identifiers>
          <isin value="KYG713321035"/>
        </identifiers>
        <balance>2888439.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1981324.05000000</valUSD>
        <pctVal>1.466815035061</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>Icon PLC</name>
        <lei>6354008SRQGEMC4XFI67</lei>
        <title>ICON plc </title>
        <cusip>G4705A100</cusip>
        <identifiers>
          <isin value="IE0005711209"/>
        </identifiers>
        <balance>9708.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1470179.52000000</valUSD>
        <pctVal>1.088404203327</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>Track &amp; Field Co SA</name>
        <lei>N/A</lei>
        <title>Track &amp; Field Co SA </title>
        <cusip>P92071102</cusip>
        <identifiers>
          <isin value="BRTFCOACNPR8"/>
        </identifiers>
        <balance>380400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>774219.81000000</valUSD>
        <pctVal>0.573170884263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Alamo Group Inc</name>
        <lei>54930080C93RVZRSDV26</lei>
        <title>Alamo Group, Inc. </title>
        <cusip>011311107</cusip>
        <identifiers>
          <isin value="US0113111076"/>
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        <balance>8783.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1466585.34000000</valUSD>
        <pctVal>1.085743357787</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>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"/>
        </identifiers>
        <balance>191500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>1609138.66000000</valUSD>
        <pctVal>1.191278519021</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>Ma Financial Group Ltd</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd </title>
        <cusip>Q57129100</cusip>
        <identifiers>
          <isin value="AU0000156218"/>
        </identifiers>
        <balance>473917.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>2006656.44000000</valUSD>
        <pctVal>1.485569125552</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>Rise Consulting Group Inc.</name>
        <lei>N/A</lei>
        <title>Rise Consulting Group Inc </title>
        <cusip>J6522L109</cusip>
        <identifiers>
          <isin value="JP3965420007"/>
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        <balance>660900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>4314439.55000000</valUSD>
        <pctVal>3.194068532001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Endava PLC</name>
        <lei>213800JJ6CRPCWCQVZ25</lei>
        <title>Endava plc ADR</title>
        <cusip>29260V105</cusip>
        <identifiers>
          <isin value="US29260V1052"/>
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        <balance>46225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>841757.25000000</valUSD>
        <pctVal>0.623170243237</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>P10 Inc</name>
        <lei>N/A</lei>
        <title>P10 Inc </title>
        <cusip>69376K106</cusip>
        <identifiers>
          <isin value="US69376K1060"/>
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        <balance>268931.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2977066.17000000</valUSD>
        <pctVal>2.203983451635</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>Riverstone Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd. </title>
        <cusip>Y7302Q105</cusip>
        <identifiers>
          <isin value="SG1U22933048"/>
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        <balance>3588575.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>2486723.11000000</valUSD>
        <pctVal>1.840972376922</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>
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      <invstOrSec>
        <name>Crocs Inc</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>Crocs, Inc. </title>
        <cusip>227046109</cusip>
        <identifiers>
          <isin value="US2270461096"/>
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        <balance>7913.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>762971.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vietnam Technological &amp; Commercial Joint Stock Bank</name>
        <lei>5493001XNKHV3FNIUD50</lei>
        <title>Vietnam Technological &amp; Comm Joint-stock Bank </title>
        <cusip>Y937GK104</cusip>
        <identifiers>
          <isin value="VN000000TCB8"/>
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        <balance>1523100.00000000</balance>
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        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>1541563.59000000</valUSD>
        <pctVal>1.141251301782</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>
      <invstOrSec>
        <name>HOA Phat Group Jsc</name>
        <lei>549300ODJEFGL5CWKD32</lei>
        <title>Hoa Phat Group </title>
        <cusip>Y3231H100</cusip>
        <identifiers>
          <isin value="VN000000HPG4"/>
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        <balance>786600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>771918.41000000</valUSD>
        <pctVal>0.571467110404</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>
      <invstOrSec>
        <name>Perella Weinberg Partners</name>
        <lei>N/A</lei>
        <title>Perella Weinberg Partners </title>
        <cusip>71367G102</cusip>
        <identifiers>
          <isin value="US71367G1022"/>
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        <balance>93275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1601531.75000000</valUSD>
        <pctVal>1.185646966748</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>Inter Cars SA</name>
        <lei>2594008ZF17JSW0OV865</lei>
        <title>Inter Cars SA </title>
        <cusip>X3964A109</cusip>
        <identifiers>
          <isin value="PLINTCS00010"/>
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        <balance>7794.00000000</balance>
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        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>1175565.61000000</valUSD>
        <pctVal>0.870295452906</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>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>50237.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1713298.14000000</valUSD>
        <pctVal>1.268389929095</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>Lululemon Athletica Inc.</name>
        <lei>549300D9GZ4BMLDW5T40</lei>
        <title>Lululemon Athletica, Inc. </title>
        <cusip>550021109</cusip>
        <identifiers>
          <isin value="US5500211090"/>
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        <balance>4675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1265849.75000000</valUSD>
        <pctVal>0.937134662766</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>Burford Capital Limited</name>
        <lei>549300FUKUWFYJMT2277</lei>
        <title>Burford Capital Ltd </title>
        <cusip>G17977110</cusip>
        <identifiers>
          <isin value="GG00BMGYLN96"/>
        </identifiers>
        <balance>142966.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1941478.28000000</valUSD>
        <pctVal>1.437316390192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Patria Investments Limited</name>
        <lei>N/A</lei>
        <title>Patria Investments Limited Class A</title>
        <cusip>G69451105</cusip>
        <identifiers>
          <isin value="KYG694511059"/>
        </identifiers>
        <balance>183467.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1922734.16000000</valUSD>
        <pctVal>1.423439731786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asia Commercial Bk</name>
        <lei>5493001VSLUXY7LJS086</lei>
        <title>Asia Commercial Bank JSC </title>
        <cusip>Y0324N101</cusip>
        <identifiers>
          <isin value="VN000000ACB8"/>
        </identifiers>
        <balance>1395870.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="25985.00000000"/>
        <valUSD>1291925.09000000</valUSD>
        <pctVal>0.956438774457</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>Kogan.com Ltd.</name>
        <lei>529900EOAC36USKQV388</lei>
        <title>Kogan.com Ltd </title>
        <cusip>Q53502102</cusip>
        <identifiers>
          <isin value="AU000000KGN2"/>
        </identifiers>
        <balance>592435.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1711537.92000000</valUSD>
        <pctVal>1.267086801945</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>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>4264000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>1473440.72000000</valUSD>
        <pctVal>1.090818536910</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>Pryce Corp</name>
        <lei>N/A</lei>
        <title>Pryce Corp </title>
        <cusip>Y7115M127</cusip>
        <identifiers>
          <isin value="PHY7115M1274"/>
        </identifiers>
        <balance>2497200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.79000000"/>
        <valUSD>455664.03000000</valUSD>
        <pctVal>0.337337473968</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>Foresight Group Holding limited</name>
        <lei>213800NNT42FFIZB1T09</lei>
        <title>Foresight Group Holdings Ltd </title>
        <cusip>G365A1106</cusip>
        <identifiers>
          <isin value="GG00BMD8MJ76"/>
        </identifiers>
        <balance>164263.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>812240.24000000</valUSD>
        <pctVal>0.601318192303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVS Group PLC</name>
        <lei>213800J41XDQ2NX48O05</lei>
        <title>CVS Group plc </title>
        <cusip>G27234106</cusip>
        <identifiers>
          <isin value="GB00B2863827"/>
        </identifiers>
        <balance>194694.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>2792130.30000000</valUSD>
        <pctVal>2.067071615008</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>GQG Partners Inc.</name>
        <lei>254900I3AQSQQQA75U50</lei>
        <title>GQG Partners Inc </title>
        <cusip>U3825H106</cusip>
        <identifiers>
          <isin value="AU0000180499"/>
        </identifiers>
        <balance>742902.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1042185.24000000</valUSD>
        <pctVal>0.771551215638</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>Winpak Ltd</name>
        <lei>549300FWDGJBHZHH8U59</lei>
        <title>Winpak Ltd. </title>
        <cusip>97535P104</cusip>
        <identifiers>
          <isin value="CA97535P1045"/>
        </identifiers>
        <balance>35083.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>1087030.12000000</valUSD>
        <pctVal>0.804750804685</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>4imprint Group PLC</name>
        <lei>213800G95T751RN2CT94</lei>
        <title>4Imprint Group </title>
        <cusip>G36555103</cusip>
        <identifiers>
          <isin value="GB0006640972"/>
        </identifiers>
        <balance>25763.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1167471.24000000</valUSD>
        <pctVal>0.864303023946</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>Pollen Street Group Ltd.</name>
        <lei>894500LP94M98N8CY487</lei>
        <title>Pollen Street Group Ltd </title>
        <cusip>G7151H107</cusip>
        <identifiers>
          <isin value="GG00BMHG0H12"/>
        </identifiers>
        <balance>129693.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>1265314.43000000</valUSD>
        <pctVal>0.936738354336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</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>970695.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>4352207.79000000</valUSD>
        <pctVal>3.222029138586</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>Central Automotive Products Ltd</name>
        <lei>353800X9460YZVHWB065</lei>
        <title>Central Automotive NPV </title>
        <cusip>J05418108</cusip>
        <identifiers>
          <isin value="JP3515400004"/>
        </identifiers>
        <balance>146700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1738803.53000000</valUSD>
        <pctVal>1.287272095052</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>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"/>
        </identifiers>
        <balance>479800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="19.61010000"/>
        <valUSD>1520133.71000000</valUSD>
        <pctVal>1.125386319885</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>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>303719.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1681129.43000000</valUSD>
        <pctVal>1.244574769991</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>Melexis NV</name>
        <lei>549300QRPSGOJRPUFO80</lei>
        <title>Melexis NV </title>
        <cusip>B59283109</cusip>
        <identifiers>
          <isin value="BE0165385973"/>
        </identifiers>
        <balance>20155.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>1203130.10000000</valUSD>
        <pctVal>0.890702013037</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>Kitz Corp</name>
        <lei>N/A</lei>
        <title>Kitz Corp </title>
        <cusip>J34039115</cusip>
        <identifiers>
          <isin value="JP3240700009"/>
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        <balance>113500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>866418.28000000</valUSD>
        <pctVal>0.641427312082</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>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>67539.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>779664.83000000</valUSD>
        <pctVal>0.577201944806</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>Acer E-Enabling Service Business Inc.</name>
        <lei>2549006Z3IVAZIQEUM25</lei>
        <title>Acer E-Enabling Service Busine </title>
        <cusip>Y001LZ100</cusip>
        <identifiers>
          <isin value="TW0006811003"/>
        </identifiers>
        <balance>270000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>2008577.67000000</valUSD>
        <pctVal>1.486991451723</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>Upwork Inc</name>
        <lei>5493004QJ6WWBXVE2S70</lei>
        <title>Upwork Inc. Class A</title>
        <cusip>91688F104</cusip>
        <identifiers>
          <isin value="US91688F1049"/>
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        <balance>50806.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>668098.90000000</valUSD>
        <pctVal>0.494607387129</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>Bruker Corporation</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
        <title>Bruker Corporation </title>
        <cusip>116794108</cusip>
        <identifiers>
          <isin value="US1167941087"/>
        </identifiers>
        <balance>32037.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1283402.22000000</valUSD>
        <pctVal>0.950129118115</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>
    </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>
