<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001965454</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000080370</seriesId>
        <classId>C000242724</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Grandeur Peak Global Trust</regName>
      <regFileNumber>811-23852</regFileNumber>
      <regCik>0001965454</regCik>
      <regLei>54930009SEWTYKGXPE05</regLei>
      <regStreet1>225 Pictoria Drive</regStreet1>
      <regStreet2>Suite 450</regStreet2>
      <regCity>Cincinnati</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>631-470-2688</regPhone>
      <seriesName>GRANDEUR PEAK GLOBAL MICROCAP FUND</seriesName>
      <seriesId>S000080370</seriesId>
      <seriesLei>54930009V6REUZWHYJ43</seriesLei>
      <repPdEnd>2025-04-30</repPdEnd>
      <repPdDate>2025-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>45660762.57</totAssets>
      <totLiabs>703954.86</totLiabs>
      <netAssets>44956807.71</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>1417749.60</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000242724" rtn1="-1.06158200" rtn2="0.42924300" rtn3="4.27354600"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-367539.57000000" netUnrealizedAppr="-77093.36000000"/>
        <othMon2 netRealizedGain="178148.78000000" netUnrealizedAppr="-19137.50000000"/>
        <othMon3 netRealizedGain="499682.33000000" netUnrealizedAppr="1320113.20000000"/>
      </returnInfo>
      <mon1Flow redemption="422190.50000000" reinvestment="0.00000000" sales="214546.06000000"/>
      <mon2Flow redemption="828651.17000000" reinvestment="0.00000000" sales="256488.23000000"/>
      <mon3Flow redemption="643018.77000000" reinvestment="0.00000000" sales="1890088.37000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Gem Services Inc</name>
        <lei>N/A</lei>
        <title>Gem Services Inc </title>
        <cusip>G3790U104</cusip>
        <identifiers>
          <isin value="KYG3790U1040"/>
        </identifiers>
        <balance>107000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>216936.99000000</valUSD>
        <pctVal>0.482545360870</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>Fiducian Group Limited</name>
        <lei>N/A</lei>
        <title>Fiducian Group Ltd </title>
        <cusip>Q3750N107</cusip>
        <identifiers>
          <isin value="AU000000FID9"/>
        </identifiers>
        <balance>157819.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>980618.99000000</valUSD>
        <pctVal>2.181246934447</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>Smartcraft Asa</name>
        <lei>5493008ELCGPWZHWUX47</lei>
        <title>SmartCraft ASA </title>
        <cusip>R7T54K113</cusip>
        <identifiers>
          <isin value="NO0011008971"/>
        </identifiers>
        <balance>98296.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40399000"/>
        <valUSD>243756.17000000</valUSD>
        <pctVal>0.542200797646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Selamat Sempurna</name>
        <lei>N/A</lei>
        <title>Selamat Sempurna Tbk PT </title>
        <cusip>Y7139P148</cusip>
        <identifiers>
          <isin value="ID1000095409"/>
        </identifiers>
        <balance>2309700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>247666.63000000</valUSD>
        <pctVal>0.550899057596</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>Warpaint London Plc</name>
        <lei>213800EBJ2CN6KIDCO78</lei>
        <title>Warpaint London plc </title>
        <cusip>G94524108</cusip>
        <identifiers>
          <isin value="GB00BYMF3676"/>
        </identifiers>
        <balance>44163.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>220729.65000000</valUSD>
        <pctVal>0.490981591539</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>Humanica Public Company Limited</name>
        <lei>N/A</lei>
        <title>Humanica PCL </title>
        <cusip>Y374E5121</cusip>
        <identifiers>
          <isin value="TH8335010014"/>
        </identifiers>
        <balance>862300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="33.40600000"/>
        <valUSD>207792.46000000</valUSD>
        <pctVal>0.462204659504</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>Aspirasi Hidup Indonesia Tbk PT</name>
        <lei>529900WER46RYFNZER60</lei>
        <title>Aspirasi Hidup Ind </title>
        <cusip>Y000CY105</cusip>
        <identifiers>
          <isin value="ID1000125503"/>
        </identifiers>
        <balance>4810100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>155024.31000000</valUSD>
        <pctVal>0.344829443851</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>Sword Group SE</name>
        <lei>222100GEODKMZ0FFWK29</lei>
        <title>Sword Group </title>
        <cusip>F91829105</cusip>
        <identifiers>
          <isin value="FR0004180578"/>
        </identifiers>
        <balance>7482.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>265093.54000000</valUSD>
        <pctVal>0.589662730748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arizona Sonoran Copper Company Inc</name>
        <lei>549300C8J16JPSINEM53</lei>
        <title>Arizona Sonoran Copper Co Inc </title>
        <cusip>04058Q105</cusip>
        <identifiers>
          <isin value="CA04058Q1054"/>
        </identifiers>
        <balance>450634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>686528.44000000</valUSD>
        <pctVal>1.527084495030</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>Crowdworks Inc. (Japan)</name>
        <lei>N/A</lei>
        <title>CrowdWorks Inc </title>
        <cusip>J0839R107</cusip>
        <identifiers>
          <isin value="JP3267900003"/>
        </identifiers>
        <balance>20100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>158217.88000000</valUSD>
        <pctVal>0.351933084351</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>Eguarantee Inc</name>
        <lei>N/A</lei>
        <title>eGuarantee Inc </title>
        <cusip>J13358106</cusip>
        <identifiers>
          <isin value="JP3130300001"/>
        </identifiers>
        <balance>26000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>321634.48000000</valUSD>
        <pctVal>0.715429979091</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>Illumina Inc</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>FIGS, Inc. </title>
        <cusip>452327109</cusip>
        <identifiers>
          <isin value="US4523271090"/>
        </identifiers>
        <balance>51813.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>208806.39000000</valUSD>
        <pctVal>0.464460002024</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>Aoti Inc.</name>
        <lei>213800ZGCNDSTWIRK687</lei>
        <title>Advanced Oxygen Therapy </title>
        <cusip>03690C102</cusip>
        <identifiers>
          <isin value="US03690C1027"/>
        </identifiers>
        <balance>92746.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>98890.83000000</valUSD>
        <pctVal>0.219968532102</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>Charm Care Corporation</name>
        <lei>N/A</lei>
        <title>Charm Care Corp KK </title>
        <cusip>J0625A102</cusip>
        <identifiers>
          <isin value="JP3512740006"/>
        </identifiers>
        <balance>85700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>754941.93000000</valUSD>
        <pctVal>1.679260535734</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>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>452000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>156190.25000000</valUSD>
        <pctVal>0.347422910913</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>Arwana Citramulia</name>
        <lei>N/A</lei>
        <title>Arwana Citramulia Tbk P.T. </title>
        <cusip>Y7116S131</cusip>
        <identifiers>
          <isin value="ID1000128309"/>
        </identifiers>
        <balance>3364400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>119578.07000000</valUSD>
        <pctVal>0.265984343842</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>Timee Inc.</name>
        <lei>N/A</lei>
        <title>Timee Inc </title>
        <cusip>J83432104</cusip>
        <identifiers>
          <isin value="JP3449040009"/>
        </identifiers>
        <balance>21400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>256943.74000000</valUSD>
        <pctVal>0.571534664243</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>SJS Enterprises Ltd.</name>
        <lei>984500E74D93F3F04562</lei>
        <title>SJS Enterprises Ltd </title>
        <cusip>Y8066B102</cusip>
        <identifiers>
          <isin value="INE284S01014"/>
        </identifiers>
        <balance>15525.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>170588.46000000</valUSD>
        <pctVal>0.379449673340</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>Indigo Paints Ltd.</name>
        <lei>3358007YDYB5P8I6HB69</lei>
        <title>Indigo Paints Ltd </title>
        <cusip>Y3939M104</cusip>
        <identifiers>
          <isin value="INE09VQ01012"/>
        </identifiers>
        <balance>26458.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>304872.96000000</valUSD>
        <pctVal>0.678146370993</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>Marklines Co Ltd</name>
        <lei>N/A</lei>
        <title>MarkLines Company Ltd. </title>
        <cusip>J3971M100</cusip>
        <identifiers>
          <isin value="JP3860210008"/>
        </identifiers>
        <balance>23000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>367079.49000000</valUSD>
        <pctVal>0.816515915382</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>Sarantis Sa</name>
        <lei>21380078FJXYHFE8KP46</lei>
        <title>Sarantis SA </title>
        <cusip>X7583P132</cusip>
        <identifiers>
          <isin value="GRS204003008"/>
        </identifiers>
        <balance>40988.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>627367.35000000</valUSD>
        <pctVal>1.395489097106</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FatPipeInc (UT)</name>
        <lei>N/A</lei>
        <title>Fatpipe Inc/UT </title>
        <cusip>311921100</cusip>
        <identifiers>
          <isin value="US3119211007"/>
        </identifiers>
        <balance>24470.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>203590.40000000</valUSD>
        <pctVal>0.452857776987</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>Plover Bay Technologies Ltd</name>
        <lei>N/A</lei>
        <title>Plover Bay Tech </title>
        <cusip>G71332103</cusip>
        <identifiers>
          <isin value="KYG713321035"/>
        </identifiers>
        <balance>331900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>227666.73000000</valUSD>
        <pctVal>0.506412135551</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>Kelly Partners Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Kelly Partners Group Holdings </title>
        <cusip>Q6368N104</cusip>
        <identifiers>
          <isin value="AU000000KPG7"/>
        </identifiers>
        <balance>31032.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>233569.92000000</valUSD>
        <pctVal>0.519542938872</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>Medistim Asa</name>
        <lei>5967007LIEEXZXJOX483</lei>
        <title>Medistim ASA </title>
        <cusip>R448B2105</cusip>
        <identifiers>
          <isin value="NO0010159684"/>
        </identifiers>
        <balance>10500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40399000"/>
        <valUSD>161981.12000000</valUSD>
        <pctVal>0.360303874431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Revenio Group Corp.</name>
        <lei>743700I27E0FWSXLKK04</lei>
        <title>Revenio Group Oyj </title>
        <cusip>X7354Z103</cusip>
        <identifiers>
          <isin value="FI0009010912"/>
        </identifiers>
        <balance>6394.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>199359.41000000</valUSD>
        <pctVal>0.443446543815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teqnion AB</name>
        <lei>549300DRF7FY7VRFTX41</lei>
        <title>Teqnion AB </title>
        <cusip>W9590R110</cusip>
        <identifiers>
          <isin value="SE0012308088"/>
        </identifiers>
        <balance>13429.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>220929.30000000</valUSD>
        <pctVal>0.491425684459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Volution Group PLC</name>
        <lei>213800EPT84EQCDHO768</lei>
        <title>Volution Group PLC </title>
        <cusip>G93824103</cusip>
        <identifiers>
          <isin value="GB00BN3ZZ526"/>
        </identifiers>
        <balance>57773.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>437365.07000000</valUSD>
        <pctVal>0.972856153001</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>Plus Alpha Consulting Co Ltd.</name>
        <lei>N/A</lei>
        <title>Plus Alpha Consulting </title>
        <cusip>J63934103</cusip>
        <identifiers>
          <isin value="JP3832700003"/>
        </identifiers>
        <balance>22300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>259948.22000000</valUSD>
        <pctVal>0.578217701036</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>Iradimed Corp.</name>
        <lei>549300YVHWP0YJ1YW816</lei>
        <title>Iradimed Corporation </title>
        <cusip>46266A109</cusip>
        <identifiers>
          <isin value="US46266A1097"/>
        </identifiers>
        <balance>3654.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191506.14000000</valUSD>
        <pctVal>0.425978065959</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>Armac Locacao Logistica E Servicos SA</name>
        <lei>N/A</lei>
        <title>Armac Locacao Logistica </title>
        <cusip>P0R0FY103</cusip>
        <identifiers>
          <isin value="BRARMLACNOR1"/>
        </identifiers>
        <balance>163200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>125098.24000000</valUSD>
        <pctVal>0.278263173860</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>Fns Tech Co Ltd</name>
        <lei>N/A</lei>
        <title>FNS Tech Co Ltd </title>
        <cusip>Y8T1DV100</cusip>
        <identifiers>
          <isin value="KR7083500009"/>
        </identifiers>
        <balance>54887.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>346692.90000000</valUSD>
        <pctVal>0.771168856642</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>Halows Co Ltd</name>
        <lei>N/A</lei>
        <title>Halows Company Ltd. </title>
        <cusip>J1814W103</cusip>
        <identifiers>
          <isin value="JP3773750009"/>
        </identifiers>
        <balance>7400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>224454.24000000</valUSD>
        <pctVal>0.499266410212</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>BRBI BR PARTNERS S.A.</name>
        <lei>N/A</lei>
        <title>BR Advisory Partners </title>
        <cusip>P1S70G118</cusip>
        <identifiers>
          <isin value="BRBRBICDAM10"/>
        </identifiers>
        <balance>74100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>191031.21000000</valUSD>
        <pctVal>0.424921651982</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>Bowman Consulting Group Ltd</name>
        <lei>N/A</lei>
        <title>Bowman Consulting Group Limited </title>
        <cusip>103002101</cusip>
        <identifiers>
          <isin value="US1030021018"/>
        </identifiers>
        <balance>33204.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>734472.48000000</valUSD>
        <pctVal>1.633729166754</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>Rise Consulting Group Inc.</name>
        <lei>N/A</lei>
        <title>Rise Consulting Group Inc </title>
        <cusip>J6522L109</cusip>
        <identifiers>
          <isin value="JP3965420007"/>
        </identifiers>
        <balance>63200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>412577.67000000</valUSD>
        <pctVal>0.917720120746</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>Swedish Logistic Property AB</name>
        <lei>254900AWRHP1QNE6OQ19</lei>
        <title>Swedish Logistic </title>
        <cusip>W9545H142</cusip>
        <identifiers>
          <isin value="SE0017565476"/>
        </identifiers>
        <balance>105935.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>432961.31000000</valUSD>
        <pctVal>0.963060617632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Megastudyedu Co Ltd</name>
        <lei>N/A</lei>
        <title>MegaStudyEdu Co Ltd </title>
        <cusip>Y5933R104</cusip>
        <identifiers>
          <isin value="KR7215200007"/>
        </identifiers>
        <balance>4572.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>154834.96000000</valUSD>
        <pctVal>0.344408261811</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>Elixirr International Plc</name>
        <lei>213800MKY7OHMVAKW681</lei>
        <title>Elixirr International PLC </title>
        <cusip>G3002J103</cusip>
        <identifiers>
          <isin value="GB00BLPHTX84"/>
        </identifiers>
        <balance>92586.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>913162.11000000</valUSD>
        <pctVal>2.031198736107</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>Global Industrial Company</name>
        <lei>5493000GO8Z3HEWCGE46</lei>
        <title>Global Industrials, Co. </title>
        <cusip>37892E102</cusip>
        <identifiers>
          <isin value="US37892E1029"/>
        </identifiers>
        <balance>7586.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>194808.48000000</valUSD>
        <pctVal>0.433323649794</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>Megaport Ltd.</name>
        <lei>894500C1KRF5V774HH90</lei>
        <title>Megaport Ltd </title>
        <cusip>Q5941Y108</cusip>
        <identifiers>
          <isin value="AU000000MP15"/>
        </identifiers>
        <balance>33940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>248283.13000000</valUSD>
        <pctVal>0.552270373825</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>Wavestone SA</name>
        <lei>969500GSN25I3B3X6F94</lei>
        <title>Wavestone </title>
        <cusip>F98323102</cusip>
        <identifiers>
          <isin value="FR0013357621"/>
        </identifiers>
        <balance>5180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>275738.10000000</valUSD>
        <pctVal>0.613340034681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>System Support Holdings Inc.</name>
        <lei>N/A</lei>
        <title>System Support, Inc. </title>
        <cusip>J78650108</cusip>
        <identifiers>
          <isin value="JP3350960005"/>
        </identifiers>
        <balance>64400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>903907.08000000</valUSD>
        <pctVal>2.010612243268</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>Franchise Brands Plc</name>
        <lei>213800CFRX6CJ8LCKN37</lei>
        <title>Franchise Brands PLC </title>
        <cusip>G3656B109</cusip>
        <identifiers>
          <isin value="GB00BD6P7Y24"/>
        </identifiers>
        <balance>180242.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>335120.54000000</valUSD>
        <pctVal>0.745427794076</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>Neurones</name>
        <lei>9695008Y07TSG8SZCG57</lei>
        <title>Neurones SA </title>
        <cusip>F6523H101</cusip>
        <identifiers>
          <isin value="FR0004050250"/>
        </identifiers>
        <balance>4051.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>219543.99000000</valUSD>
        <pctVal>0.488344260153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Syuppin Co Limited</name>
        <lei>N/A</lei>
        <title>Syuppin Company, Ltd. </title>
        <cusip>J78874112</cusip>
        <identifiers>
          <isin value="JP3359940008"/>
        </identifiers>
        <balance>52700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>405611.53000000</valUSD>
        <pctVal>0.902224936913</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>User Local Inc</name>
        <lei>N/A</lei>
        <title>User Local inc </title>
        <cusip>J96388103</cusip>
        <identifiers>
          <isin value="JP3944410004"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>104282.12000000</valUSD>
        <pctVal>0.231960686961</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>Swedencare Ab</name>
        <lei>549300FZT7YIF6SWX789</lei>
        <title>Swedencare AB </title>
        <cusip>W942AH117</cusip>
        <identifiers>
          <isin value="SE0015988167"/>
        </identifiers>
        <balance>218921.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>874353.89000000</valUSD>
        <pctVal>1.944875391598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ymirlink, Inc.</name>
        <lei>N/A</lei>
        <title>YMIRLINK Inc </title>
        <cusip>J9786Q103</cusip>
        <identifiers>
          <isin value="JP3952890006"/>
        </identifiers>
        <balance>32600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>347851.95000000</valUSD>
        <pctVal>0.773746997882</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>AZoom co Ltd.</name>
        <lei>N/A</lei>
        <title>AZOOM Co Ltd </title>
        <cusip>J03827102</cusip>
        <identifiers>
          <isin value="JP3119880007"/>
        </identifiers>
        <balance>10300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>562853.34000000</valUSD>
        <pctVal>1.251986892910</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>Treace Medical Concepts Inc.</name>
        <lei>N/A</lei>
        <title>Treace Medical </title>
        <cusip>89455T109</cusip>
        <identifiers>
          <isin value="US89455T1097"/>
        </identifiers>
        <balance>37399.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>264784.92000000</valUSD>
        <pctVal>0.588976249621</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>Hennge K K</name>
        <lei>N/A</lei>
        <title>Hennge KK </title>
        <cusip>J20457107</cusip>
        <identifiers>
          <isin value="JP3835150008"/>
        </identifiers>
        <balance>71700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>859376.57000000</valUSD>
        <pctVal>1.911560481659</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>Kitwave Group plc</name>
        <lei>2138007DLCYPVY95UD40</lei>
        <title>Kitwave Group Plc </title>
        <cusip>G5282G105</cusip>
        <identifiers>
          <isin value="GB00BNYKB709"/>
        </identifiers>
        <balance>52830.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>209125.94000000</valUSD>
        <pctVal>0.465170795375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mama's Creations, Inc</name>
        <lei>N/A</lei>
        <title>Mama's Creations Incorporated </title>
        <cusip>56146T103</cusip>
        <identifiers>
          <isin value="US56146T1034"/>
        </identifiers>
        <balance>120028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>792184.80000000</valUSD>
        <pctVal>1.762101982663</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>Ghcl Ltd</name>
        <lei>335800L2UYNOUH82F930</lei>
        <title>GHCL Limited </title>
        <cusip>Y29443119</cusip>
        <identifiers>
          <isin value="INE539A01019"/>
        </identifiers>
        <balance>26000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>179004.26000000</valUSD>
        <pctVal>0.398169418866</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>Pryce Corp</name>
        <lei>N/A</lei>
        <title>Pryce Corp </title>
        <cusip>Y7115M127</cusip>
        <identifiers>
          <isin value="PHY7115M1274"/>
        </identifiers>
        <balance>1190800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.79000000"/>
        <valUSD>217285.25000000</valUSD>
        <pctVal>0.483320015517</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>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>56000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>416593.89000000</valUSD>
        <pctVal>0.926653628716</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>Pharmanutra Spa</name>
        <lei>815600F8217BC7733697</lei>
        <title>Pharmanutra SpA </title>
        <cusip>T7S298129</cusip>
        <identifiers>
          <isin value="IT0005274094"/>
        </identifiers>
        <balance>6049.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>368975.28000000</valUSD>
        <pctVal>0.820732829564</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>Sporton International Inc</name>
        <lei>N/A</lei>
        <title>Sporton International, Inc. </title>
        <cusip>Y8129X109</cusip>
        <identifiers>
          <isin value="TW0006146004"/>
        </identifiers>
        <balance>52699.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.06000000"/>
        <valUSD>275330.08000000</valUSD>
        <pctVal>0.612432452446</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>Hackett Group Inc.</name>
        <lei>5K016KLIRB6156644289</lei>
        <title>Hackett Group, Inc. (The) </title>
        <cusip>404609109</cusip>
        <identifiers>
          <isin value="US4046091090"/>
        </identifiers>
        <balance>33010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>843075.40000000</valUSD>
        <pctVal>1.875300856409</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>Tatton Asset Mgmt Plc</name>
        <lei>213800G2F8I1N7HTVP88</lei>
        <title>Tatton Asset Mgmt </title>
        <cusip>G86841106</cusip>
        <identifiers>
          <isin value="GB00BYX1P358"/>
        </identifiers>
        <balance>37957.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>313656.59000000</valUSD>
        <pctVal>0.697684301837</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>Vimta Laboratories</name>
        <lei>N/A</lei>
        <title>Vimta Labs Ltd </title>
        <cusip>Y9376C129</cusip>
        <identifiers>
          <isin value="INE579C01029"/>
        </identifiers>
        <balance>35627.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>420697.49000000</valUSD>
        <pctVal>0.935781501021</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>Auto Partner Sa</name>
        <lei>259400NXH0FT0MF6PV21</lei>
        <title>Auto Partner SA </title>
        <cusip>X02685117</cusip>
        <identifiers>
          <isin value="PLATPRT00018"/>
        </identifiers>
        <balance>77576.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>408910.57000000</valUSD>
        <pctVal>0.909563180370</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>Momentum Group AB</name>
        <lei>549300QOHUWQMD9G3757</lei>
        <title>Momentum Group AB </title>
        <cusip>W5659A121</cusip>
        <identifiers>
          <isin value="SE0017562523"/>
        </identifiers>
        <balance>20800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>343485.76000000</valUSD>
        <pctVal>0.764035031614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WDB Coco Co Ltd</name>
        <lei>N/A</lei>
        <title>WDB coco Co Ltd </title>
        <cusip>J9504L105</cusip>
        <identifiers>
          <isin value="JP3506010002"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>119647.36000000</valUSD>
        <pctVal>0.266138469554</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>Orthopediatrics Corp.</name>
        <lei>5493000KUTPFGOPAT717</lei>
        <title>OrthoPediatrics Corp. </title>
        <cusip>68752L100</cusip>
        <identifiers>
          <isin value="US68752L1008"/>
        </identifiers>
        <balance>8496.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>176886.72000000</valUSD>
        <pctVal>0.393459253470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVS Group PLC</name>
        <lei>213800J41XDQ2NX48O05</lei>
        <title>CVS Group plc </title>
        <cusip>G27234106</cusip>
        <identifiers>
          <isin value="GB00B2863827"/>
        </identifiers>
        <balance>65938.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>945624.87000000</valUSD>
        <pctVal>2.103407510826</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>Shoper Sa</name>
        <lei>259400HA8L5O5KQEIV88</lei>
        <title>Shoper Spolka Akcyjna </title>
        <cusip>X7807K117</cusip>
        <identifiers>
          <isin value="PLSHPR000021"/>
        </identifiers>
        <balance>20858.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.77910000"/>
        <valUSD>235674.26000000</valUSD>
        <pctVal>0.524223742753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mensch &amp; Maschine Software AG</name>
        <lei>391200KPS0L1YQ88JY41</lei>
        <title>Mensch und Maschine Software S </title>
        <cusip>D5345W108</cusip>
        <identifiers>
          <isin value="DE0006580806"/>
        </identifiers>
        <balance>5555.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>358996.60000000</valUSD>
        <pctVal>0.798536680619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Esquire Financial Holdings Inc</name>
        <lei>N/A</lei>
        <title>Esquire Financial Holdings, Inc. </title>
        <cusip>29667J101</cusip>
        <identifiers>
          <isin value="US29667J1016"/>
        </identifiers>
        <balance>7091.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>587985.72000000</valUSD>
        <pctVal>1.307890283920</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>Joint Corp. (The)</name>
        <lei>N/A</lei>
        <title>The Joint Corporation </title>
        <cusip>47973J102</cusip>
        <identifiers>
          <isin value="US47973J1025"/>
        </identifiers>
        <balance>17690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>177076.90000000</valUSD>
        <pctVal>0.393882281727</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>The Lovesac Company</name>
        <lei>N/A</lei>
        <title>The Lovesac Company </title>
        <cusip>54738L109</cusip>
        <identifiers>
          <isin value="US54738L1098"/>
        </identifiers>
        <balance>11039.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>214708.55000000</valUSD>
        <pctVal>0.477588514257</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>Ashtead Technology Holdings PLC</name>
        <lei>213800LHEWVY66RPGR58</lei>
        <title>Ashtead Technology Holdings plc </title>
        <cusip>G0609Y103</cusip>
        <identifiers>
          <isin value="GB00BLH42507"/>
        </identifiers>
        <balance>47686.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>316194.87000000</valUSD>
        <pctVal>0.703330343292</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>Idun Industrier AB (publ)</name>
        <lei>549300SDE3LON0ZFLE07</lei>
        <title>Idun Industrier AB </title>
        <cusip>W4R43P101</cusip>
        <identifiers>
          <isin value="SE0013512464"/>
        </identifiers>
        <balance>9600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>338717.89000000</valUSD>
        <pctVal>0.753429585536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pensionbee Group Plc</name>
        <lei>2138008663P5FHPGZV74</lei>
        <title>Pensionbee Group PLC </title>
        <cusip>G6994Z100</cusip>
        <identifiers>
          <isin value="GB00BNDRLN84"/>
        </identifiers>
        <balance>93570.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>188314.78000000</valUSD>
        <pctVal>0.418879341288</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>Kinx Inc</name>
        <lei>N/A</lei>
        <title>Kinx Inc. </title>
        <cusip>Y4791X105</cusip>
        <identifiers>
          <isin value="KR7093320000"/>
        </identifiers>
        <balance>2500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1423.26000000"/>
        <valUSD>138414.63000000</valUSD>
        <pctVal>0.307883582154</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>Sun Inc.</name>
        <lei>N/A</lei>
        <title>Sun* Inc </title>
        <cusip>J7808M100</cusip>
        <identifiers>
          <isin value="JP3323800007"/>
        </identifiers>
        <balance>224700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>891442.07000000</valUSD>
        <pctVal>1.982885608227</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>Rvrc Holding Ab</name>
        <lei>549300YU7003VHQV3J57</lei>
        <title>RVRC Holding AB </title>
        <cusip>W7282E108</cusip>
        <identifiers>
          <isin value="SE0015962485"/>
        </identifiers>
        <balance>45828.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>236995.27000000</valUSD>
        <pctVal>0.527162140890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FP Partner Inc.</name>
        <lei>N/A</lei>
        <title>FP Partner Inc </title>
        <cusip>J13675103</cusip>
        <identifiers>
          <isin value="JP3167010002"/>
        </identifiers>
        <balance>12700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>216020.85000000</valUSD>
        <pctVal>0.480507538243</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>Yatharth Hospital &amp; Trauma Care Services Ltd.</name>
        <lei>335800O1RTF5PUR2BH37</lei>
        <title>Yatharth Hospital </title>
        <cusip>Y9753V104</cusip>
        <identifiers>
          <isin value="INE0JO301016"/>
        </identifiers>
        <balance>126000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>720468.98000000</valUSD>
        <pctVal>1.602580380367</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>Victorian Plumbing Group Plc</name>
        <lei>894500R59II0S4WXGZ04</lei>
        <title>Victorian Plumbing Group PLC </title>
        <cusip>G9345Z100</cusip>
        <identifiers>
          <isin value="GB00BNVVHD43"/>
        </identifiers>
        <balance>271436.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>353092.19000000</valUSD>
        <pctVal>0.785403163582</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>Oro Co Ltd</name>
        <lei>N/A</lei>
        <title>Oro Co Ltd </title>
        <cusip>J6S14A108</cusip>
        <identifiers>
          <isin value="JP3201900002"/>
        </identifiers>
        <balance>38800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>648838.51000000</valUSD>
        <pctVal>1.443248626960</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>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>34079.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>188632.29000000</valUSD>
        <pctVal>0.419585596950</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>Vaibhav Global Ltd</name>
        <lei>335800DA4OLBMGEJXV59</lei>
        <title>Vaibhav Global Ltd </title>
        <cusip>Y933AF100</cusip>
        <identifiers>
          <isin value="INE884A01027"/>
        </identifiers>
        <balance>80463.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>208433.11000000</valUSD>
        <pctVal>0.463629693959</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>Uniphar PLC</name>
        <lei>21380028LJSQGRUAX965</lei>
        <title>Uniphar PLC </title>
        <cusip>G9300Z103</cusip>
        <identifiers>
          <isin value="IE00BJ5FQX74"/>
        </identifiers>
        <balance>90411.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>303420.14000000</valUSD>
        <pctVal>0.674914780331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kura Sushi USA Inc.</name>
        <lei>N/A</lei>
        <title>Kura Sushi USA, Inc. </title>
        <cusip>501270102</cusip>
        <identifiers>
          <isin value="US5012701026"/>
        </identifiers>
        <balance>7033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>414103.04000000</valUSD>
        <pctVal>0.921113088525</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>Kogan.com Ltd.</name>
        <lei>529900EOAC36USKQV388</lei>
        <title>Kogan.com Ltd </title>
        <cusip>Q53502102</cusip>
        <identifiers>
          <isin value="AU000000KGN2"/>
        </identifiers>
        <balance>356087.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>1028731.26000000</valUSD>
        <pctVal>2.288265809787</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>Ewell Co Ltd.</name>
        <lei>N/A</lei>
        <title>eWeLL Co Ltd </title>
        <cusip>J23835101</cusip>
        <identifiers>
          <isin value="JP3130160009"/>
        </identifiers>
        <balance>19100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>298153.51000000</valUSD>
        <pctVal>0.663199913844</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>Bengo4.com Inc.</name>
        <lei>N/A</lei>
        <title>Bengo4.com Inc </title>
        <cusip>J0429S101</cusip>
        <identifiers>
          <isin value="JP3835870001"/>
        </identifiers>
        <balance>45800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>914589.98000000</valUSD>
        <pctVal>2.034374829057</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>FRP Advisory Group Plc</name>
        <lei>213800IPCG6DE1CVLY36</lei>
        <title>FRP Advisory Group PLC </title>
        <cusip>G371BX103</cusip>
        <identifiers>
          <isin value="GB00BL9BW044"/>
        </identifiers>
        <balance>290991.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>519702.97000000</valUSD>
        <pctVal>1.156005055680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Riverstone Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd. </title>
        <cusip>Y7302Q105</cusip>
        <identifiers>
          <isin value="SG1U22933048"/>
        </identifiers>
        <balance>841725.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.30600000"/>
        <valUSD>583278.05000000</valUSD>
        <pctVal>1.297418744147</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>Insource Co Ltd</name>
        <lei>N/A</lei>
        <title>Insource Co Ltd </title>
        <cusip>J2467H104</cusip>
        <identifiers>
          <isin value="JP3152670000"/>
        </identifiers>
        <balance>36100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>229603.27000000</valUSD>
        <pctVal>0.510719692290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADV Med Solutions</name>
        <lei>213800HJP6OWOSZI1L74</lei>
        <title>Advanced Medical Solutions Gro </title>
        <cusip>G0098X103</cusip>
        <identifiers>
          <isin value="GB0004536594"/>
        </identifiers>
        <balance>225760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>580731.18000000</valUSD>
        <pctVal>1.291753595464</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>Pennant Group Inc</name>
        <lei>5493007H2OYR6BYLDA64</lei>
        <title>Pennant Group, Inc. (The) </title>
        <cusip>70805E109</cusip>
        <identifiers>
          <isin value="US70805E1091"/>
        </identifiers>
        <balance>58150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1489803.00000000</valUSD>
        <pctVal>3.313854065462</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>AB Dynamics Plc</name>
        <lei>213800OFXZP4A7I47K43</lei>
        <title>AB Dynamics PLC </title>
        <cusip>G0032G109</cusip>
        <identifiers>
          <isin value="GB00B9GQVG73"/>
        </identifiers>
        <balance>18515.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75029000"/>
        <valUSD>434317.40000000</valUSD>
        <pctVal>0.966077046220</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>Biosyent Inc</name>
        <lei>N/A</lei>
        <title>BioSyent Inc </title>
        <cusip>090690108</cusip>
        <identifiers>
          <isin value="CA0906901081"/>
        </identifiers>
        <balance>48100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>380353.01000000</valUSD>
        <pctVal>0.846040965482</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>Thermador Groupe</name>
        <lei>969500SSIGMAGT008F11</lei>
        <title>Thermador Groupe </title>
        <cusip>F91651194</cusip>
        <identifiers>
          <isin value="FR0013333432"/>
        </identifiers>
        <balance>4607.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>345263.83000000</valUSD>
        <pctVal>0.767990094463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sidetrade</name>
        <lei>969500C43H7W90FX6G79</lei>
        <title>Sidetrade </title>
        <cusip>F81862108</cusip>
        <identifiers>
          <isin value="FR0010202606"/>
        </identifiers>
        <balance>713.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>186738.10000000</valUSD>
        <pctVal>0.415372241740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kri-Kri Milk Industry Sa</name>
        <lei>2138001WX9OOFYWL4P68</lei>
        <title>Kri-Kri Milk Industry SA </title>
        <cusip>X45701103</cusip>
        <identifiers>
          <isin value="GRS469003024"/>
        </identifiers>
        <balance>25593.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>442219.18000000</valUSD>
        <pctVal>0.983653427646</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gulf Oil Lubricants Ltd</name>
        <lei>3358009J8O762GKOHS20</lei>
        <title>Gulf Oil Lubricants India Ltd. </title>
        <cusip>Y6985P111</cusip>
        <identifiers>
          <isin value="INE635Q01029"/>
        </identifiers>
        <balance>34095.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>479589.66000000</valUSD>
        <pctVal>1.066778724801</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>Sdiptech AB (publ)</name>
        <lei>549300JBO7VTEGMRW310</lei>
        <title>Sdiptech AB Series B</title>
        <cusip>W8T88U113</cusip>
        <identifiers>
          <isin value="SE0003756758"/>
        </identifiers>
        <balance>22232.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.66468000"/>
        <valUSD>497332.39000000</valUSD>
        <pctVal>1.106244894450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ipd Group Limited</name>
        <lei>N/A</lei>
        <title>IPD Group Ltd/Australia </title>
        <cusip>Q496BN109</cusip>
        <identifiers>
          <isin value="AU0000189318"/>
        </identifiers>
        <balance>74199.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>190119.79000000</valUSD>
        <pctVal>0.422894328321</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>Ma Financial Group Ltd</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd </title>
        <cusip>Q57129100</cusip>
        <identifiers>
          <isin value="AU0000156218"/>
        </identifiers>
        <balance>103418.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.56110000"/>
        <valUSD>437891.86000000</valUSD>
        <pctVal>0.974027922144</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>Integral Corp.</name>
        <lei>N/A</lei>
        <title>Integral Corp </title>
        <cusip>J2401C104</cusip>
        <identifiers>
          <isin value="JP3152910000"/>
        </identifiers>
        <balance>16400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>311430.17000000</valUSD>
        <pctVal>0.692731948426</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>Plumas Bancorp</name>
        <lei>549300O5TKTXYTYP4G59</lei>
        <title>Plumas Bancorp </title>
        <cusip>729273102</cusip>
        <identifiers>
          <isin value="US7292731020"/>
        </identifiers>
        <balance>9339.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>411756.51000000</valUSD>
        <pctVal>0.915893567568</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>Ksolves India Ltd.</name>
        <lei>N/A</lei>
        <title>Ksolves India Ltd. </title>
        <cusip>Y498UT128</cusip>
        <identifiers>
          <isin value="INE0D6I01023"/>
        </identifiers>
        <balance>26732.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.59240000"/>
        <valUSD>137132.31000000</valUSD>
        <pctVal>0.305031244399</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>877400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75567000"/>
        <valUSD>214947.26000000</valUSD>
        <pctVal>0.478119490570</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>Hartadinata Abadi</name>
        <lei>N/A</lei>
        <title>Hartadinata Abadi Tbk PT </title>
        <cusip>Y2731W104</cusip>
        <identifiers>
          <isin value="ID1000139405"/>
        </identifiers>
        <balance>7227000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16600.00000000"/>
        <valUSD>306929.82000000</valUSD>
        <pctVal>0.682721562393</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>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>64700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.67490000"/>
        <valUSD>131682.50000000</valUSD>
        <pctVal>0.292908920156</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>Barrett Business Services Inc.</name>
        <lei>529900HXB6TMG0SR9Y34</lei>
        <title>Barrett Business Services, Inc. </title>
        <cusip>068463108</cusip>
        <identifiers>
          <isin value="US0684631080"/>
        </identifiers>
        <balance>23091.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>936570.96000000</valUSD>
        <pctVal>2.083268380712</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>Uls Group Inc</name>
        <lei>N/A</lei>
        <title>ULS Group Inc </title>
        <cusip>J94062106</cusip>
        <identifiers>
          <isin value="JP3159910003"/>
        </identifiers>
        <balance>33300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>1151007.56000000</valUSD>
        <pctVal>2.560251981023</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>Cyber Security Cloud Inc</name>
        <lei>N/A</lei>
        <title>Cyber Security Cloud Inc </title>
        <cusip>J11098100</cusip>
        <identifiers>
          <isin value="JP3311590008"/>
        </identifiers>
        <balance>12300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="142.92000000"/>
        <valUSD>146391.69000000</valUSD>
        <pctVal>0.325627413192</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>Bouvet Asa</name>
        <lei>5967007LIEEXZXFMBC26</lei>
        <title>Bouvet ASA </title>
        <cusip>R13781100</cusip>
        <identifiers>
          <isin value="NO0010360266"/>
        </identifiers>
        <balance>38828.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40399000"/>
        <valUSD>298189.18000000</valUSD>
        <pctVal>0.663279256666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>
