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        <balance>262300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="21.44250000"/>
        <valUSD>601727.27000000</valUSD>
        <pctVal>1.360128724180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elbit Systems Ltd</name>
        <lei>529900Q9CB1REUMZSS32</lei>
        <title>Elbit Systems Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0010811243"/>
          <ticker value="ESLT"/>
          <other otherDesc="SEDOL" value="6308913"/>
        </identifiers>
        <balance>4069.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="3.15195000"/>
        <valUSD>593360.03000000</valUSD>
        <pctVal>1.341215631765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toyo Construction Co Ltd</name>
        <lei>N/A</lei>
        <title>Toyo Construction Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3609800002"/>
          <ticker value="1890"/>
          <other otherDesc="SEDOL" value="6900063"/>
        </identifiers>
        <balance>99800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>459005.80000000</valUSD>
        <pctVal>1.037524812770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ai Holdings Corp</name>
        <lei>N/A</lei>
        <title>Ai Holdings Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3105090009"/>
          <ticker value="3076"/>
          <other otherDesc="SEDOL" value="B1TK201"/>
        </identifiers>
        <balance>28650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>487977.21000000</valUSD>
        <pctVal>1.103011036988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Garrett Motion Inc</name>
        <lei>549300LS5WT7EMBNV724</lei>
        <title>Garrett Motion Inc</title>
        <cusip>366505105</cusip>
        <identifiers>
          <isin value="US3665051054"/>
          <ticker value="GTX"/>
        </identifiers>
        <balance>68815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>485833.90000000</valUSD>
        <pctVal>1.098166354619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="476486.46000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hardwoods Distribution Inc</name>
        <lei>N/A</lei>
        <title>Hardwoods Distribution Inc</title>
        <cusip>412422107</cusip>
        <identifiers>
          <isin value="CA4124221074"/>
          <ticker value="HDI"/>
          <other otherDesc="SEDOL" value="B4QNCX7"/>
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        <balance>28549.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27745000"/>
        <valUSD>935505.22000000</valUSD>
        <pctVal>2.114591750749</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Schouw &amp; Co A/S</name>
        <lei>213800V2R9WMMZASKK57</lei>
        <title>Schouw &amp; Co A/S</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0010253921"/>
          <ticker value="SCHO"/>
          <other otherDesc="SEDOL" value="5690859"/>
        </identifiers>
        <balance>5824.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.55780000"/>
        <valUSD>470694.44000000</valUSD>
        <pctVal>1.063945511653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Digital Hearts Holdings Co Ltd</name>
        <lei>353800YFGI3U64VW0H08</lei>
        <title>Digital Hearts Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3765110006"/>
          <ticker value="3676"/>
          <other otherDesc="SEDOL" value="BDFLKD1"/>
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        <balance>56975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>1239266.96000000</valUSD>
        <pctVal>2.801206914262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hosokawa Micron Corp</name>
        <lei>N/A</lei>
        <title>Hosokawa Micron Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3846000002"/>
          <ticker value="6277"/>
          <other otherDesc="SEDOL" value="6439879"/>
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        <balance>17850.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>445635.52000000</valUSD>
        <pctVal>1.007302978419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pierce Group AB</name>
        <lei>54930082SM8KO7LCER77</lei>
        <title>Pierce Group AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0015658364"/>
          <ticker value="PIERCE"/>
          <other otherDesc="SEDOL" value="BKY4S25"/>
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        <balance>63418.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
        <valUSD>506471.74000000</valUSD>
        <pctVal>1.144815593216</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>Riverstone Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1U22933048"/>
          <ticker value="RSTON"/>
          <other otherDesc="SEDOL" value="B1G16Z0"/>
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        <balance>722300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.36455000"/>
        <valUSD>372937.17000000</valUSD>
        <pctVal>0.842977512439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ergomed PLC</name>
        <lei>213800BVS8I9VMC1AP84</lei>
        <title>Ergomed PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BN7ZCY67"/>
          <ticker value="ERGO"/>
          <other otherDesc="SEDOL" value="BN7ZCY6"/>
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        <balance>35602.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75190796"/>
        <valUSD>606065.66000000</valUSD>
        <pctVal>1.369935108484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alconix Corp</name>
        <lei>353800I6G1YH2ATQZK47</lei>
        <title>Alconix Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3126210008"/>
          <ticker value="3036"/>
          <other otherDesc="SEDOL" value="B121L60"/>
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        <balance>38700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>399187.60000000</valUSD>
        <pctVal>0.902313303993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Diversified Energy Co PLC</name>
        <lei>213800YR9TFRVHPGOS67</lei>
        <title>Diversified Energy Co PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYX7JT74"/>
          <ticker value="DEC"/>
          <other otherDesc="SEDOL" value="BYX7JT7"/>
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        <balance>418800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75190796"/>
        <valUSD>552859.71000000</valUSD>
        <pctVal>1.249669758216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VIB Vermoegen AG</name>
        <lei>529900NFW9IP8LMOFM33</lei>
        <title>VIB Vermoegen AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A2YPDD0"/>
          <ticker value="VIH1"/>
          <other otherDesc="SEDOL" value="BH4GH67"/>
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        <balance>17854.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>850425.30000000</valUSD>
        <pctVal>1.922279304875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ten Pao Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Ten Pao Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG876031090"/>
          <ticker value="1979"/>
          <other otherDesc="SEDOL" value="BZ4SXC7"/>
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        <balance>2153000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79800000"/>
        <valUSD>512303.84000000</valUSD>
        <pctVal>1.157998320887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fukushima Galilei Co Ltd</name>
        <lei>N/A</lei>
        <title>Fukushima Galilei Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3805150004"/>
          <ticker value="6420"/>
          <other otherDesc="SEDOL" value="6355210"/>
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        <balance>14200.00000000</balance>
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        <pctVal>1.181299567918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mayr Melnhof Karton AG</name>
        <lei>5299001AMHDLKUM80611</lei>
        <title>Mayr Melnhof Karton AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AT0000938204"/>
          <ticker value="MMK"/>
          <other otherDesc="SEDOL" value="4563640"/>
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        <balance>2799.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
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        <pctVal>1.231265905478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kitron ASA</name>
        <lei>5967007LIEEXZXIG6009</lei>
        <title>Kitron ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0003079709"/>
          <ticker value="KIT"/>
          <other otherDesc="SEDOL" value="5399684"/>
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        <balance>449414.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.04455000"/>
        <valUSD>952193.51000000</valUSD>
        <pctVal>2.152313528900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vidrala SA</name>
        <lei>95980020140005399488</lei>
        <title>Vidrala SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0183746314"/>
          <ticker value="VID"/>
          <other otherDesc="SEDOL" value="5466726"/>
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        <balance>5126.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>485418.62000000</valUSD>
        <pctVal>1.097227666471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hilton Food Group PLC</name>
        <lei>213800JY7VJFS2OOX355</lei>
        <title>Hilton Food Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1V9NW54"/>
          <ticker value="HFG"/>
          <other otherDesc="SEDOL" value="B1V9NW5"/>
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        <balance>41190.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75190796"/>
        <valUSD>619021.24000000</valUSD>
        <pctVal>1.399219565704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rheinmetall AG</name>
        <lei>5299001OU9CSE29O6S05</lei>
        <title>Rheinmetall AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0007030009"/>
          <ticker value="RHM"/>
          <other otherDesc="SEDOL" value="5334588"/>
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        <balance>6725.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>596314.78000000</valUSD>
        <pctVal>1.347894472078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SITC International Holdings Co</name>
        <lei>529900JUV4MOM9CE3V12</lei>
        <title>SITC International Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG8187G1055"/>
          <ticker value="1308"/>
          <other otherDesc="SEDOL" value="B61X7R5"/>
        </identifiers>
        <balance>209500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79800000"/>
        <valUSD>836404.25000000</valUSD>
        <pctVal>1.890586486884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altus Group Ltd/Canada</name>
        <lei>54930041VO1EIY4IV355</lei>
        <title>Altus Group Ltd/Canada</title>
        <cusip>02215R107</cusip>
        <identifiers>
          <isin value="CA02215R1073"/>
          <ticker value="AIF"/>
          <other otherDesc="SEDOL" value="B67M8D9"/>
        </identifiers>
        <balance>13612.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27745000"/>
        <valUSD>697089.55000000</valUSD>
        <pctVal>1.575683150077</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>Calian Group Ltd</name>
        <lei>N/A</lei>
        <title>Calian Group Ltd</title>
        <cusip>12989J108</cusip>
        <identifiers>
          <isin value="CA12989J1084"/>
          <ticker value="CGY"/>
          <other otherDesc="SEDOL" value="BZ7P767"/>
        </identifiers>
        <balance>11782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27745000"/>
        <valUSD>516306.99000000</valUSD>
        <pctVal>1.167046937384</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>Embracer Group AB</name>
        <lei>549300RFXXKT652HB549</lei>
        <title>Embracer Group AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0016828511"/>
          <ticker value="EMBRACB"/>
          <other otherDesc="SEDOL" value="BMDTR73"/>
        </identifiers>
        <balance>53894.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
        <valUSD>582392.80000000</valUSD>
        <pctVal>1.316425589347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="131987.70972630"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Cement Corp</name>
        <lei>N/A</lei>
        <title>Eagle Cement Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PHY3003W1037"/>
          <ticker value="EAGLE"/>
          <other otherDesc="SEDOL" value="BF3X5V6"/>
        </identifiers>
        <balance>2214275.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.38500000"/>
        <valUSD>615259.50000000</valUSD>
        <pctVal>1.390716626114</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>Puuilo Oyj</name>
        <lei>743700UJUT6FWHBXPR69</lei>
        <title>Puuilo Oyj</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FI4000507124"/>
          <ticker value="PUUILO"/>
          <other otherDesc="SEDOL" value="BL979V2"/>
        </identifiers>
        <balance>70270.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>586542.00000000</valUSD>
        <pctVal>1.325804333479</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>Micro-Star International Co Lt</name>
        <lei>254900F4E0BDGJSSD870</lei>
        <title>Micro-Star International Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002377009"/>
          <ticker value="2377"/>
          <other otherDesc="SEDOL" value="6133450"/>
        </identifiers>
        <balance>129500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="27.80450000"/>
        <valUSD>757783.27000000</valUSD>
        <pctVal>1.712873661568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UT Group Co Ltd</name>
        <lei>N/A</lei>
        <title>UT Group Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3949500007"/>
          <ticker value="2146"/>
          <other otherDesc="SEDOL" value="B1V04K3"/>
        </identifiers>
        <balance>30500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>1080789.38000000</valUSD>
        <pctVal>2.442988300210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stabilus SA</name>
        <lei>529900JOSL94HJN4VZ28</lei>
        <title>Stabilus SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LU1066226637"/>
          <ticker value="STM"/>
          <other otherDesc="SEDOL" value="BMM1PP4"/>
        </identifiers>
        <balance>8386.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>557794.50000000</valUSD>
        <pctVal>1.260824229621</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>Siegfried Holding AG</name>
        <lei>506700J9QD6IF3937W06</lei>
        <title>Siegfried Holding AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0014284498"/>
          <ticker value="SFZN"/>
          <other otherDesc="SEDOL" value="7391763"/>
        </identifiers>
        <balance>613.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.91805000"/>
        <valUSD>551599.47000000</valUSD>
        <pctVal>1.246821144386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elopak ASA</name>
        <lei>529900BIDQN2AOKV6N08</lei>
        <title>Elopak ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0011002586"/>
          <ticker value="ELO"/>
          <other otherDesc="SEDOL" value="BMCQVP1"/>
        </identifiers>
        <balance>184900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.04455000"/>
        <valUSD>529317.95000000</valUSD>
        <pctVal>1.196456574121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATRIZIA AG</name>
        <lei>5299002NZCMF1NIHZ018</lei>
        <title>PATRIZIA AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000PAT1AG3"/>
          <ticker value="PAT"/>
          <other otherDesc="SEDOL" value="B11Y3K8"/>
        </identifiers>
        <balance>23087.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>523135.67000000</valUSD>
        <pctVal>1.182482308655</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>Arjo AB</name>
        <lei>549300OWGJPYKC6JF790</lei>
        <title>Arjo AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0010468116"/>
          <ticker value="ARJOB"/>
          <other otherDesc="SEDOL" value="BF17YL3"/>
        </identifiers>
        <balance>52888.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
        <valUSD>664802.91000000</valUSD>
        <pctVal>1.502703265899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Herdez SAB de CV</name>
        <lei>4469000001BQVIMOLQ55</lei>
        <title>Grupo Herdez SAB de CV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MX01HE010008"/>
          <ticker value="HERDEZ*"/>
          <other otherDesc="SEDOL" value="2962959"/>
        </identifiers>
        <balance>177978.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="21.44250000"/>
        <valUSD>315492.31000000</valUSD>
        <pctVal>0.713130639881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sedana Medical AB</name>
        <lei>549300FQ3NJRI56LCX32</lei>
        <title>Sedana Medical AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0015988373"/>
          <ticker value="SEDANA"/>
          <other otherDesc="SEDOL" value="BNNTR92"/>
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        <balance>54955.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
        <valUSD>546341.80000000</valUSD>
        <pctVal>1.234936843398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kusuri no Aoki Holdings Co Ltd</name>
        <lei>N/A</lei>
        <title>Kusuri no Aoki Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3266190002"/>
          <ticker value="3549"/>
          <other otherDesc="SEDOL" value="BYX8TV2"/>
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        <balance>9275.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>588040.25000000</valUSD>
        <pctVal>1.329190938944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marshalls PLC</name>
        <lei>213800S21IFC367J5V62</lei>
        <title>Marshalls PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B012BV22"/>
          <ticker value="MSLH"/>
          <other otherDesc="SEDOL" value="B012BV2"/>
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        <balance>54488.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75190796"/>
        <valUSD>501487.19000000</valUSD>
        <pctVal>1.133548645597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RBC DOMINION SECURITIES INC.</name>
        <lei>549300QJJX6CVVUXLE15</lei>
        <title>RBC DOMINION SECURITIES INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="9056400017"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
        <pctVal>2.260374079740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300QJJX6CVVUXLE15" name="RBC DOMINION SECURITIES INC."/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.05000000</repurchaseRt>
          <maturityDt>2021-12-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>546963.49181818</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>401604.99287999</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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            <repurchaseCollateral>
              <principalAmt>1941494.81018181</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>618395.01880363</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="1000000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GVS SpA</name>
        <lei>81560013EACB40B52D17</lei>
        <title>GVS SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005411209"/>
          <ticker value="GVS"/>
          <other otherDesc="SEDOL" value="BMVB793"/>
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        <balance>38007.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>476871.66000000</valUSD>
        <pctVal>1.077908339626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>La Doria SpA</name>
        <lei>815600857F45E3102897</lei>
        <title>La Doria SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0001055521"/>
          <ticker value="LD"/>
          <other otherDesc="SEDOL" value="4726993"/>
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        <balance>29217.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>546727.50000000</valUSD>
        <pctVal>1.235808669681</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>Esprinet SpA</name>
        <lei>8156007E3375956ADD08</lei>
        <title>Esprinet SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0003850929"/>
          <ticker value="PRT"/>
          <other otherDesc="SEDOL" value="B08QZ48"/>
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        <balance>42613.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>577791.61000000</valUSD>
        <pctVal>1.306025178735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fluidra SA</name>
        <lei>95980020140005026620</lei>
        <title>Fluidra SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0137650018"/>
          <ticker value="FDR"/>
          <other otherDesc="SEDOL" value="B28V440"/>
        </identifiers>
        <balance>14542.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>554706.63000000</valUSD>
        <pctVal>1.253844488312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delta Plus Group</name>
        <lei>969500U6FT40W3C2CX75</lei>
        <title>Delta Plus Group</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0013283108"/>
          <ticker value="DLTA"/>
          <other otherDesc="SEDOL" value="BD72FV5"/>
        </identifiers>
        <balance>6536.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>623209.44000000</valUSD>
        <pctVal>1.408686464425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yamazen Corp</name>
        <lei>353800VADDW91MPELT42</lei>
        <title>Yamazen Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3936800006"/>
          <ticker value="8051"/>
          <other otherDesc="SEDOL" value="6985587"/>
        </identifiers>
        <balance>52775.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>451576.76000000</valUSD>
        <pctVal>1.020732403317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huhtamaki Oyj</name>
        <lei>5493007050SJVMXN6L29</lei>
        <title>Huhtamaki Oyj</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FI0009000459"/>
          <ticker value="HUH1V"/>
          <other otherDesc="SEDOL" value="4447476"/>
        </identifiers>
        <balance>12226.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>524602.69000000</valUSD>
        <pctVal>1.185798322638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clarkson PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>Clarkson PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
          <ticker value="CKN"/>
          <other otherDesc="SEDOL" value="0201836"/>
        </identifiers>
        <balance>13386.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75190796"/>
        <valUSD>643567.99000000</valUSD>
        <pctVal>1.454704403146</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>Corticeira Amorim SGPS SA</name>
        <lei>213800J5M11TDEP3LQ76</lei>
        <title>Corticeira Amorim SGPS SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PTCOR0AE0006"/>
          <ticker value="COR"/>
          <other otherDesc="SEDOL" value="4657736"/>
        </identifiers>
        <balance>41014.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>517235.43000000</valUSD>
        <pctVal>1.169145559095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Omni Bridgeway Ltd</name>
        <lei>529900T4EL2A89FPP865</lei>
        <title>Omni Bridgeway Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000082489"/>
          <ticker value="OBL"/>
          <other otherDesc="SEDOL" value="BM95XH7"/>
        </identifiers>
        <balance>277751.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.40281966"/>
        <valUSD>639880.19000000</valUSD>
        <pctVal>1.446368595615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Concept Corp</name>
        <lei>N/A</lei>
        <title>Nippon Concept Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3708600006"/>
          <ticker value="9386"/>
          <other otherDesc="SEDOL" value="B8N6N89"/>
        </identifiers>
        <balance>38321.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>554609.42000000</valUSD>
        <pctVal>1.253624757347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marel HF</name>
        <lei>5299008YTLEN09WTHW26</lei>
        <title>Marel HF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IS0000000388"/>
          <ticker value="MAREL"/>
          <other otherDesc="SEDOL" value="BK1X320"/>
        </identifiers>
        <balance>85915.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
        <valUSD>547591.45000000</valUSD>
        <pctVal>1.237761519867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FULLCAST Holdings Co Ltd</name>
        <lei>N/A</lei>
        <title>FULLCAST Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3827800008"/>
          <ticker value="4848"/>
          <other otherDesc="SEDOL" value="6352404"/>
        </identifiers>
        <balance>31700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>739035.70000000</valUSD>
        <pctVal>1.670497140282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enad Global 7 AB</name>
        <lei>549300OBCTAOBEEVN513</lei>
        <title>Enad Global 7 AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0010520106"/>
          <ticker value="EG7"/>
          <other otherDesc="SEDOL" value="BFFF4S0"/>
        </identifiers>
        <balance>122283.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
        <valUSD>340238.36000000</valUSD>
        <pctVal>0.769065969877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="255178.07310552"/>
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      </invstOrSec>
      <invstOrSec>
        <name>GMO Pepabo Inc</name>
        <lei>N/A</lei>
        <title>GMO Pepabo Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3836100002"/>
          <ticker value="3633"/>
          <other otherDesc="SEDOL" value="B3FMB86"/>
        </identifiers>
        <balance>18950.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>407417.62000000</valUSD>
        <pctVal>0.920916227877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Richelieu Hardware Ltd</name>
        <lei>5493007VPNETW465DN04</lei>
        <title>Richelieu Hardware Ltd</title>
        <cusip>76329W103</cusip>
        <identifiers>
          <isin value="CA76329W1032"/>
          <ticker value="RCH"/>
          <other otherDesc="SEDOL" value="2736273"/>
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        <balance>18260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27745000"/>
        <valUSD>605069.32000000</valUSD>
        <pctVal>1.367683007374</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>Alliance Global Group Inc</name>
        <lei>N/A</lei>
        <title>Alliance Global Group Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PHY003341054"/>
          <ticker value="AGI"/>
          <other otherDesc="SEDOL" value="6147105"/>
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        <balance>2957900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.38500000"/>
        <valUSD>664835.06000000</valUSD>
        <pctVal>1.502775936926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Renalytix PLC</name>
        <lei>213800NTOH3FK3WER551</lei>
        <title>Renalytix PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYWL4Y04"/>
          <ticker value="RENX"/>
          <other otherDesc="SEDOL" value="BYWL4Y0"/>
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        <balance>45056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75190796"/>
        <valUSD>423331.36000000</valUSD>
        <pctVal>0.956887233285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="131116.59112153"/>
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      </invstOrSec>
      <invstOrSec>
        <name>MIPS AB</name>
        <lei>549300LZSA4S0L54VQ25</lei>
        <title>MIPS AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0009216278"/>
          <ticker value="MIPS"/>
          <other otherDesc="SEDOL" value="BF2CVV6"/>
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        <balance>4465.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
        <valUSD>593428.95000000</valUSD>
        <pctVal>1.341371416747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sarantis SA</name>
        <lei>21380078FJXYHFE8KP46</lei>
        <title>Sarantis SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GRS204003008"/>
          <ticker value="SAR"/>
          <other otherDesc="SEDOL" value="7124958"/>
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        <balance>55680.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88175645"/>
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        <pctVal>1.227522183512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Paradox Interactive AB</name>
        <lei>529900QNSZUY53R5WW95</lei>
        <title>Paradox Interactive AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0008294953"/>
          <ticker value="PDX"/>
          <other otherDesc="SEDOL" value="BD4F658"/>
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        <balance>24124.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
        <valUSD>380460.97000000</valUSD>
        <pctVal>0.859984114940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Digital Information Technologi</name>
        <lei>N/A</lei>
        <title>Digital Information Technologies Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3549060006"/>
          <ticker value="3916"/>
          <other otherDesc="SEDOL" value="BYL7K41"/>
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        <balance>40946.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
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        <pctVal>1.133181402621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Saab AB</name>
        <lei>549300ZHO4JCQQI13M69</lei>
        <title>Saab AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0000112385"/>
          <ticker value="SAABB"/>
          <other otherDesc="SEDOL" value="5469554"/>
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        <balance>19995.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.01550000"/>
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        <pctVal>1.178326701324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Argo Graphics Inc</name>
        <lei>N/A</lei>
        <title>Argo Graphics Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3126110000"/>
          <ticker value="7595"/>
          <other otherDesc="SEDOL" value="6133687"/>
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        <balance>19225.00000000</balance>
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        <valUSD>479533.66000000</valUSD>
        <pctVal>1.083925455427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hamee Corp</name>
        <lei>N/A</lei>
        <title>Hamee Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3772000000"/>
          <ticker value="3134"/>
          <other otherDesc="SEDOL" value="BWSW0L2"/>
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        <balance>48508.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>471799.14000000</valUSD>
        <pctVal>1.066442546899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="285950.66365982"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Senshu Electric Co Ltd</name>
        <lei>N/A</lei>
        <title>Senshu Electric Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3424400004"/>
          <ticker value="9824"/>
          <other otherDesc="SEDOL" value="6795612"/>
        </identifiers>
        <balance>17025.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>689588.93000000</valUSD>
        <pctVal>1.558728943047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haw Par Corp Ltd</name>
        <lei>N/A</lei>
        <title>Haw Par Corp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1D25001158"/>
          <ticker value="HPAR"/>
          <other otherDesc="SEDOL" value="6415523"/>
        </identifiers>
        <balance>64000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.36455000"/>
        <valUSD>527173.24000000</valUSD>
        <pctVal>1.191608727228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="25502.00532043"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nihon Falcom Corp</name>
        <lei>N/A</lei>
        <title>Nihon Falcom Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3748520008"/>
          <ticker value="3723"/>
          <other otherDesc="SEDOL" value="6709914"/>
        </identifiers>
        <balance>41425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>486242.64000000</valUSD>
        <pctVal>1.099090259920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hill &amp; Smith Holdings PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>Hill &amp; Smith Holdings PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004270301"/>
          <ticker value="HILS"/>
          <other otherDesc="SEDOL" value="0427030"/>
        </identifiers>
        <balance>31941.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75190796"/>
        <valUSD>717061.27000000</valUSD>
        <pctVal>1.620826708293</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>Asahi Holdings Inc</name>
        <lei>353800W25FCOFE32EM73</lei>
        <title>Asahi Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3116700000"/>
          <ticker value="5857"/>
          <other otherDesc="SEDOL" value="B60DQZ7"/>
        </identifiers>
        <balance>38675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>650009.19000000</valUSD>
        <pctVal>1.469263924669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Densetsu Co Ltd</name>
        <lei>3538004TJPF8WYKHK431</lei>
        <title>Sumitomo Densetsu Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3407800006"/>
          <ticker value="1949"/>
          <other otherDesc="SEDOL" value="6858689"/>
        </identifiers>
        <balance>1275.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>21625.68000000</valUSD>
        <pctVal>0.048882126528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FE CONSORT INTL</name>
        <lei>54930031259IQB0EH527</lei>
        <title>Far East Consortium International Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG3307Z1090"/>
          <ticker value="35"/>
          <other otherDesc="SEDOL" value="6331555"/>
        </identifiers>
        <balance>1688140.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79800000"/>
        <valUSD>517396.08000000</valUSD>
        <pctVal>1.169508688191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Parking Development Co</name>
        <lei>353800OBX8MRKQA9PG73</lei>
        <title>Nippon Parking Development Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3728000005"/>
          <ticker value="2353"/>
          <other otherDesc="SEDOL" value="6583754"/>
        </identifiers>
        <balance>364975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="113.03500000"/>
        <valUSD>437396.70000000</valUSD>
        <pctVal>0.988680163243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-26</ncom:dateSigned>
      <ncom:nameOfApplicant>AMG Funds III</ncom:nameOfApplicant>
      <ncom:signature>Thomas G. Disbrow</ncom:signature>
      <ncom:signerName>Thomas G. Disbrow</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
