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        </identifiers>
        <balance>2707700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>19597965.06</valUSD>
        <pctVal>0.019957</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>De'Longhi SpA</name>
        <lei>N/A</lei>
        <title>De'Longhi SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DLG IM"/>
          <other otherDesc="7169517" value="SEDOL"/>
        </identifiers>
        <balance>981136</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>21968231.89</valUSD>
        <pctVal>0.022371</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>DFDS A/S</name>
        <lei>N/A</lei>
        <title>DFDS A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DFDS DC"/>
          <other otherDesc="BYSS4Q7" value="SEDOL"/>
        </identifiers>
        <balance>374399</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.9679"/>
        <valUSD>13776877.34</valUSD>
        <pctVal>0.014029</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>D'Ieteren S.A.</name>
        <lei>N/A</lei>
        <title>D'Ieteren S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DIE BB"/>
          <other otherDesc="4247494" value="SEDOL"/>
        </identifiers>
        <balance>158955</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>30399931.7</valUSD>
        <pctVal>0.030957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dowa Holdings Co., Limited</name>
        <lei>N/A</lei>
        <title>Dowa Holdings Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5714 JP"/>
          <other otherDesc="6278306" value="SEDOL"/>
        </identifiers>
        <balance>500800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>15751411.57</valUSD>
        <pctVal>0.01604</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>Duni AB</name>
        <lei>N/A</lei>
        <title>Duni AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DUNI SS"/>
          <other otherDesc="B03RSL4" value="SEDOL"/>
        </identifiers>
        <balance>485645</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.4195"/>
        <valUSD>4017716.69</valUSD>
        <pctVal>0.004091</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>Elis S.A.</name>
        <lei>N/A</lei>
        <title>Elis S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ELIS FP"/>
          <other otherDesc="BVSS790" value="SEDOL"/>
        </identifiers>
        <balance>1844338</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>27202509.24</valUSD>
        <pctVal>0.027701</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>Elite Material Co., Limited</name>
        <lei>N/A</lei>
        <title>Elite Material Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2383 TT"/>
          <other otherDesc="6316121" value="SEDOL"/>
        </identifiers>
        <balance>2001600</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.7355"/>
        <valUSD>11136099.95</valUSD>
        <pctVal>0.01134</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>ENF Technology Co., Limited</name>
        <lei>N/A</lei>
        <title>ENF Technology Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="102710KS"/>
          <other otherDesc="B4RJZV3" value="SEDOL"/>
        </identifiers>
        <balance>692686</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1264.5"/>
        <valUSD>11065446.58</valUSD>
        <pctVal>0.011268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQB Inc.</name>
        <lei>N/A</lei>
        <title>EQB Inc.</title>
        <cusip>26886R955</cusip>
        <identifiers>
          <ticker value="EQB CN"/>
        </identifiers>
        <balance>359400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.355"/>
        <valUSD>15047056.83</valUSD>
        <pctVal>0.015323</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>Equatorial Energia S.A.</name>
        <lei>N/A</lei>
        <title>Equatorial Energia S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EQTL3 BZ"/>
          <other otherDesc="B128R96" value="SEDOL"/>
        </identifiers>
        <balance>4827585</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2798"/>
        <valUSD>24705736.33</valUSD>
        <pctVal>0.025158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fila Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Fila Holdings Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="081660KS"/>
          <other otherDesc="B66CTX7" value="SEDOL"/>
        </identifiers>
        <balance>221700</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1264.5"/>
        <valUSD>5829596.68</valUSD>
        <pctVal>0.005936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>flatexDEGIRO AG</name>
        <lei>N/A</lei>
        <title>flatexDEGIRO AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FTK GR"/>
          <other otherDesc="BYVQYG8" value="SEDOL"/>
        </identifiers>
        <balance>490400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>3310854.22</valUSD>
        <pctVal>0.003372</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>Future plc</name>
        <lei>N/A</lei>
        <title>Future plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FUTR LN"/>
          <other otherDesc="BYZN904" value="SEDOL"/>
        </identifiers>
        <balance>1333000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>20316504.27</valUSD>
        <pctVal>0.020689</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>Glanbia plc</name>
        <lei>N/A</lei>
        <title>Glanbia plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GL9I IX"/>
          <other otherDesc="4058629" value="SEDOL"/>
        </identifiers>
        <balance>1608400</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>20461182.5</valUSD>
        <pctVal>0.020836</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>goeasy Ltd.</name>
        <lei>N/A</lei>
        <title>goeasy Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GSY CN"/>
          <other otherDesc="BYR11M2" value="SEDOL"/>
        </identifiers>
        <balance>164300</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.355"/>
        <valUSD>12907553.51</valUSD>
        <pctVal>0.013144</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>Greencore Group plc</name>
        <lei>N/A</lei>
        <title>Greencore Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GNC LN"/>
          <other otherDesc="0386410" value="SEDOL"/>
        </identifiers>
        <balance>15220000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>11745013.83</valUSD>
        <pctVal>0.01196</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>Halfords Group plc</name>
        <lei>N/A</lei>
        <title>Halfords Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HFD LN"/>
          <other otherDesc="B012TP2" value="SEDOL"/>
        </identifiers>
        <balance>3786126</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>9518829.95</valUSD>
        <pctVal>0.009693</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>Hexpol AB</name>
        <lei>N/A</lei>
        <title>Hexpol AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HPOLB SS"/>
          <other otherDesc="BXBZB01" value="SEDOL"/>
        </identifiers>
        <balance>2231100</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.4195"/>
        <valUSD>23789549.4</valUSD>
        <pctVal>0.024225</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>Inchcape plc</name>
        <lei>N/A</lei>
        <title>Inchcape plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="INCH LN"/>
          <other otherDesc="B61TVQ0" value="SEDOL"/>
        </identifiers>
        <balance>2368269</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>23360767.23</valUSD>
        <pctVal>0.023789</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>Jumbo S.A.</name>
        <lei>N/A</lei>
        <title>Jumbo S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BELA GA"/>
          <other otherDesc="7243530" value="SEDOL"/>
        </identifiers>
        <balance>1431529</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>24413909.73</valUSD>
        <pctVal>0.024861</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>Kanematsu Corporation</name>
        <lei>N/A</lei>
        <title>Kanematsu Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8020 JP"/>
          <other otherDesc="6483467" value="SEDOL"/>
        </identifiers>
        <balance>1693100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>19247792.64</valUSD>
        <pctVal>0.0196</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>Keller Group plc</name>
        <lei>N/A</lei>
        <title>Keller Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KLR LN"/>
          <other otherDesc="0486622" value="SEDOL"/>
        </identifiers>
        <balance>457639</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>4404080.36</valUSD>
        <pctVal>0.004485</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>Kyudenko Corporation</name>
        <lei>N/A</lei>
        <title>Kyudenko Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1959 JP"/>
          <other otherDesc="6499969" value="SEDOL"/>
        </identifiers>
        <balance>557000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>13783053.55</valUSD>
        <pctVal>0.014036</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>Lancashire Holdings Limited</name>
        <lei>N/A</lei>
        <title>Lancashire Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LRE LN"/>
          <other otherDesc="B0PYHC7" value="SEDOL"/>
        </identifiers>
        <balance>3189230</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>24936839.89</valUSD>
        <pctVal>0.025394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loomis AB, Class B</name>
        <lei>N/A</lei>
        <title>Loomis AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LOOMISSS"/>
          <other otherDesc="BMVB566" value="SEDOL"/>
        </identifiers>
        <balance>706161</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.4195"/>
        <valUSD>19383084.22</valUSD>
        <pctVal>0.019738</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>Mizuho Leasing Company, Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="8425 JP"/>
          <other otherDesc="B02QLW4" value="SEDOL"/>
        </identifiers>
        <balance>404800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>10231596.5</valUSD>
        <pctVal>0.010419</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>National Express Group plc</name>
        <lei>N/A</lei>
        <title>National Express Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NEX LN"/>
          <other otherDesc="0621520" value="SEDOL"/>
        </identifiers>
        <balance>6402700</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>10012642.85</valUSD>
        <pctVal>0.010196</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>Nature Holding Co., Limited (The)</name>
        <lei>N/A</lei>
        <title>Nature Holding Co., Limited (The)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="298540KS"/>
          <other otherDesc="BL5BSG6" value="SEDOL"/>
        </identifiers>
        <balance>436302</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1264.5"/>
        <valUSD>11024000.71</valUSD>
        <pctVal>0.011226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomad Foods Limited</name>
        <lei>N/A</lei>
        <title>Nomad Foods Limited</title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <ticker value="NOMD"/>
        </identifiers>
        <balance>1261800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21753432</valUSD>
        <pctVal>0.022152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Open House Group Co., Limited</name>
        <lei>N/A</lei>
        <title>Open House Group Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3288 JP"/>
          <other otherDesc="BD3D170" value="SEDOL"/>
        </identifiers>
        <balance>575100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>21008617.23</valUSD>
        <pctVal>0.021393</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>OSB Group PLC</name>
        <lei>N/A</lei>
        <title>OSB Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="OSB LN"/>
          <other otherDesc="BLDRH36" value="SEDOL"/>
        </identifiers>
        <balance>3172817</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>18312493.64</valUSD>
        <pctVal>0.018648</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>Prima Meat Packers Limited</name>
        <lei>N/A</lei>
        <title>Prima Meat Packers Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2281 JP"/>
          <other otherDesc="6703400" value="SEDOL"/>
        </identifiers>
        <balance>1033300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>17221014.06</valUSD>
        <pctVal>0.017536</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>Primax Electronics Limited</name>
        <lei>N/A</lei>
        <title>Primax Electronics Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4915 TT"/>
          <other otherDesc="B5M70F8" value="SEDOL"/>
        </identifiers>
        <balance>4856800</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.7355"/>
        <valUSD>8770067.19</valUSD>
        <pctVal>0.008931</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>PT. Pakuwon Jati Tbk</name>
        <lei>N/A</lei>
        <title>PT. Pakuwon Jati Tbk</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PWON IJ"/>
          <other otherDesc="B4KWQ72" value="SEDOL"/>
        </identifiers>
        <balance>415457800</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="15567.5"/>
        <valUSD>12169504.21</valUSD>
        <pctVal>0.012392</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>QinetiQ</name>
        <lei>N/A</lei>
        <title>QinetiQ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="QQ/ LN"/>
          <other otherDesc="B0WMWD0" value="SEDOL"/>
        </identifiers>
        <balance>6120800</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>26285644.17</valUSD>
        <pctVal>0.026767</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>Redes Energeticas Nacionais, SGPS, S.A.</name>
        <lei>N/A</lei>
        <title>Redes Energeticas Nacionais, SGPS, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RENE PL"/>
          <other otherDesc="B233HR5" value="SEDOL"/>
        </identifiers>
        <balance>6530905</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>17564440.34</valUSD>
        <pctVal>0.017886</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>Ringkjoebing Landbobank A/S</name>
        <lei>N/A</lei>
        <title>Ringkjoebing Landbobank A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RILBA DC"/>
          <other otherDesc="BF1KD82" value="SEDOL"/>
        </identifiers>
        <balance>187400</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.9679"/>
        <valUSD>25496232.72</valUSD>
        <pctVal>0.025963</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>Samson Holding Limited</name>
        <lei>N/A</lei>
        <title>Samson Holding Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="531 HK"/>
          <other otherDesc="B0LMBV2" value="SEDOL"/>
        </identifiers>
        <balance>74790800</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.805"/>
        <valUSD>2970550.67</valUSD>
        <pctVal>0.003025</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>Sankyu Inc.</name>
        <lei>N/A</lei>
        <title>Sankyu Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9065 JP"/>
          <other otherDesc="6775380" value="SEDOL"/>
        </identifiers>
        <balance>464000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>16985259.01</valUSD>
        <pctVal>0.017296</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>Sanwa Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Sanwa Holdings Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5929 JP"/>
          <other otherDesc="6776781" value="SEDOL"/>
        </identifiers>
        <balance>2387200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>22090804.5</valUSD>
        <pctVal>0.022495</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>Sercomm Corporation</name>
        <lei>N/A</lei>
        <title>Sercomm Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="5388 TT"/>
          <other otherDesc="6156770" value="SEDOL"/>
        </identifiers>
        <balance>1542000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.7355"/>
        <valUSD>3827970.91</valUSD>
        <pctVal>0.003898</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>Sixt SE</name>
        <lei>N/A</lei>
        <title>Sixt SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIX2 GR"/>
          <other otherDesc="5260768" value="SEDOL"/>
        </identifiers>
        <balance>48425</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>4441973.05</valUSD>
        <pctVal>0.004523</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>SpareBank 1 Oestlandet</name>
        <lei>N/A</lei>
        <title>SpareBank 1 Oestlandet</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SPOL NO"/>
          <other otherDesc="BZ12WQ9" value="SEDOL"/>
        </identifiers>
        <balance>568688</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.851"/>
        <valUSD>6996750.14</valUSD>
        <pctVal>0.007125</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>Sparebank 1 SMN</name>
        <lei>N/A</lei>
        <title>Sparebank 1 SMN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MING NO"/>
          <other otherDesc="B0LGG75" value="SEDOL"/>
        </identifiers>
        <balance>961828</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.851"/>
        <valUSD>12439030.27</valUSD>
        <pctVal>0.012667</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>SpareBank 1 SR-Bank ASA</name>
        <lei>N/A</lei>
        <title>SpareBank 1 SR-Bank ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SRBNK NO"/>
          <other otherDesc="B40JTQ3" value="SEDOL"/>
        </identifiers>
        <balance>931626</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.851"/>
        <valUSD>11414806.44</valUSD>
        <pctVal>0.011624</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>SpareBank Nord-Norge</name>
        <lei>N/A</lei>
        <title>SpareBank Nord-Norge</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NONG NO"/>
          <other otherDesc="B06T259" value="SEDOL"/>
        </identifiers>
        <balance>735389</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.851"/>
        <valUSD>7166515.48</valUSD>
        <pctVal>0.007298</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>Sparebanken Vest</name>
        <lei>N/A</lei>
        <title>Sparebanken Vest</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SVEG NO"/>
          <other otherDesc="4780290" value="SEDOL"/>
        </identifiers>
        <balance>788092</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.851"/>
        <valUSD>7392112.56</valUSD>
        <pctVal>0.007528</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>Technip Energies N.V.</name>
        <lei>N/A</lei>
        <title>Technip Energies N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TE FP"/>
          <other otherDesc="BNC0116" value="SEDOL"/>
        </identifiers>
        <balance>1445000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.937"/>
        <valUSD>22623425.83</valUSD>
        <pctVal>0.023038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tecnoglass, Inc.</name>
        <lei>N/A</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
        <identifiers>
          <ticker value="TGLS"/>
        </identifiers>
        <balance>676164</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20805566.28</valUSD>
        <pctVal>0.021187</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>Thanachart Capital PCL</name>
        <lei>N/A</lei>
        <title>Thanachart Capital PCL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TCAP/FTB"/>
          <other otherDesc="BF5DGN3" value="SEDOL"/>
        </identifiers>
        <balance>18690500</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="34.635"/>
        <valUSD>22934784.18</valUSD>
        <pctVal>0.023355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TISCO Financial Group</name>
        <lei>N/A</lei>
        <title>TISCO Financial Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TISCO/FT"/>
          <other otherDesc="B3KFW76" value="SEDOL"/>
        </identifiers>
        <balance>7836500</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="34.635"/>
        <valUSD>22456261.73</valUSD>
        <pctVal>0.022868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tripod Technology Corporation</name>
        <lei>N/A</lei>
        <title>Tripod Technology Corporation</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3044 TT"/>
          <other otherDesc="6305721" value="SEDOL"/>
        </identifiers>
        <balance>3106400</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.7355"/>
        <valUSD>9500466.89</valUSD>
        <pctVal>0.009675</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>Tsubakimoto Chain Co., Limited</name>
        <lei>N/A</lei>
        <title>Tsubakimoto Chain Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="6371 JP"/>
          <other otherDesc="6906704" value="SEDOL"/>
        </identifiers>
        <balance>403300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="131.945"/>
        <valUSD>9114711.43</valUSD>
        <pctVal>0.009282</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>Venture Corporation, Limited</name>
        <lei>N/A</lei>
        <title>Venture Corporation, Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VMS SP"/>
          <other otherDesc="6927374" value="SEDOL"/>
        </identifiers>
        <balance>1567200</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3412"/>
        <valUSD>19934709.22</valUSD>
        <pctVal>0.0203</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>Vistry Group plc</name>
        <lei>N/A</lei>
        <title>Vistry Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VTY LN"/>
          <other otherDesc="0185929" value="SEDOL"/>
        </identifiers>
        <balance>2201379</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>16563966.85</valUSD>
        <pctVal>0.016867</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>VSTECS Holdings Limited</name>
        <lei>N/A</lei>
        <title>VSTECS Holdings Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="856 HK"/>
          <other otherDesc="6527031" value="SEDOL"/>
        </identifiers>
        <balance>8587360</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.805"/>
        <valUSD>4951072.39</valUSD>
        <pctVal>0.005042</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>Xinhua Winshare Publishing and Media Co., Limited</name>
        <lei>N/A</lei>
        <title>Xinhua Winshare Publishing and Media Co., Limited</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="811 HK"/>
          <other otherDesc="B1XCJB3" value="SEDOL"/>
        </identifiers>
        <balance>9164500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.805"/>
        <valUSD>6187945.55</valUSD>
        <pctVal>0.006301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Money Market Special II</name>
        <lei>N/A</lei>
        <title>UMB Money Market Special II</title>
        <cusip>SF8888628</cusip>
        <identifiers>
          <ticker value="SMMFIDU"/>
        </identifiers>
        <balance>17317623.14</balance>
        <units>OU</units>
        <descOthUnits>Par Value</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>17317623.14</valUSD>
        <pctVal>0.017635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>0</name>
        <lei>N/A</lei>
        <title>0</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BRL$"/>
        </identifiers>
        <balance>3546614.4</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="5.2798"/>
        <valUSD>671732.72</valUSD>
        <pctVal>0.000684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Foreign Currency"/>
        <issuerConditional desc="FOREIGN CURRENCY" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>0</name>
        <lei>N/A</lei>
        <title>0</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GBP"/>
        </identifiers>
        <balance>8.91</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.8313"/>
        <valUSD>10.72</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Foreign Currency"/>
        <issuerConditional desc="FOREIGN CURRENCY" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Pear Tree Funds</ncom:nameOfApplicant>
      <ncom:signature>Diane Hunt</ncom:signature>
      <ncom:signerName>Diane Hunt</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
