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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVISIO AB</name>
        <lei>54930054EB7KX3MY2Q11</lei>
        <title>INVISIO AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0001200015"/>
        </identifiers>
        <balance>683872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>19702683.60000000</valUSD>
        <pctVal>0.597223662731</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>KOSHIDAKA HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>KOSHIDAKA HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3297360004"/>
        </identifiers>
        <balance>4693759.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>30057997.98000000</valUSD>
        <pctVal>0.911111806514</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="26896.05000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IWATANI CORP</name>
        <lei>353800TSKIDNENNV2L96</lei>
        <title>IWATANI CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3151600008"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>9220175.13000000</valUSD>
        <pctVal>0.279480038047</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>LUMINE GROUP INC</name>
        <lei>984500E3C44B9D44M738</lei>
        <title>LUMINE GROUP INC</title>
        <cusip>55027C106</cusip>
        <identifiers>
          <isin value="CA55027C1068"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>5358854.49000000</valUSD>
        <pctVal>0.162436486903</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>CARMILA SA</name>
        <lei>222100P6D3QKU33LZQ72</lei>
        <title>CARMILA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0010828137"/>
        </identifiers>
        <balance>280000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>5580001.58000000</valUSD>
        <pctVal>0.169139851672</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>NAGAILEBEN CO LTD</name>
        <lei>N/A</lei>
        <title>NAGAILEBEN CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3647000003"/>
        </identifiers>
        <balance>1528000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>16574414.80000000</valUSD>
        <pctVal>0.502400227067</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>ITOCHU ENEX CO LTD</name>
        <lei>549300WO21DGCU3JY132</lei>
        <title>ITOCHU ENEX CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3144000001"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>2798700.31000000</valUSD>
        <pctVal>0.084833623883</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>KBC ANCORA</name>
        <lei>549300I4XZ0RR3ZOSZ55</lei>
        <title>KBC ANCORA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0003867844"/>
        </identifiers>
        <balance>838533.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>76468008.88000000</valUSD>
        <pctVal>2.317882440394</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>PARKWAY LIFE REAL ESTATE INVESTMENT TRUST</name>
        <lei>549300I4DKVD2OF5LW91</lei>
        <title>PARKWAY LIFE REA EST INV TRUST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1V52937132"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.27280000"/>
        <valUSD>5062598.49000000</valUSD>
        <pctVal>0.153456436418</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>INTEGRATED DIAGNOSTICS HLDGS PLC</name>
        <lei>2138007JN9NUWKKTS790</lei>
        <title>INTEGRATED DIAGNOSTICS HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BLKGSR75"/>
        </identifiers>
        <balance>14026647.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7854922.32000000</valUSD>
        <pctVal>0.238096777761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KONINKLIJKE HEIJMANS NV</name>
        <lei>724500OUE3PCA809DZ79</lei>
        <title>KONINKLIJKE HEIJMANS NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0009269109"/>
        </identifiers>
        <balance>118000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>11917124.77000000</valUSD>
        <pctVal>0.361229416705</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>MELEXIS NV</name>
        <lei>549300QRPSGOJRPUFO80</lei>
        <title>MELEXIS NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0165385973"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>8373992.78000000</valUSD>
        <pctVal>0.253830733989</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="7117726.40000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RICHELIEU HARDWARE LTD</name>
        <lei>5493007VPNETW465DN04</lei>
        <title>RICHELIEU HARDWARE LTD</title>
        <cusip>76329W103</cusip>
        <identifiers>
          <isin value="CA76329W1032"/>
        </identifiers>
        <balance>1526720.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>44643367.62000000</valUSD>
        <pctVal>1.353220508838</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1043916.52000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KONGSBERG MARITIME AS</name>
        <lei>N/A</lei>
        <title>KONGSBERG MARITIME AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0013697029"/>
        </identifiers>
        <balance>1084540.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.26470000"/>
        <valUSD>7107976.38000000</valUSD>
        <pctVal>0.215455507201</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>SK KAKEN CO LTD</name>
        <lei>N/A</lei>
        <title>SK KAKEN CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3162650000"/>
        </identifiers>
        <balance>459120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>30753599.39000000</valUSD>
        <pctVal>0.932196732320</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>TEL AVIV STOCK EXCHANGE LTD</name>
        <lei>N/A</lei>
        <title>TEL AVIV STOCK EXCHANGE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0011590291"/>
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        <balance>714457.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ILS" exchangeRt="2.94775000"/>
        <valUSD>36040965.45000000</valUSD>
        <pctVal>1.092466276747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WAREHOUSES DE PAUW CVA</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>WAREHOUSES DE PAUW SCA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0974349814"/>
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        <balance>280000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>7361132.82000000</valUSD>
        <pctVal>0.223129132754</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>
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      </invstOrSec>
      <invstOrSec>
        <name>HUBER and SUHNER AG</name>
        <lei>5067007PRZ9OSX7A6787</lei>
        <title>HUBER and SUHNER AG (REG)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0030380734"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78135000"/>
        <valUSD>2898828.95000000</valUSD>
        <pctVal>0.087868702472</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>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EXAIL TECHNOLOGIES</name>
        <lei>549300EWC06TYV07XE53</lei>
        <title>EXAIL TECHNOLOGIES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000062671"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>13055682.64000000</valUSD>
        <pctVal>0.395741146943</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="8191280.33000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>AI HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>AI HOLDINGS CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3105090009"/>
        </identifiers>
        <balance>376292.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>6486202.80000000</valUSD>
        <pctVal>0.196608435281</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>KINGSPAN GROUP PLC</name>
        <lei>635400HM7V74SUB9OG75</lei>
        <title>KINGSPAN GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE0004927939"/>
        </identifiers>
        <balance>59900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>5529223.61000000</valUSD>
        <pctVal>0.167600680367</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>ORLA MINING LTD</name>
        <lei>529900DU63EUQ1UZKL30</lei>
        <title>ORLA MINING LTD</title>
        <cusip>68634K106</cusip>
        <identifiers>
          <isin value="CA68634K1066"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>2227702.73000000</valUSD>
        <pctVal>0.067525663554</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>NAMURA SHIPBUILDING CO LTD</name>
        <lei>353800L4EGBFKO3C4X44</lei>
        <title>NAMURA SHIPBUILDING</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3651400008"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>6024430.06000000</valUSD>
        <pctVal>0.182611275669</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>REAL MATTERS INC</name>
        <lei>54930038CQZBR1KZYE22</lei>
        <title>REAL MATTERS INC</title>
        <cusip>75601Y100</cusip>
        <identifiers>
          <isin value="CA75601Y1007"/>
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        <balance>700000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SEIKOH GIKEN CO LTD</name>
        <lei>N/A</lei>
        <title>SEIKOH GIKEN CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3414870000"/>
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        <balance>13000.00000000</balance>
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        <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>TOYO TIRE CORP</name>
        <lei>529900Y41RD7VQM9RF75</lei>
        <title>TOYO TIRE CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3610600003"/>
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        <balance>320000.00000000</balance>
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        <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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      <invstOrSec>
        <name>AALBERTS NV</name>
        <lei>549300EMP9DT6Q35HZ31</lei>
        <title>AALBERTS NV RT 12/31/2049</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0015073ZE5"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SELVAAG BOLIG ASA</name>
        <lei>5967007LIEEXZXIHPK59</lei>
        <title>SELVAAG BOLIG ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010612450"/>
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        <balance>840000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="9.26470000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SHIKOKU ELEC POWER CO INC</name>
        <lei>353800KWK6U7ZCIWXS64</lei>
        <title>SHIKOKU ELEC POWER</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3350800003"/>
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        <balance>950000.00000000</balance>
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        <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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      <invstOrSec>
        <name>MIDAC CO LTD</name>
        <lei>N/A</lei>
        <title>MIDAC CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3887800005"/>
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        <balance>465817.00000000</balance>
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        <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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      <invstOrSec>
        <name>YONEX CO</name>
        <lei>353800AI38G8HRG7UJ91</lei>
        <title>YONEX CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3960000002"/>
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        <balance>800000.00000000</balance>
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        <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>
        <name>RIGAKU HOLDINGS CORP</name>
        <lei>529900Y0KH94TFOLAZ47</lei>
        <title>RIGAKU HOLDINGS CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3969750003"/>
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        <balance>620000.00000000</balance>
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        <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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      <invstOrSec>
        <name>STEF TFE</name>
        <lei>9695008BIKG0E486UL47</lei>
        <title>STEF TFE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000064271"/>
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        <balance>75000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUSCAL LTD</name>
        <lei>549300UW56DH4EXVZS92</lei>
        <title>CUSCAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000362105"/>
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        <balance>2175000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.38898535"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VALSOFT CORP</name>
        <lei>N/A</lei>
        <title>VALSOFT CORP SER A-1.2 PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LBR973000"/>
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        <balance>283.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2522132.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MITANI CORP (SHOJI)</name>
        <lei>N/A</lei>
        <title>MITANI CORP (MITANI SHOJI)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3886800006"/>
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        <balance>280000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
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        <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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      <invstOrSec>
        <name>VIDRALA SA</name>
        <lei>95980020140005399488</lei>
        <title>VIDRALA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0183746314"/>
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        <balance>50000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MENSCH UND MASCHINE SOFTWRE SE</name>
        <lei>391200KPS0L1YQ88JY41</lei>
        <title>MENSCH UND MASCHINE SOFTWARE</title>
        <cusip>N/A</cusip>
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          <isin value="DE0006580806"/>
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        <balance>67961.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TECHNO MEDICA CO LTD</name>
        <lei>N/A</lei>
        <title>TECHNO MEDICA CO LTD</title>
        <cusip>N/A</cusip>
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          <isin value="JP3545110003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SHO-BOND HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>SHO-BOND HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
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          <isin value="JP3360250009"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FLUIDRA SA</name>
        <lei>95980020140005026620</lei>
        <title>FLUIDRA SA</title>
        <cusip>N/A</cusip>
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          <isin value="ES0137650018"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONEX CORP (CANADA)</name>
        <lei>894500LB8PNE5C7CEN88</lei>
        <title>ONEX CORP SUB-VTG</title>
        <cusip>68272K103</cusip>
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          <isin value="CA68272K1030"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAIRN HOMES PLC</name>
        <lei>635400DPX6WP2KKDOA83</lei>
        <title>CAIRN HOMES PLC</title>
        <cusip>N/A</cusip>
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          <isin value="IE00BWY4ZF18"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CLINICA BAVIERA SA</name>
        <lei>959800CR1BA43ZK65T94</lei>
        <title>CLINICA BAVIERA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0119037010"/>
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        <balance>110000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ITURAN LOCATION and CONTROL LTD</name>
        <lei>N/A</lei>
        <title>ITURAN LOC AND CON LTD</title>
        <cusip>N/A</cusip>
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          <isin value="IL0010818685"/>
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        <balance>623735.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35927136.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</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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        <name>FERRARI GROUP PLC</name>
        <lei>984500Y7F9EB3DRC4406</lei>
        <title>FERRARI GROUP PLC</title>
        <cusip>N/A</cusip>
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        <balance>405000.00000000</balance>
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        <valUSD>3869171.97000000</valUSD>
        <pctVal>0.117281539031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHLITINA HOLDING LTD</name>
        <lei>N/A</lei>
        <title>CHLITINA HOLDING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG211641017"/>
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        <balance>2306670.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="31.58400000"/>
        <valUSD>7796325.84000000</valUSD>
        <pctVal>0.236320613401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDISTIM ASA</name>
        <lei>5967007LIEEXZXJOX483</lei>
        <title>MEDISTIM ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010159684"/>
        </identifiers>
        <balance>393375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.26470000"/>
        <valUSD>9553398.92000000</valUSD>
        <pctVal>0.289580648523</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>TOKYO TATEMONO CO LTD</name>
        <lei>529900RQA4JTW1869J86</lei>
        <title>TOKYO TATEMONO CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3582600007"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>5752694.77000000</valUSD>
        <pctVal>0.174374491864</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>AUCNET INC</name>
        <lei>2138008S9UYI8TYJ8H39</lei>
        <title>AUCNET INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3172060000"/>
        </identifiers>
        <balance>2231240.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>17178829.33000000</valUSD>
        <pctVal>0.520721115061</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>GIFT HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>GIFT HOLDINGS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3264860002"/>
        </identifiers>
        <balance>721900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>20365372.57000000</valUSD>
        <pctVal>0.617310953475</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="20365316.49000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASTOR TRANSFORMATOR ENERJI T</name>
        <lei>N/A</lei>
        <title>ASTOR TRANSFORMATOR ENERJI T</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREASTR00013"/>
        </identifiers>
        <balance>2571000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="45.18475000"/>
        <valUSD>16159522.85000000</valUSD>
        <pctVal>0.489824108248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRONEXUS INC</name>
        <lei>N/A</lei>
        <title>PRONEXUS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3119000002"/>
        </identifiers>
        <balance>987097.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>6762613.70000000</valUSD>
        <pctVal>0.204986945207</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>PARK24 CO LTD</name>
        <lei>549300LFG2WZWCWM4M68</lei>
        <title>PARK24 CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3780100008"/>
        </identifiers>
        <balance>875000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>10289553.72000000</valUSD>
        <pctVal>0.311894820283</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>STEADFAST GROUP LTD</name>
        <lei>9845003B6BEAA12DBD91</lei>
        <title>STEADFAST GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SDF8"/>
        </identifiers>
        <balance>9393607.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898535"/>
        <valUSD>28893167.78000000</valUSD>
        <pctVal>0.875803714854</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>CHARTER HALL RETAIL REIT</name>
        <lei>N/A</lei>
        <title>CHARTER HALL RETAIL REIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CQR9"/>
        </identifiers>
        <balance>997273.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898535"/>
        <valUSD>2829657.18000000</valUSD>
        <pctVal>0.085771982112</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>MAEDA KOSEN CO LTD</name>
        <lei>353800PBX8SI9I66NP60</lei>
        <title>MAEDA KOSEN CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3861250003"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>7002529.62000000</valUSD>
        <pctVal>0.212259226861</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>AB DYNAMICS PLC</name>
        <lei>213800OFXZP4A7I47K43</lei>
        <title>AB DYNAMICS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B9GQVG73"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>3310024.37000000</valUSD>
        <pctVal>0.100332772840</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>USS CO LTD</name>
        <lei>5299000RRQD6UZXG4W72</lei>
        <title>USS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3944130008"/>
        </identifiers>
        <balance>4261500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>46025986.30000000</valUSD>
        <pctVal>1.395130159777</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>SHAFTESBURY CAPITAL PLC</name>
        <lei>549300TTXXZ1SHUI0D54</lei>
        <title>SHAFTESBURY CAPITAL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B62G9D36"/>
        </identifiers>
        <balance>4250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>7720555.29000000</valUSD>
        <pctVal>0.234023872190</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>YAKUODO HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>YAKUODO HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3931410009"/>
        </identifiers>
        <balance>914600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>10319556.44000000</valUSD>
        <pctVal>0.312804256515</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>VISCOFAN SA</name>
        <lei>95980020140005684765</lei>
        <title>VISCOFAN SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0184262212"/>
        </identifiers>
        <balance>72000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>5070168.02000000</valUSD>
        <pctVal>0.153685882443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERMESTIC INC</name>
        <lei>N/A</lei>
        <title>INTERMESTIC INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3152840009"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4069740.21000000</valUSD>
        <pctVal>0.123361121963</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>GAMES WORKSHOP GROUP PLC</name>
        <lei>213800RP9QJQYGWHNT41</lei>
        <title>GAMES WORKSHOP GROUP CO PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0003718474"/>
        </identifiers>
        <balance>348880.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>92526525.61000000</valUSD>
        <pctVal>2.804644872062</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>AVON PROTECTION PLC</name>
        <lei>213800JM1AN62REBWA71</lei>
        <title>AVON PROTECTION PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000667013"/>
        </identifiers>
        <balance>606500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>14228083.61000000</valUSD>
        <pctVal>0.431278722214</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>RUSTA AB</name>
        <lei>549300V512S3QMRNO618</lei>
        <title>RUSTA AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0020848356"/>
        </identifiers>
        <balance>1055549.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>11524122.20000000</valUSD>
        <pctVal>0.349316804237</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>IWATSUKA CONFECTIONARY CO</name>
        <lei>N/A</lei>
        <title>IWATSUKA CONFECTIONARY CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3152200006"/>
        </identifiers>
        <balance>211600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4299491.76000000</valUSD>
        <pctVal>0.130325303340</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>WAREHOUSES DE PAUW CVA</name>
        <lei>549300HWDYC5JXC85138</lei>
        <title>WAREHOUSES DE PAUW CVA SCRIP RT 12/31/49</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE6373648698"/>
        </identifiers>
        <balance>280000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>404205.06000000</valUSD>
        <pctVal>0.012252180024</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>EBARA CORP</name>
        <lei>353800UV8U3SOMCDTI49</lei>
        <title>EBARA CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3166000004"/>
        </identifiers>
        <balance>63000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>2155098.41000000</valUSD>
        <pctVal>0.065324896450</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>MONTANA AEROSPACE AG</name>
        <lei>506700YRG9330Q97U450</lei>
        <title>MONTANA AEROSPACE AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH1110425654"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78135000"/>
        <valUSD>3148397.01000000</valUSD>
        <pctVal>0.095433557794</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="2036120.83000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROADLEAF CO LTD</name>
        <lei>N/A</lei>
        <title>BROADLEAF CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3831490002"/>
        </identifiers>
        <balance>1345173.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>7781508.79000000</valUSD>
        <pctVal>0.235871482052</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>JAPAN ELEVATOR SERVICE HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>JAPAN ELEVATOR SERVICE HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3389510003"/>
        </identifiers>
        <balance>3815000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>38596611.54000000</valUSD>
        <pctVal>1.169932491477</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>FUNAI SOKEN HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>FUNAI SOKEN HOLDINGS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3825800000"/>
        </identifiers>
        <balance>105252.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>750925.72000000</valUSD>
        <pctVal>0.022761904826</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 SE</name>
        <lei>529900JOSL94HJN4VZ28</lei>
        <title>STABILUS SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000STAB1L8"/>
        </identifiers>
        <balance>423400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>8557021.15000000</valUSD>
        <pctVal>0.259378652016</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>BFF BANK SPA</name>
        <lei>815600522538355AE429</lei>
        <title>BFF BANK SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005244402"/>
        </identifiers>
        <balance>1689000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>4111279.53000000</valUSD>
        <pctVal>0.124620253223</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>METAPLANET INC</name>
        <lei>3538006DGBY53D3UEV95</lei>
        <title>METAPLANET INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3481200008"/>
        </identifiers>
        <balance>725000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>1558834.19000000</valUSD>
        <pctVal>0.047251058964</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="1524053.82000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIE AUTOMOTIVE SA</name>
        <lei>95980020140005381252</lei>
        <title>CIE AUTOMOTIVE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0105630315"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>4084302.01000000</valUSD>
        <pctVal>0.123802516227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KATITAS CO LTD</name>
        <lei>N/A</lei>
        <title>KATITAS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3932950003"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4391772.55000000</valUSD>
        <pctVal>0.133122499525</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>MINCON GROUP PLC</name>
        <lei>635400LCBSV68KQHN886</lei>
        <title>MINCON GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BD64C665"/>
        </identifiers>
        <balance>8669300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>7325801.26000000</valUSD>
        <pctVal>0.222058169829</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>SYSTENA CORP</name>
        <lei>N/A</lei>
        <title>SYSTENA CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3351050004"/>
        </identifiers>
        <balance>1950000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>5334350.49000000</valUSD>
        <pctVal>0.161693726733</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>PIRELLI and C SPA</name>
        <lei>815600A0C9AFC1F2A709</lei>
        <title>PIRELLI and C SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005278236"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>5835974.64000000</valUSD>
        <pctVal>0.176898854027</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>GENERALFINANCE SPA</name>
        <lei>81560028BF890B47DB98</lei>
        <title>GENERALFINANCE SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005144784"/>
        </identifiers>
        <balance>217800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>7898688.00000000</valUSD>
        <pctVal>0.239423393985</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>TRUSTPILOT GROUP PLC</name>
        <lei>2138002ILUNMGNPSGG46</lei>
        <title>TRUSTPILOT GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNK9TP58"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>6023768.08000000</valUSD>
        <pctVal>0.182591209868</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>TRIPLE FLAG PRECIOUS METALS CORP</name>
        <lei>254900R7NJ1TEYIM4E61</lei>
        <title>TRIPLE FLAG PRECIOUS METALS CORP</title>
        <cusip>89679M104</cusip>
        <identifiers>
          <isin value="CA89679M1041"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>3192108.07000000</valUSD>
        <pctVal>0.096758518387</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>INTERCONTINENTAL HOTELS GROUP PLC NEW</name>
        <lei>2138007ZFQYRUSLU3J98</lei>
        <title>INTERCONTINENTAL HL GR PLC ADR</title>
        <cusip>45857P806</cusip>
        <identifiers>
          <isin value="US45857P8068"/>
        </identifiers>
        <balance>424200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61033896.00000000</valUSD>
        <pctVal>1.850046808846</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>JOHN MATTSON FASTIGHETSFORETAGEN AB</name>
        <lei>549300UP4ZA93HCPRZ59</lei>
        <title>JOHN MATTSON FASTIGHETSFORETAGEN AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0012481364"/>
        </identifiers>
        <balance>2434706.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>15532120.27000000</valUSD>
        <pctVal>0.470806411246</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>BIG YELLOW GROUP PLC (THE)</name>
        <lei>213800W7Q4V2ZI8LIW31</lei>
        <title>BIG YELLOW GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002869419"/>
        </identifiers>
        <balance>566900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>6958110.74000000</valUSD>
        <pctVal>0.210912810975</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>OXFORD INSTRUMENTS GROUP PLC</name>
        <lei>213800J364EZD6UCE231</lei>
        <title>OXFORD INSTRUMENTS GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0006650450"/>
        </identifiers>
        <balance>1490000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>58514154.90000000</valUSD>
        <pctVal>1.773668938733</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>NITTO BOSEKI CO LTD</name>
        <lei>3538005B13YMJ9BWQO82</lei>
        <title>NITTO BOSEKI CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3684400009"/>
        </identifiers>
        <balance>21000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>3858351.12000000</valUSD>
        <pctVal>0.116953539668</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>MORIYA TRANSPORTATION ENGINEERING and MANUFACTURING CO LTD</name>
        <lei>N/A</lei>
        <title>MORIYA TRANSPORTATION ENGINEERING and MANUFACTURING CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3927420004"/>
        </identifiers>
        <balance>721000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>9564531.99000000</valUSD>
        <pctVal>0.289918111834</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="397969.44000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAGERCRANTZ GROUP AB</name>
        <lei>5493002L6I4YHANEYR87</lei>
        <title>LAGERCRANTZ GROUP AB CL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014990966"/>
        </identifiers>
        <balance>4035155.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>105415979.64000000</valUSD>
        <pctVal>3.195347331823</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>BGF RETAIL CO LTD</name>
        <lei>N/A</lei>
        <title>BGF RETAIL CO LTD/NEW</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7282330000"/>
        </identifiers>
        <balance>157318.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.74000000"/>
        <valUSD>14152535.27000000</valUSD>
        <pctVal>0.428988716587</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>SEGRO PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>SEGRO PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>3782884.99000000</valUSD>
        <pctVal>0.114666025973</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>VALSOFT CORP</name>
        <lei>N/A</lei>
        <title>VALSOFT CORP SER A-1.3 PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LBR971000"/>
        </identifiers>
        <balance>100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>891213.00000000</valUSD>
        <pctVal>0.027014263789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AZBIL CORP</name>
        <lei>N/A</lei>
        <title>AZBIL CORPORATION</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3937200008"/>
        </identifiers>
        <balance>7789779.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>69327140.65000000</valUSD>
        <pctVal>2.101429922251</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>EMEMORY TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>EMEMORY TECHNOLOGY INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0003529004"/>
        </identifiers>
        <balance>193000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.58400000"/>
        <valUSD>24519834.89000000</valUSD>
        <pctVal>0.743240154482</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>TOCALO CO LTD</name>
        <lei>N/A</lei>
        <title>TOCALO CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3552290003"/>
        </identifiers>
        <balance>1295749.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>25851424.14000000</valUSD>
        <pctVal>0.783603011912</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>ANTERIS TECHNOLOGIES GLOBAL CORP</name>
        <lei>N/A</lei>
        <title>ANTERIS TECHNOLOGIES GLOBAL CORP</title>
        <cusip>03675P102</cusip>
        <identifiers>
          <isin value="US03675P1021"/>
        </identifiers>
        <balance>364800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2243520.00000000</valUSD>
        <pctVal>0.068005113364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AREALINK CO LTD</name>
        <lei>N/A</lei>
        <title>AREALINK CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3167620008"/>
        </identifiers>
        <balance>747000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4807684.31000000</valUSD>
        <pctVal>0.145729530614</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>RHEINMETALL</name>
        <lei>5299001OU9CSE29O6S05</lei>
        <title>RHEINMETALL AG ORD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007030009"/>
        </identifiers>
        <balance>9800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>15594099.81000000</valUSD>
        <pctVal>0.472685122219</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>KONGSBERG GRUPPEN ASA</name>
        <lei>5967007LIEEXZXJ9HK73</lei>
        <title>KONGSBERG GRUPPEN ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0013536151"/>
        </identifiers>
        <balance>1084540.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.26470000"/>
        <valUSD>36289075.74000000</valUSD>
        <pctVal>1.099986944447</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>HILL and SMITH PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>HILL and SMITH PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004270301"/>
        </identifiers>
        <balance>675000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>23605610.56000000</valUSD>
        <pctVal>0.715528376025</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>SIGMAROC PLC</name>
        <lei>213800Q3CJUERBGD1E44</lei>
        <title>SIGMAROC PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYX5K988"/>
        </identifiers>
        <balance>20913473.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>35088724.25000000</valUSD>
        <pctVal>1.063602138804</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>NIHON PARKERIZING CO LTD</name>
        <lei>N/A</lei>
        <title>NIHON PARKERIZING CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3744600002"/>
        </identifiers>
        <balance>1018818.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>9369267.98000000</valUSD>
        <pctVal>0.283999309623</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>NORMA GROUP SE</name>
        <lei>5299000LM9HC76W5XD46</lei>
        <title>NORMA GROUP SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A1H8BV3"/>
        </identifiers>
        <balance>42782.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>738103.09000000</valUSD>
        <pctVal>0.022373227923</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="627272.03000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL CONTAINER TERMINAL SVCS INC</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>INTL CONTAINER TERMINL SRV INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY411571011"/>
        </identifiers>
        <balance>1625000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="61.33100000"/>
        <valUSD>18877423.82000000</valUSD>
        <pctVal>0.572208559280</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLEIMA AB</name>
        <lei>529900EBHTYGLA6PGP77</lei>
        <title>ALLEIMA AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0017615644"/>
        </identifiers>
        <balance>446403.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>3962278.39000000</valUSD>
        <pctVal>0.120103761542</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>AERCAP HOLDINGS NV</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AERCAP HOLDINGS NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000687663"/>
        </identifiers>
        <balance>160000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22753600.00000000</valUSD>
        <pctVal>0.689702408474</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>DAIEI KANKYO CO LTD</name>
        <lei>N/A</lei>
        <title>DAIEI KANKYO CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3480470008"/>
        </identifiers>
        <balance>1845000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>44320347.91000000</valUSD>
        <pctVal>1.343429202321</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>RELIANCE WORLDWIDE CORP LTD</name>
        <lei>52990084PQSDDJ8F5447</lei>
        <title>RELIANCE WORLDWIDE CORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RWC7"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898535"/>
        <valUSD>5928705.40000000</valUSD>
        <pctVal>0.179709689610</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>HOKUHOKU FINANCIAL GROUP INC</name>
        <lei>N/A</lei>
        <title>HOKUHOKU FINANCIAL GROUP INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3842400008"/>
        </identifiers>
        <balance>1205000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>45938162.38000000</valUSD>
        <pctVal>1.392468059312</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>CHIBA BANK LTD</name>
        <lei>FGJPAKKCTZVSKZXNBS63</lei>
        <title>CHIBA BANK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3511800009"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>24155618.74000000</valUSD>
        <pctVal>0.732200110011</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>SELAMAT SEMPURNA TBK PT</name>
        <lei>N/A</lei>
        <title>SELAMAT SEMPURNA TBK PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000095409"/>
        </identifiers>
        <balance>59800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17310.00000000"/>
        <valUSD>6268117.85000000</valUSD>
        <pctVal>0.189997889465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRAVEST INDUSTRIES INC</name>
        <lei>254900H4S2STHU44PM25</lei>
        <title>TERRAVEST INDUSTRIES INC</title>
        <cusip>88105G103</cusip>
        <identifiers>
          <isin value="CA88105G1037"/>
        </identifiers>
        <balance>72000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>7344439.95000000</valUSD>
        <pctVal>0.222623141938</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>MARUWA CO LTD/AICHI</name>
        <lei>3538009BXGIG8PFXNI29</lei>
        <title>MARUWA CO LTD/AICHI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3879250003"/>
        </identifiers>
        <balance>18500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>8739528.74000000</valUSD>
        <pctVal>0.264910784267</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>SPIRAX GROUP PLC</name>
        <lei>213800WFVZQMHOZP2W17</lei>
        <title>SPIRAX GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BWFGQN14"/>
        </identifiers>
        <balance>200897.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>19595204.04000000</valUSD>
        <pctVal>0.593965764579</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>GOLDCREST CO LTD</name>
        <lei>N/A</lei>
        <title>GOLDCREST CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3306800008"/>
        </identifiers>
        <balance>919200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>19595500.10000000</valUSD>
        <pctVal>0.593974738688</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>ORIZON VALORIZACAO DE RESIDUOS SA</name>
        <lei>894500ACAMVLSLV62B28</lei>
        <title>ORIZON VALORIZACAO DE RESIDUOS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRORVRACNOR0"/>
        </identifiers>
        <balance>475000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.95180000"/>
        <valUSD>7817864.21000000</valUSD>
        <pctVal>0.236973480010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FP CORP</name>
        <lei>N/A</lei>
        <title>FP CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3167000003"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>2511550.72000000</valUSD>
        <pctVal>0.076129605011</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>CLARKSON PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>CLARKSON PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
        </identifiers>
        <balance>190634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>12544836.19000000</valUSD>
        <pctVal>0.380256475202</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>AUB GROUP LTD</name>
        <lei>N/A</lei>
        <title>AUB GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000AUB9"/>
        </identifiers>
        <balance>225600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898535"/>
        <valUSD>4201545.24000000</valUSD>
        <pctVal>0.127356368721</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>CTP NV</name>
        <lei>3157000YTVO4TN65UM14</lei>
        <title>CTP NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL00150006R6"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>7548916.82000000</valUSD>
        <pctVal>0.228821202452</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>QOL HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>QOL HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3266160005"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4485887.18000000</valUSD>
        <pctVal>0.135975282688</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="476625.52000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADDCN TECHNOLOGY CO LTD</name>
        <lei>N/A</lei>
        <title>ADDCN TECHNOLOGY CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0005287007"/>
        </identifiers>
        <balance>3352661.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.58400000"/>
        <valUSD>16457911.93000000</valUSD>
        <pctVal>0.498868816212</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>SRE HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>SRE HOLDINGS CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3161320001"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4610647.40000000</valUSD>
        <pctVal>0.139756988626</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>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Cash Central Fund</title>
        <cusip>31635A105</cusip>
        <identifiers>
          <isin value="US31635A1051"/>
        </identifiers>
        <balance>43417728.67400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43426412.22000000</valUSD>
        <pctVal>1.316332408916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEGEND BIOTECH CORP</name>
        <lei>254900EIUFZTW136H859</lei>
        <title>LEGEND BIOTECH CORP SPON ADR</title>
        <cusip>52490G102</cusip>
        <identifiers>
          <isin value="US52490G1022"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3998400.00000000</valUSD>
        <pctVal>0.121198672299</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>NITERRA CO LTD</name>
        <lei>549300RG3XQGTFM4HH31</lei>
        <title>NITERRA CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3738600000"/>
        </identifiers>
        <balance>160000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>8648884.17000000</valUSD>
        <pctVal>0.262163184843</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>FIELMANN AG</name>
        <lei>529900BU5B7N9GE4XU15</lei>
        <title>FIELMANN AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005772206"/>
        </identifiers>
        <balance>235000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>11721829.41000000</valUSD>
        <pctVal>0.355309664220</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>IBIDEN CO LTD</name>
        <lei>52990051DBFIQEY37C91</lei>
        <title>IBIDEN CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3148800000"/>
        </identifiers>
        <balance>95000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>8125364.67000000</valUSD>
        <pctVal>0.246294370237</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>CURVES HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>CURVES HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3205100005"/>
        </identifiers>
        <balance>5149659.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>26933396.62000000</valUSD>
        <pctVal>0.816399537532</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>ZEGONA COMMUNICATIONS PLC</name>
        <lei>213800ASI1VZL2ED4S65</lei>
        <title>ZEGONA COMMUNICATIONS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BVGBY890"/>
        </identifiers>
        <balance>1665000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>39920730.87000000</valUSD>
        <pctVal>1.210068922240</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>IRISH RESIDENTIAL PROPERTIES REIT PLC</name>
        <lei>635400EOPACLULRENY18</lei>
        <title>IRISH RESIDENTIAL PROPERTIES REIT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BJ34P519"/>
        </identifiers>
        <balance>10949300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>13775892.49000000</valUSD>
        <pctVal>0.417571998683</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>DCC PLC</name>
        <lei>213800UPS1QEE4TD3T45</lei>
        <title>DCC PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE0002424939"/>
        </identifiers>
        <balance>314000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>23671062.64000000</valUSD>
        <pctVal>0.717512345912</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>MONOGATARI CORPORATION (THE)</name>
        <lei>N/A</lei>
        <title>MONOGATARI CORPORATION (THE)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3922930007"/>
        </identifiers>
        <balance>925488.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>24895617.69000000</valUSD>
        <pctVal>0.754630804850</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>BERGMAN and BEVING AKTIEBOLAG</name>
        <lei>549300RC0HUZSJYJO751</lei>
        <title>BERGMAN and BEVING AKTIEBOLAG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000101362"/>
        </identifiers>
        <balance>1727890.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>58483726.41000000</valUSD>
        <pctVal>1.772746596649</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>KB COMPONENTS AB</name>
        <lei>549300DKS7TCQ1VSPB18</lei>
        <title>KB COMPONENTS AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0022725743"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>4386558.72000000</valUSD>
        <pctVal>0.132964458990</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>SEOUL GUARANTEE INSURANCE CO</name>
        <lei>988400VEX1D4FMHJ8002</lei>
        <title>SEOUL GUARANTEE INSURANCE CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7031210008"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1473.74000000"/>
        <valUSD>4230041.76000000</valUSD>
        <pctVal>0.128220149331</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>SHIBAURA MECHATRONICS CORP</name>
        <lei>529900K56IZ9LT5WLM42</lei>
        <title>SHIBAURA MECHATRONICS CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3355000005"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>6834976.82000000</valUSD>
        <pctVal>0.207180401106</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>KYOTO FINANCIAL GROUP INC</name>
        <lei>N/A</lei>
        <title>KYOTO FINANCIAL GROUP INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3252200005"/>
        </identifiers>
        <balance>460900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>12739804.31000000</valUSD>
        <pctVal>0.386166308456</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>B and M EUROPEAN VALUE RETAIL S.A.</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B and M EUROPEAN VALUE RETAIL PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BVSYJW51"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>2847369.37000000</valUSD>
        <pctVal>0.086308870345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NSD CO LTD</name>
        <lei>N/A</lei>
        <title>NSD CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3712600000"/>
        </identifiers>
        <balance>630180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>10817958.75000000</valUSD>
        <pctVal>0.327911724063</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>CONSUN PHARMACEUTICAL GROUP LTD</name>
        <lei>300300LQFLNDZZHCNN43</lei>
        <title>CONSUN PHARMACEUTICAL GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2524A1031"/>
        </identifiers>
        <balance>3200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83250000"/>
        <valUSD>6630887.92000000</valUSD>
        <pctVal>0.200994100658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JM AB</name>
        <lei>529900X0UEM9DOM6FK12</lei>
        <title>JM AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000806994"/>
        </identifiers>
        <balance>218903.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>2733694.28000000</valUSD>
        <pctVal>0.082863174572</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>DP POLAND PLC</name>
        <lei>213800LPZBU5RPY7A394</lei>
        <title>DP POLAND PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B3Q74M51"/>
        </identifiers>
        <balance>42210188.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>4681157.32000000</valUSD>
        <pctVal>0.141894270711</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>THERMADOR GROUPE SA</name>
        <lei>969500SSIGMAGT008F11</lei>
        <title>THERMADOR HOLDINGS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013333432"/>
        </identifiers>
        <balance>107519.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>8732325.49000000</valUSD>
        <pctVal>0.264692440845</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>IMDEX LIMITED</name>
        <lei>529900H31NX5KRKXB865</lei>
        <title>IMDEX LIMITED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000IMD5"/>
        </identifiers>
        <balance>15274505.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898535"/>
        <valUSD>44931151.19000000</valUSD>
        <pctVal>1.361943744781</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>MIROKU JYOHO SERVICE CO LTD</name>
        <lei>3538009FEB7DY7VJDQ12</lei>
        <title>MIROKU JYOHO SERVICE CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3910700008"/>
        </identifiers>
        <balance>333891.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>3644165.38000000</valUSD>
        <pctVal>0.110461185898</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>INTEA FASTIGHETER AB</name>
        <lei>549300KD3XGX3754UW61</lei>
        <title>INTEA FASTIGHETER AB B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0017072259"/>
        </identifiers>
        <balance>390000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>3113156.97000000</valUSD>
        <pctVal>0.094365369003</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>OSAKA SODA CO LTD</name>
        <lei>N/A</lei>
        <title>OSAKA SODA CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3485900009"/>
        </identifiers>
        <balance>460000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>5507639.07000000</valUSD>
        <pctVal>0.166946414263</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>BELC CO LTD</name>
        <lei>N/A</lei>
        <title>BELC CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3835700000"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>5794395.98000000</valUSD>
        <pctVal>0.175638530301</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>METRO BANK HOLDINGS PLC</name>
        <lei>984500CDDEAD6C2EDQ64</lei>
        <title>METRO BANK HOLDINGS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMX3W479"/>
        </identifiers>
        <balance>8217445.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>16683377.28000000</valUSD>
        <pctVal>0.505703075183</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>FAGRON</name>
        <lei>549300TRKRUFK2RRG779</lei>
        <title>FAGRON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0003874915"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>4225140.01000000</valUSD>
        <pctVal>0.128071568500</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>BIZLINK HOLDING INC</name>
        <lei>213800YAKRFVU5XOX138</lei>
        <title>BIZLINK HOLDING INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG114741062"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.58400000"/>
        <valUSD>5404732.54000000</valUSD>
        <pctVal>0.163827132849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEIJER ALMA AB</name>
        <lei>549300HJX9BNG5055Z38</lei>
        <title>BEIJER ALMA AB SER B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0011090547"/>
        </identifiers>
        <balance>228000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>7149115.92000000</valUSD>
        <pctVal>0.216702520413</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>MEDIKIT CO LTD</name>
        <lei>N/A</lei>
        <title>MEDIKIT CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3921060004"/>
        </identifiers>
        <balance>608800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>11595875.49000000</valUSD>
        <pctVal>0.351491775095</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>SHIMADZU CORP</name>
        <lei>353800Y64Z08WEH8PH97</lei>
        <title>SHIMADZU CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3357200009"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4649096.41000000</valUSD>
        <pctVal>0.140922447050</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>ATHENS INTERNATIONAL AIRPORT SA</name>
        <lei>213800BC45UCMQYR4995</lei>
        <title>ATHENS INTERNATIONAL AIRPORT SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS536003007"/>
        </identifiers>
        <balance>947400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>10796704.49000000</valUSD>
        <pctVal>0.327267469338</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>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Securities Lending Cash Central Fund</title>
        <cusip>31635A303</cusip>
        <identifiers>
          <isin value="US31635A3032"/>
        </identifiers>
        <balance>53640340.92600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53645704.96000000</valUSD>
        <pctVal>1.626097492933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="53645704.96000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PINEWOOD TECHNOLOGIES GROUP PLC</name>
        <lei>213800VRSPZFOGMMIS18</lei>
        <title>PINEWOOD TECHNOLOGIES GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BSB7BS06"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>5453885.99000000</valUSD>
        <pctVal>0.165317062040</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2599434.75000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAN-AI OBBLI CO LTD</name>
        <lei>N/A</lei>
        <title>SAN-AI OBBLI CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3323600001"/>
        </identifiers>
        <balance>1268872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>18671136.32000000</valUSD>
        <pctVal>0.565955615324</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>BEFESA SA</name>
        <lei>222100VXGA8L6J4ZWG61</lei>
        <title>BEFESA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU1704650164"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>5181077.94000000</valUSD>
        <pctVal>0.157047760956</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>PRICESMART INC</name>
        <lei>549300JVYOSTGVSDZS46</lei>
        <title>PRICESMART INC</title>
        <cusip>741511109</cusip>
        <identifiers>
          <isin value="US7415111092"/>
        </identifiers>
        <balance>184712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28985007.04000000</valUSD>
        <pctVal>0.878587527473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOFTWARE SERVICE INC</name>
        <lei>N/A</lei>
        <title>SOFTWARE SERVICE INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3436020006"/>
        </identifiers>
        <balance>129100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>9308128.30000000</valUSD>
        <pctVal>0.282146056311</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>DAIFUKU CO LTD</name>
        <lei>3538006FG1W4X3MYHL36</lei>
        <title>DAIFUKU CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3497400006"/>
        </identifiers>
        <balance>180000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>7869898.93000000</valUSD>
        <pctVal>0.238550745660</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>SUMBER ALFARIA TRIJAYA TBK PT</name>
        <lei>N/A</lei>
        <title>SUMBER ALFARIA TRIJAYA TBK PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000128705"/>
        </identifiers>
        <balance>56000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17310.00000000"/>
        <valUSD>4285604.45000000</valUSD>
        <pctVal>0.129904354077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADDLIFE AB</name>
        <lei>5493005T3M7CD7XWE013</lei>
        <title>ADDLIFE AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014401378"/>
        </identifiers>
        <balance>789823.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>12224495.05000000</valUSD>
        <pctVal>0.370546360943</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>IMCD NV</name>
        <lei>724500NSJPNFJPDAUP02</lei>
        <title>IMCD GROUP BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0010801007"/>
        </identifiers>
        <balance>31000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>3643772.48000000</valUSD>
        <pctVal>0.110449276395</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>HOWDEN JOINERY GROUP PLC</name>
        <lei>213800KC1LJOJTY3JP45</lei>
        <title>HOWDEN JOINERY GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0005576813"/>
        </identifiers>
        <balance>6062682.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>64100903.34000000</valUSD>
        <pctVal>1.943013299828</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>VAN LANSCHOT KEMPEN NV</name>
        <lei>724500D8WOYCL1BUCB80</lei>
        <title>VAN LANSCHOT KEMPEN NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000302636"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>8800027.73000000</valUSD>
        <pctVal>0.266744617116</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>ARTNATURE INC</name>
        <lei>N/A</lei>
        <title>ARTNATURE INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3100210008"/>
        </identifiers>
        <balance>1124900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>5796877.16000000</valUSD>
        <pctVal>0.175713739315</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>LAURENT PERRIER GROUP</name>
        <lei>96950036OIHAEGNGJ871</lei>
        <title>LAURENT PERRIER GROUP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0006864484"/>
        </identifiers>
        <balance>97649.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>9649804.08000000</valUSD>
        <pctVal>0.292502861757</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>RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA</name>
        <lei>815600FBF92FD3531704</lei>
        <title>RECORDATI SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0003828271"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>4660798.89000000</valUSD>
        <pctVal>0.141277170199</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>MITSUBOSHI BELTING LTD</name>
        <lei>N/A</lei>
        <title>MITSUBOSHI BELTING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3904000001"/>
        </identifiers>
        <balance>242952.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>6121092.83000000</valUSD>
        <pctVal>0.185541297524</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>ARGAN SA</name>
        <lei>529900FXM41XSCUSGH04</lei>
        <title>ARGAN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0010481960"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>3237513.53000000</valUSD>
        <pctVal>0.098134839282</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>INTERPUMP GROUP SPA</name>
        <lei>815600C79D0F31F4D395</lei>
        <title>INTERPUMP GROUP SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0001078911"/>
        </identifiers>
        <balance>1782237.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>74841829.67000000</valUSD>
        <pctVal>2.268590033138</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>DOVALUE SPA</name>
        <lei>8156007AF7DB5FE05555</lei>
        <title>DOVALUE SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005610958"/>
        </identifiers>
        <balance>2313933.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>5703069.69000000</valUSD>
        <pctVal>0.172870266722</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="135556.58000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>ELIS SA</name>
        <lei>969500UX71LCE8MAY492</lei>
        <title>ELIS SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0012435121"/>
        </identifiers>
        <balance>420000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>12944420.62000000</valUSD>
        <pctVal>0.392368595647</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>TSURUHA HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>TSURUHA HOLDINGS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3536150000"/>
        </identifiers>
        <balance>1422500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>18755629.11000000</valUSD>
        <pctVal>0.568516743267</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>NS TOOL CO LTD</name>
        <lei>N/A</lei>
        <title>NS TOOL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3675320000"/>
        </identifiers>
        <balance>1444000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>8016117.77000000</valUSD>
        <pctVal>0.242982900841</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>VALSOFT CORP</name>
        <lei>N/A</lei>
        <title>VALSOFT CORP SER A-1.4 PC PP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="LBR975000"/>
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        <balance>130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1158576.90000000</valUSD>
        <pctVal>0.035118542926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ADDTECH AB</name>
        <lei>549300QZ5U2IDRHPWL60</lei>
        <title>ADDTECH AB CL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0014781795"/>
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        <balance>2617896.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>94533754.99000000</valUSD>
        <pctVal>2.865487593115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TR</name>
        <lei>549300G3FWQPUM47D181</lei>
        <title>iShares MSCI EAFE Small-Cap ETF</title>
        <cusip>464288273</cusip>
        <identifiers>
          <isin value="US4642882736"/>
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        <balance>1018400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85128056.00000000</valUSD>
        <pctVal>2.580383994265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OR ROYALTIES INC</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OR ROYALTIES INC</title>
        <cusip>68390D106</cusip>
        <identifiers>
          <isin value="CA68390D1069"/>
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        <balance>1309800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>48241833.11000000</valUSD>
        <pctVal>1.462296449141</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>BODYCOTE PLC</name>
        <lei>213800V93QFW53NB7Y29</lei>
        <title>BODYCOTE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B3FLWH99"/>
        </identifiers>
        <balance>5301261.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>49125234.94000000</valUSD>
        <pctVal>1.489073942364</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>APOTEA SVERIGE AB</name>
        <lei>6367005D3D7BO6FIEV09</lei>
        <title>APOTEA SVERIGE AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0023313762"/>
        </identifiers>
        <balance>568527.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>4855363.13000000</valUSD>
        <pctVal>0.147174761126</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="4077978.39000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>VETOQUINOL SA</name>
        <lei>969500YP0AETQIK48R39</lei>
        <title>VETOQUINOL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0004186856"/>
        </identifiers>
        <balance>261180.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>23603110.91000000</valUSD>
        <pctVal>0.715452607152</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>DIPLOMA PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>DIPLOMA PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
        </identifiers>
        <balance>482600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488885"/>
        <valUSD>45574837.61000000</valUSD>
        <pctVal>1.381455034167</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>IAMGOLD CORP</name>
        <lei>5493003RWIRGFJUNQG48</lei>
        <title>IAMGOLD CORP</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>2524386.20000000</valUSD>
        <pctVal>0.076518671421</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>AUTO1 GROUP SE</name>
        <lei>391200S2LPXG5ZD5G304</lei>
        <title>AUTO1 GROUP SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A2LQ884"/>
        </identifiers>
        <balance>660000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>14043661.21000000</valUSD>
        <pctVal>0.425688548639</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="7909858.28000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LISI</name>
        <lei>969500UU4O58BR802Y55</lei>
        <title>LISI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000050353"/>
        </identifiers>
        <balance>479688.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>35017718.18000000</valUSD>
        <pctVal>1.061449817524</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>WHITEHAVEN COAL LTD</name>
        <lei>529900WCZ4I6ZO3RRP86</lei>
        <title>WHITEHAVEN COAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000WHC8"/>
        </identifiers>
        <balance>1775000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38898535"/>
        <valUSD>10846371.45000000</valUSD>
        <pctVal>0.328772963938</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>KATO SANGYO CO LTD</name>
        <lei>N/A</lei>
        <title>KATO SANGYO CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3213300001"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>4300497.39000000</valUSD>
        <pctVal>0.130355785788</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>HACHIJUNI NAGANO BANK LTD</name>
        <lei>FE70I3MHDCWOZWK19W48</lei>
        <title>HACHIJUNI NAGANO BANK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3769000005"/>
        </identifiers>
        <balance>2340000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>31703132.30000000</valUSD>
        <pctVal>0.960978777137</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>CTS CO LTD</name>
        <lei>N/A</lei>
        <title>CTS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3346970001"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>2766211.21000000</valUSD>
        <pctVal>0.083848821016</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>CENTRAL AUTOMOTIVE PRODUCTS LTD</name>
        <lei>353800X9460YZVHWB065</lei>
        <title>CENTRAL AUTOMOTIVE PRODS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3515400004"/>
        </identifiers>
        <balance>750237.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.55500000"/>
        <valUSD>8650812.84000000</valUSD>
        <pctVal>0.262221646289</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>AALBERTS NV</name>
        <lei>549300EMP9DT6Q35HZ31</lei>
        <title>AALBERTS NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000852564"/>
        </identifiers>
        <balance>2064835.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>78227145.57000000</valUSD>
        <pctVal>2.371205027234</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>AUTOLIV INC</name>
        <lei>A23RUXWKASG834LTMK28</lei>
        <title>AUTOLIV INC</title>
        <cusip>052800109</cusip>
        <identifiers>
          <isin value="US0528001094"/>
        </identifiers>
        <balance>157900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18305347.00000000</valUSD>
        <pctVal>0.554867885251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
