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      <regZipOrPostalCode>80202-1805</regZipOrPostalCode>
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      <totLiabs>798786.02</totLiabs>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Keller Group PLC</name>
        <lei>549300QO4MBL43UHSN10</lei>
        <title>Keller Group PLC ORD GBP0.10</title>
        <cusip>G5222K109</cusip>
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          <other otherDesc="SEDOL Number" value="486622"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Finning International Inc.</name>
        <lei>549300QLDCP11KB6XW55</lei>
        <title>Finning International Inc. COM NPV</title>
        <cusip>318071404</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Energie Versorgung Niederoesterreich AG</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <title>Storebrand ASA SER'A'NOK5</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Wienerberger AG</name>
        <lei>529900VXIFBHO0SW2I31</lei>
        <title>Wienerberger AG NPV</title>
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        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
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        <name>CEWE Stiftung &amp; Co. KGaA</name>
        <lei>529900IDFHN9MQ3WUD64</lei>
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        <cusip>D1499B107</cusip>
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          <isin value="DE0005403901"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>Resolute Mining Ltd.</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>Resolute Mining Ltd. NPV</title>
        <cusip>Q81068100</cusip>
        <identifiers>
          <ticker value="RSG"/>
          <other otherDesc="SEDOL Number" value="6410636"/>
          <isin value="AU000000RSG6"/>
        </identifiers>
        <balance>871561</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>712392.23</valUSD>
        <pctVal>1.72</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>Perpetual Ltd.</name>
        <lei>549300US8OE0UQWXPO82</lei>
        <title>Perpetual Ltd. NPV</title>
        <cusip>Q9239H108</cusip>
        <identifiers>
          <ticker value="PPT"/>
          <other otherDesc="SEDOL Number" value="6682394"/>
          <isin value="AU000000PPT9"/>
        </identifiers>
        <balance>17038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>212136.57</valUSD>
        <pctVal>0.51</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>AMP Ltd.</name>
        <lei>5299000D93LTLU0UJR35</lei>
        <title>AMP Ltd. NPV</title>
        <cusip>Q0344G101</cusip>
        <identifiers>
          <ticker value="AMLTF"/>
          <other otherDesc="SEDOL Number" value="6709958"/>
          <isin value="AU000000AMP6"/>
        </identifiers>
        <balance>381600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>463409.62</valUSD>
        <pctVal>1.12</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>De'Longhi S.p.A.</name>
        <lei>8156000E09A52C4F8A38</lei>
        <title>De'Longhi S.p.A. NPV</title>
        <cusip>T3508H102</cusip>
        <identifiers>
          <ticker value="DELHF"/>
          <other otherDesc="SEDOL Number" value="7169517"/>
          <isin value="IT0003115950"/>
        </identifiers>
        <balance>23006</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>986511.98</valUSD>
        <pctVal>2.38</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Azimut Holding SpA</name>
        <lei>81560025690EF8540635</lei>
        <title>Azimut Holding SpA NPV</title>
        <cusip>T0783G106</cusip>
        <identifiers>
          <ticker value="AZIHF"/>
          <other otherDesc="SEDOL Number" value="B019M65"/>
          <isin value="IT0003261697"/>
        </identifiers>
        <balance>15587</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>654463.56</valUSD>
        <pctVal>1.58</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd. NPV</title>
        <cusip>Q74174105</cusip>
        <identifiers>
          <ticker value="PMNXF"/>
          <other otherDesc="SEDOL Number" value="B02FBC1"/>
          <isin value="AU000000PRU3"/>
        </identifiers>
        <balance>115369</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>437242.89</valUSD>
        <pctVal>1.06</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>Melco International Development Ltd.</name>
        <lei>5299005YLKSGQRHYMI33</lei>
        <title>Melco International Development Ltd. NPV</title>
        <cusip>Y59683188</cusip>
        <identifiers>
          <ticker value="MDEVF"/>
          <other otherDesc="SEDOL Number" value="B092QP3"/>
          <isin value="HK0200030994"/>
        </identifiers>
        <balance>476000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>266050.94</valUSD>
        <pctVal>0.64</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tamburi Investment Partners S.p.A.</name>
        <lei>81560017CF8066680595</lei>
        <title>Tamburi Investment Partners S.p.A. NPV</title>
        <cusip>T92123107</cusip>
        <identifiers>
          <ticker value="TAMBF"/>
          <other otherDesc="SEDOL Number" value="B0NN179"/>
          <isin value="IT0003153621"/>
        </identifiers>
        <balance>21180</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>228670.35</valUSD>
        <pctVal>0.55</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mbb Se</name>
        <lei>967600M9R4EFYLPNWR50</lei>
        <title>Mbb Se NPV(BR)</title>
        <cusip>D5345X106</cusip>
        <identifiers>
          <ticker value="MBBDF"/>
          <other otherDesc="SEDOL Number" value="B13G625"/>
          <isin value="DE000A0ETBQ4"/>
        </identifiers>
        <balance>2699</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>654773.85</valUSD>
        <pctVal>1.58</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>Charter Hall Group</name>
        <lei>N/A</lei>
        <title>Charter Hall Group NPV (STAPLED)</title>
        <cusip>Q2308A138</cusip>
        <identifiers>
          <ticker value="CTOUF"/>
          <other otherDesc="SEDOL Number" value="B15F6S6"/>
          <isin value="AU000000CHC0"/>
        </identifiers>
        <balance>47567</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>776014.65</valUSD>
        <pctVal>1.87</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>Qube Holdings Ltd.</name>
        <lei>391200RT2MUFEO3RFW25</lei>
        <title>Qube Holdings Ltd. NPV</title>
        <cusip>Q7834B112</cusip>
        <identifiers>
          <ticker value="QUBHF"/>
          <other otherDesc="SEDOL Number" value="B1L4BC6"/>
          <isin value="AU000000QUB5"/>
        </identifiers>
        <balance>89075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>283504.2</valUSD>
        <pctVal>0.68</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>Superior Plus Corp</name>
        <lei>52990059VEQM9RBM0045</lei>
        <title>Superior Plus Corp COM NPV</title>
        <cusip>86828P103</cusip>
        <identifiers>
          <ticker value="SUUIF"/>
          <other otherDesc="SEDOL Number" value="B3KTPS0"/>
          <isin value="CA86828P1036"/>
        </identifiers>
        <balance>106600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>546758.27</valUSD>
        <pctVal>1.32</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>Zigup PLC</name>
        <lei>213800B3ZUTDOZYVJB41</lei>
        <title>Zigup PLC ORD GBP0.50</title>
        <cusip>G7331W115</cusip>
        <identifiers>
          <ticker value="ZIG"/>
          <other otherDesc="SEDOL Number" value="B41H739"/>
          <isin value="GB00B41H7391"/>
        </identifiers>
        <balance>48679</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251653.3</valUSD>
        <pctVal>0.61</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>Vermilion Energy Inc.</name>
        <lei>WT03B8BB1IX8WI9ZGV02</lei>
        <title>Vermilion Energy Inc. COM NPV</title>
        <cusip>923725105</cusip>
        <identifiers>
          <ticker value="VET"/>
          <other otherDesc="SEDOL Number" value="B607XS1"/>
          <isin value="CA9237251058"/>
        </identifiers>
        <balance>30800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>256260.88</valUSD>
        <pctVal>0.62</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital Power Corp.</name>
        <lei>549300QRKTEXGXYVPO80</lei>
        <title>Capital Power Corp. COM NPV</title>
        <cusip>14042M102</cusip>
        <identifiers>
          <ticker value="CPXWF"/>
          <other otherDesc="SEDOL Number" value="B61KF83"/>
          <isin value="CA14042M1023"/>
        </identifiers>
        <balance>4900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>209020.3</valUSD>
        <pctVal>0.5</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>Altus Group Ltd</name>
        <lei>54930041VO1EIY4IV355</lei>
        <title>Altus Group Ltd COM NPV</title>
        <cusip>02215R107</cusip>
        <identifiers>
          <ticker value="ASGTF"/>
          <other otherDesc="SEDOL Number" value="B67M8D9"/>
          <isin value="CA02215R1073"/>
        </identifiers>
        <balance>9500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>392508.21</valUSD>
        <pctVal>0.95</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>Nexgen Energy Ltd</name>
        <lei>529900N0IXNXB3IP7F06</lei>
        <title>Nexgen Energy Ltd COM NPV</title>
        <cusip>65340P106</cusip>
        <identifiers>
          <ticker value="NXE"/>
          <other otherDesc="SEDOL Number" value="B987K72"/>
          <isin value="CA65340P1062"/>
        </identifiers>
        <balance>27000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248446.35</valUSD>
        <pctVal>0.6</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>Reliance Worldwide Corp Ltd.</name>
        <lei>52990084PQSDDJ8F5447</lei>
        <title>Reliance Worldwide Corp Ltd. NPV</title>
        <cusip>Q8068F100</cusip>
        <identifiers>
          <ticker value="RLLWF"/>
          <other otherDesc="SEDOL Number" value="BD1DM79"/>
          <isin value="AU000000RWC7"/>
        </identifiers>
        <balance>74258</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191256.34</valUSD>
        <pctVal>0.46</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 Long WALE REIT</name>
        <lei>N/A</lei>
        <title>Charter Hall Long WALE REIT NPV (STAPLED)</title>
        <cusip>Q2308E106</cusip>
        <identifiers>
          <ticker value="CHLWF"/>
          <other otherDesc="SEDOL Number" value="BDB46J2"/>
          <isin value="AU000000CLW0"/>
        </identifiers>
        <balance>92339</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251379.94</valUSD>
        <pctVal>0.61</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>Aroundtown SA</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>Aroundtown SA EUR0.01</title>
        <cusip>L0269F109</cusip>
        <identifiers>
          <ticker value="AANNF"/>
          <other otherDesc="SEDOL Number" value="BF0CK44"/>
          <isin value="LU1673108939"/>
        </identifiers>
        <balance>63933</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198889.31</valUSD>
        <pctVal>0.48</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bausch Health Companies Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Companies Inc. COM NPV</title>
        <cusip>071734107</cusip>
        <identifiers>
          <ticker value="BHC"/>
          <other otherDesc="SEDOL Number" value="BFFY852"/>
          <isin value="CA0717341071"/>
        </identifiers>
        <balance>43141</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>299535.71</valUSD>
        <pctVal>0.72</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>Man Group PLC (New)</name>
        <lei>2549003YWC1DW6LALB09</lei>
        <title>Man Group PLC (New) ORD USD0.0342857142</title>
        <cusip>G57991104</cusip>
        <identifiers>
          <ticker value="MNGPF"/>
          <other otherDesc="SEDOL Number" value="BJ1DLW9"/>
          <isin value="JE00BJ1DLW90"/>
        </identifiers>
        <balance>121131</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>373600.06</valUSD>
        <pctVal>0.9</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>Ninety One PLC</name>
        <lei>549300G0TJCT3K15ZG14</lei>
        <title>Ninety One PLC ORD GBP0.0001</title>
        <cusip>G6524E106</cusip>
        <identifiers>
          <ticker value="NINTF"/>
          <other otherDesc="SEDOL Number" value="BJHPLV8"/>
          <isin value="GB00BJHPLV88"/>
        </identifiers>
        <balance>43477</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>126709.99</valUSD>
        <pctVal>0.31</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>Trainline PLC</name>
        <lei>213800HO26VXTFJ4MO71</lei>
        <title>Trainline PLC ORD GBP0.01</title>
        <cusip>G8992Y119</cusip>
        <identifiers>
          <ticker value="TNLIF"/>
          <other otherDesc="SEDOL Number" value="BKDTK92"/>
          <isin value="GB00BKDTK925"/>
        </identifiers>
        <balance>248024</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>736887.02</valUSD>
        <pctVal>1.78</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>Genuit Group PLC</name>
        <lei>2138005IF1N2RKJ6KO18</lei>
        <title>Genuit Group PLC ORD GBP0.001</title>
        <cusip>G7179X100</cusip>
        <identifiers>
          <ticker value="GEN"/>
          <other otherDesc="SEDOL Number" value="BKRC5K3"/>
          <isin value="GB00BKRC5K31"/>
        </identifiers>
        <balance>115241</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>507984.4</valUSD>
        <pctVal>1.23</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>Pet Valu Holdings Limited</name>
        <lei>2549004F77OUH5ES5L44</lei>
        <title>Pet Valu Holdings Limited COM</title>
        <cusip>71584R105</cusip>
        <identifiers>
          <ticker value="PTVLF"/>
          <other otherDesc="SEDOL Number" value="BKY8LF1"/>
          <isin value="CA71584R1055"/>
        </identifiers>
        <balance>22708</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>461416.26</valUSD>
        <pctVal>1.11</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>Pexa Group Ltd</name>
        <lei>N/A</lei>
        <title>Pexa Group Ltd NPV</title>
        <cusip>Q9131W104</cusip>
        <identifiers>
          <ticker value="PXAAF"/>
          <other otherDesc="SEDOL Number" value="BMD0WJ3"/>
          <isin value="AU0000158594"/>
        </identifiers>
        <balance>31293</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>280419.69</valUSD>
        <pctVal>0.68</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>Prairiesky Royalty Ltd.</name>
        <lei>529900AXG582AP7CV733</lei>
        <title>Prairiesky Royalty Ltd. COM NPV</title>
        <cusip>739721108</cusip>
        <identifiers>
          <ticker value="PREKF"/>
          <other otherDesc="SEDOL Number" value="BN320L4"/>
          <isin value="CA7397211086"/>
        </identifiers>
        <balance>36400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>716824.64</valUSD>
        <pctVal>1.73</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>Kinaxis Inc</name>
        <lei>5299009VAZ14K7PFUQ15</lei>
        <title>Kinaxis Inc COM NPV</title>
        <cusip>49448Q109</cusip>
        <identifiers>
          <ticker value="KXSCF"/>
          <other otherDesc="SEDOL Number" value="BN85P68"/>
          <isin value="CA49448Q1090"/>
        </identifiers>
        <balance>2100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>264808.35</valUSD>
        <pctVal>0.64</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>Helia Group Ltd.</name>
        <lei>529900RUQ2G0JXJOF423</lei>
        <title>Helia Group Ltd. NPV</title>
        <cusip>Q3983N155</cusip>
        <identifiers>
          <ticker value="HLIGF"/>
          <other otherDesc="SEDOL Number" value="BP5HL07"/>
          <isin value="AU0000251498"/>
        </identifiers>
        <balance>53873</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>197705.68</valUSD>
        <pctVal>0.48</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>DPM Metals Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DPM Metals Inc. COM</title>
        <cusip>26139R109</cusip>
        <identifiers>
          <ticker value="DPMLF"/>
          <other otherDesc="SEDOL Number" value="BPCR7W4"/>
          <isin value="CA26139R1091"/>
        </identifiers>
        <balance>14140</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>437004.16</valUSD>
        <pctVal>1.06</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>ams OSRAM AG</name>
        <lei>5299001JPPT2QFTV5D76</lei>
        <title>ams OSRAM AG NPV (POST REV SPLIT)</title>
        <cusip>A0400Q156</cusip>
        <identifiers>
          <ticker value="AUKUF"/>
          <other otherDesc="SEDOL Number" value="BQPGGN9"/>
          <isin value="AT0000A3EPA4"/>
        </identifiers>
        <balance>33300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>329981.82</valUSD>
        <pctVal>0.8</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diversified Energy Co.</name>
        <lei>N/A</lei>
        <title>Diversified Energy Co. COMMON STOCK</title>
        <cusip>25520W107</cusip>
        <identifiers>
          <ticker value="DEC"/>
          <other otherDesc="SEDOL Number" value="BV4H649"/>
          <isin value="US25520W1071"/>
        </identifiers>
        <balance>10622</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>153925.43</valUSD>
        <pctVal>0.37</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>Rotork PLC</name>
        <lei>213800AH5RZIHGWRJ718</lei>
        <title>Rotork PLC ORD GBP0.005</title>
        <cusip>G76717134</cusip>
        <identifiers>
          <ticker value="RTOXF"/>
          <other otherDesc="SEDOL Number" value="BVFNZH2"/>
          <isin value="GB00BVFNZH21"/>
        </identifiers>
        <balance>52071</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>228406.82</valUSD>
        <pctVal>0.55</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>Renew Holdings</name>
        <lei>213800O3DC3V4WYA2E09</lei>
        <title>Renew Holdings ORD GBP0.10</title>
        <cusip>G7490A102</cusip>
        <identifiers>
          <ticker value="RNWH"/>
          <other otherDesc="SEDOL Number" value="535900"/>
          <isin value="GB0005359004"/>
        </identifiers>
        <balance>66574</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>799609.53</valUSD>
        <pctVal>1.93</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>Sacyr SA</name>
        <lei>959800XKAB9VNAVN9425</lei>
        <title>Sacyr SA EUR1</title>
        <cusip>E35471114</cusip>
        <identifiers>
          <ticker value="SYRVF"/>
          <other otherDesc="SEDOL Number" value="5504789"/>
          <isin value="ES0182870214"/>
        </identifiers>
        <balance>50075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>227431.8</valUSD>
        <pctVal>0.55</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aica Kogyo Co Ltd.</name>
        <lei>353800I589BKZAOJD116</lei>
        <title>Aica Kogyo Co Ltd. NPV</title>
        <cusip>J00252106</cusip>
        <identifiers>
          <ticker value="AIKCF"/>
          <other otherDesc="SEDOL Number" value="6010047"/>
          <isin value="JP3100800006"/>
        </identifiers>
        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>534565.12</valUSD>
        <pctVal>1.29</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amada Co Ltd</name>
        <lei>529900QF5O6TQGCPDX85</lei>
        <title>Amada Co Ltd NPV</title>
        <cusip>J01218106</cusip>
        <identifiers>
          <ticker value="AMDWF"/>
          <other otherDesc="SEDOL Number" value="6022105"/>
          <isin value="JP3122800000"/>
        </identifiers>
        <balance>55500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>656238.63</valUSD>
        <pctVal>1.58</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amano Corp.</name>
        <lei>N/A</lei>
        <title>Amano Corp. NPV</title>
        <cusip>J01302108</cusip>
        <identifiers>
          <ticker value="AMANF"/>
          <other otherDesc="SEDOL Number" value="6027304"/>
          <isin value="JP3124400007"/>
        </identifiers>
        <balance>8000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>215132.57</valUSD>
        <pctVal>0.52</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anritsu Corp.</name>
        <lei>N/A</lei>
        <title>Anritsu Corp. NPV</title>
        <cusip>J01554104</cusip>
        <identifiers>
          <ticker value="AITUF"/>
          <other otherDesc="SEDOL Number" value="6044109"/>
          <isin value="JP3128800004"/>
        </identifiers>
        <balance>31800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455695.31</valUSD>
        <pctVal>1.1</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Resorttrust Inc.</name>
        <lei>353800FM9MYWH105SE11</lei>
        <title>Resorttrust Inc. NPV</title>
        <cusip>J6448M108</cusip>
        <identifiers>
          <ticker value="RSOTF"/>
          <other otherDesc="SEDOL Number" value="6044132"/>
          <isin value="JP3974450003"/>
        </identifiers>
        <balance>31800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>398441.54</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bezeq The Israeli Telecommunication Corp Ltd</name>
        <lei>213800XCGZCFSWY9U863</lei>
        <title>Bezeq The Israeli Telecommunication Corp Ltd ILS1</title>
        <cusip>M2012Q100</cusip>
        <identifiers>
          <ticker value="BZQIF"/>
          <other otherDesc="SEDOL Number" value="6098032"/>
          <isin value="IL0002300114"/>
        </identifiers>
        <balance>374219</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>833803.3</valUSD>
        <pctVal>2.01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daicel Corp.</name>
        <lei>353800ZG4XF6D7NZGS72</lei>
        <title>Daicel Corp. NPV</title>
        <cusip>J08484149</cusip>
        <identifiers>
          <ticker value="DACHF"/>
          <other otherDesc="SEDOL Number" value="6250542"/>
          <isin value="JP3485800001"/>
        </identifiers>
        <balance>23700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211686.85</valUSD>
        <pctVal>0.51</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Pharma Co Ltd.</name>
        <lei>529900D60UKVYLJ2OJ79</lei>
        <title>Sumitomo Pharma Co Ltd. NPV</title>
        <cusip>J10542116</cusip>
        <identifiers>
          <ticker value="DNPUF"/>
          <other otherDesc="SEDOL Number" value="6250865"/>
          <isin value="JP3495000006"/>
        </identifiers>
        <balance>45000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>665968.63</valUSD>
        <pctVal>1.61</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuso Chemical Co Ltd.</name>
        <lei>N/A</lei>
        <title>Fuso Chemical Co Ltd. NPV</title>
        <cusip>J16601106</cusip>
        <identifiers>
          <ticker value="FHMLF"/>
          <other otherDesc="SEDOL Number" value="6347712"/>
          <isin value="JP3822600007"/>
        </identifiers>
        <balance>16100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>654776.57</valUSD>
        <pctVal>1.58</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuji Corporation</name>
        <lei>353800G4VS3QLM6BSX66</lei>
        <title>Fuji Corporation NPV</title>
        <cusip>J1R541101</cusip>
        <identifiers>
          <ticker value="FMMFF"/>
          <other otherDesc="SEDOL Number" value="6356592"/>
          <isin value="JP3809200003"/>
        </identifiers>
        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>553255.14</valUSD>
        <pctVal>1.34</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gunma Bank Ltd</name>
        <lei>54930054A69VC4I5BP89</lei>
        <title>Gunma Bank Ltd NPV</title>
        <cusip>J17766106</cusip>
        <identifiers>
          <ticker value="GMBKF"/>
          <other otherDesc="SEDOL Number" value="6398088"/>
          <isin value="JP3276400003"/>
        </identifiers>
        <balance>12500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>137865.59</valUSD>
        <pctVal>0.33</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hirose Electric Co Ltd.</name>
        <lei>N/A</lei>
        <title>Hirose Electric Co Ltd. NPV</title>
        <cusip>J19782101</cusip>
        <identifiers>
          <ticker value="HRSEF"/>
          <other otherDesc="SEDOL Number" value="6428725"/>
          <isin value="JP3799000009"/>
        </identifiers>
        <balance>1300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>143546.21</valUSD>
        <pctVal>0.35</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kanamoto Co Ltd</name>
        <lei>N/A</lei>
        <title>Kanamoto Co Ltd NPV</title>
        <cusip>J29557105</cusip>
        <identifiers>
          <ticker value="KNMOF"/>
          <other otherDesc="SEDOL Number" value="6482903"/>
          <isin value="JP3215200001"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>197463.43</valUSD>
        <pctVal>0.48</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kansai Paint Co Ltd.</name>
        <lei>549300ERRV6FTKH9NN70</lei>
        <title>Kansai Paint Co Ltd. NPV</title>
        <cusip>J30255129</cusip>
        <identifiers>
          <ticker value="KSANF"/>
          <other otherDesc="SEDOL Number" value="6483746"/>
          <isin value="JP3229400001"/>
        </identifiers>
        <balance>15800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249666.41</valUSD>
        <pctVal>0.6</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kissei Pharmaceutical Co Ltd</name>
        <lei>N/A</lei>
        <title>Kissei Pharmaceutical Co Ltd NPV</title>
        <cusip>J33652108</cusip>
        <identifiers>
          <ticker value="KSPHF"/>
          <other otherDesc="SEDOL Number" value="6494061"/>
          <isin value="JP3240600001"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234535.11</valUSD>
        <pctVal>0.57</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kitz Corp</name>
        <lei>N/A</lei>
        <title>Kitz Corp NPV</title>
        <cusip>J34039115</cusip>
        <identifiers>
          <ticker value="KITZF"/>
          <other otherDesc="SEDOL Number" value="6494276"/>
          <isin value="JP3240700009"/>
        </identifiers>
        <balance>36600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>406357.7</valUSD>
        <pctVal>0.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Konica Minolta Inc</name>
        <lei>549300SVK6KRUOL1A740</lei>
        <title>Konica Minolta Inc NPV</title>
        <cusip>J36060119</cusip>
        <identifiers>
          <ticker value="KNCAF"/>
          <other otherDesc="SEDOL Number" value="6496700"/>
          <isin value="JP3300600008"/>
        </identifiers>
        <balance>239300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1039066.39</valUSD>
        <pctVal>2.51</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Life Corporation</name>
        <lei>N/A</lei>
        <title>Life Corporation NPV</title>
        <cusip>J38828109</cusip>
        <identifiers>
          <ticker value="8194"/>
          <other otherDesc="SEDOL Number" value="6515821"/>
          <isin value="JP3966600003"/>
        </identifiers>
        <balance>23900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>390019.73</valUSD>
        <pctVal>0.94</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAX Co Ltd</name>
        <lei>N/A</lei>
        <title>MAX Co Ltd NPV</title>
        <cusip>J41508102</cusip>
        <identifiers>
          <ticker value="MXCLF"/>
          <other otherDesc="SEDOL Number" value="6574220"/>
          <isin value="JP3864800002"/>
        </identifiers>
        <balance>22800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1005867.37</valUSD>
        <pctVal>2.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meidensha Corporation</name>
        <lei>529900VFKHJPVURD7985</lei>
        <title>Meidensha Corporation NPV</title>
        <cusip>J41594102</cusip>
        <identifiers>
          <ticker value="MEIVF"/>
          <other otherDesc="SEDOL Number" value="6575900"/>
          <isin value="JP3919800007"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>565431.69</valUSD>
        <pctVal>1.37</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Gas Chemical Co Inc.</name>
        <lei>529900G5O4J27ZPLJJ89</lei>
        <title>Mitsubishi Gas Chemical Co Inc. NPV</title>
        <cusip>J43959113</cusip>
        <identifiers>
          <ticker value="MBGCF"/>
          <other otherDesc="SEDOL Number" value="6596923"/>
          <isin value="JP3896800004"/>
        </identifiers>
        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>431466.08</valUSD>
        <pctVal>1.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Miura Co Ltd</name>
        <lei>3538005VS7UNWU9PHX56</lei>
        <title>Miura Co Ltd NPV</title>
        <cusip>J45593100</cusip>
        <identifiers>
          <ticker value="MIURF"/>
          <other otherDesc="SEDOL Number" value="6597777"/>
          <isin value="JP3880800002"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>153280.04</valUSD>
        <pctVal>0.37</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morinaga &amp; Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Morinaga &amp; Co., Ltd. NPV</title>
        <cusip>J46367108</cusip>
        <identifiers>
          <ticker value="MGAAF"/>
          <other otherDesc="SEDOL Number" value="6602604"/>
          <isin value="JP3926400007"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>270026.62</valUSD>
        <pctVal>0.65</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nifco Inc</name>
        <lei>353800JMDOH68J9I5140</lei>
        <title>Nifco Inc NPV</title>
        <cusip>654101104</cusip>
        <identifiers>
          <ticker value="NIFCF"/>
          <other otherDesc="SEDOL Number" value="6639163"/>
          <isin value="JP3756200006"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>244320.02</valUSD>
        <pctVal>0.59</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Gas Co Ltd</name>
        <lei>549300N3DC5V2XON9C60</lei>
        <title>Nippon Gas Co Ltd NPV</title>
        <cusip>J50151117</cusip>
        <identifiers>
          <ticker value="NPPGF"/>
          <other otherDesc="SEDOL Number" value="6640068"/>
          <isin value="JP3695600001"/>
        </identifiers>
        <balance>16000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303443.17</valUSD>
        <pctVal>0.73</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Kayaku Co Ltd</name>
        <lei>N/A</lei>
        <title>Nippon Kayaku Co Ltd NPV</title>
        <cusip>J54236112</cusip>
        <identifiers>
          <ticker value="NPKYF"/>
          <other otherDesc="SEDOL Number" value="6640422"/>
          <isin value="JP3694400007"/>
        </identifiers>
        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>255506.32</valUSD>
        <pctVal>0.62</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nissan Chemical Corp.</name>
        <lei>3538002E4L1CUGJFFU25</lei>
        <title>Nissan Chemical Corp. NPV</title>
        <cusip>J56988108</cusip>
        <identifiers>
          <ticker value="NNCHF"/>
          <other otherDesc="SEDOL Number" value="6641588"/>
          <isin value="JP3670800006"/>
        </identifiers>
        <balance>25100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>859427.69</valUSD>
        <pctVal>2.08</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Okamura Corp</name>
        <lei>35380084C4I8EO2QWD96</lei>
        <title>Okamura Corp NPV</title>
        <cusip>J60514114</cusip>
        <identifiers>
          <ticker value="OKAMF"/>
          <other otherDesc="SEDOL Number" value="6657842"/>
          <isin value="JP3192400004"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232771.07</valUSD>
        <pctVal>0.56</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seino Holdings Co Ltd.</name>
        <lei>3538001D12EPCPYTTF24</lei>
        <title>Seino Holdings Co Ltd. NPV</title>
        <cusip>J70316138</cusip>
        <identifiers>
          <ticker value="SEOTF"/>
          <other otherDesc="SEDOL Number" value="6793423"/>
          <isin value="JP3415400005"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>239166.44</valUSD>
        <pctVal>0.58</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Bakelite Co Ltd</name>
        <lei>N/A</lei>
        <title>Sumitomo Bakelite Co Ltd NPV</title>
        <cusip>J77024115</cusip>
        <identifiers>
          <ticker value="SBKLF"/>
          <other otherDesc="SEDOL Number" value="6858504"/>
          <isin value="JP3409400003"/>
        </identifiers>
        <balance>11000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>362595.69</valUSD>
        <pctVal>0.88</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toshiba Tec Corp</name>
        <lei>529900BU7UO2N2ITYD43</lei>
        <title>Toshiba Tec Corp NPV</title>
        <cusip>J89903108</cusip>
        <identifiers>
          <ticker value="TSHTF"/>
          <other otherDesc="SEDOL Number" value="6894887"/>
          <isin value="JP3594000006"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>138199.18</valUSD>
        <pctVal>0.33</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tokyo Ohka Kogyo Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Tokyo Ohka Kogyo Co., Ltd. NPV</title>
        <cusip>J87430104</cusip>
        <identifiers>
          <ticker value="TOKCF"/>
          <other otherDesc="SEDOL Number" value="6894898"/>
          <isin value="JP3571800006"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>589185.91</valUSD>
        <pctVal>1.42</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tokyo Keiba Co Ltd</name>
        <lei>N/A</lei>
        <title>Tokyo Keiba Co Ltd NPV</title>
        <cusip>J88462106</cusip>
        <identifiers>
          <ticker value="TKKEF"/>
          <other otherDesc="SEDOL Number" value="6896065"/>
          <isin value="JP3586600003"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>286485.9</valUSD>
        <pctVal>0.69</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wacoal Holdings Corp.</name>
        <lei>3538002U6NJ8QTW6VR34</lei>
        <title>Wacoal Holdings Corp. NPV</title>
        <cusip>J94632122</cusip>
        <identifiers>
          <ticker value="WACLF"/>
          <other otherDesc="SEDOL Number" value="6932204"/>
          <isin value="JP3992400006"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>222833.57</valUSD>
        <pctVal>0.54</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yamazaki Baking Co Ltd.</name>
        <lei>N/A</lei>
        <title>Yamazaki Baking Co Ltd. COM NPV</title>
        <cusip>984632109</cusip>
        <identifiers>
          <ticker value="2212"/>
          <other otherDesc="SEDOL Number" value="6985509"/>
          <isin value="JP3935600001"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>334284.84</valUSD>
        <pctVal>0.81</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Investec PLC</name>
        <lei>2138007Z3U5GWDN3MY22</lei>
        <title>Investec PLC ORD GBP0.0002</title>
        <cusip>G49188116</cusip>
        <identifiers>
          <ticker value="IVTJF"/>
          <other otherDesc="SEDOL Number" value="B17BBQ5"/>
          <isin value="GB00B17BBQ50"/>
        </identifiers>
        <balance>25121</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186757.51</valUSD>
        <pctVal>0.45</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>United Laboratories International Holdings Ltd</name>
        <lei>2549007JL3XIH77JXN70</lei>
        <title>United Laboratories International Holdings Ltd HKD0.01</title>
        <cusip>G8813K108</cusip>
        <identifiers>
          <ticker value="ULIHF"/>
          <other otherDesc="SEDOL Number" value="B1P70H9"/>
          <isin value="KYG8813K1085"/>
        </identifiers>
        <balance>104000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>154876.44</valUSD>
        <pctVal>0.37</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>Carmila SAS</name>
        <lei>222100P6D3QKU33LZQ72</lei>
        <title>Carmila SAS EUR6</title>
        <cusip>F1387K266</cusip>
        <identifiers>
          <ticker value="CRMIF"/>
          <other otherDesc="SEDOL Number" value="B4Y0230"/>
          <isin value="FR0010828137"/>
        </identifiers>
        <balance>12308</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245812.97</valUSD>
        <pctVal>0.59</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>Inchcape plc</name>
        <lei>213800RGEH1MPPNM2T57</lei>
        <title>Inchcape plc ORD GBP0.10</title>
        <cusip>G47320208</cusip>
        <identifiers>
          <ticker value="IHCPF"/>
          <other otherDesc="SEDOL Number" value="B61TVQ0"/>
          <isin value="GB00B61TVQ02"/>
        </identifiers>
        <balance>18499</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191765.38</valUSD>
        <pctVal>0.46</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>Louis Hachette Group</name>
        <lei>969500CV8XQ2XKU2DO25</lei>
        <title>Louis Hachette Group EUR0.2</title>
        <cusip>F5899T103</cusip>
        <identifiers>
          <ticker value="LSHGF"/>
          <other otherDesc="SEDOL Number" value="BM8X1W3"/>
          <isin value="FR001400TL40"/>
        </identifiers>
        <balance>89380</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164122.34</valUSD>
        <pctVal>0.4</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>TP ICAP Group PLC</name>
        <lei>2138006YAA7IRVKKGE63</lei>
        <title>TP ICAP Group PLC ORD GBP0.25</title>
        <cusip>G8963N100</cusip>
        <identifiers>
          <ticker value="TCAPF"/>
          <other otherDesc="SEDOL Number" value="BMDZN39"/>
          <isin value="JE00BMDZN391"/>
        </identifiers>
        <balance>51745</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181009.5</valUSD>
        <pctVal>0.44</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>Socionext Inc.</name>
        <lei>N/A</lei>
        <title>Socionext Inc. NPV</title>
        <cusip>J75866103</cusip>
        <identifiers>
          <ticker value="SOCNF"/>
          <other otherDesc="SEDOL Number" value="BMTVX75"/>
          <isin value="JP3433500000"/>
        </identifiers>
        <balance>40100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>560553.6</valUSD>
        <pctVal>1.35</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lightspeed Commerce Inc</name>
        <lei>254900T8MDWRTGMFZ257</lei>
        <title>Lightspeed Commerce Inc SUB VTG SHS</title>
        <cusip>53229C107</cusip>
        <identifiers>
          <ticker value="LSPD"/>
          <other otherDesc="SEDOL Number" value="BMYZ2B9"/>
          <isin value="CA53229C1077"/>
        </identifiers>
        <balance>9300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112204.11</valUSD>
        <pctVal>0.27</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>Nordnet AB</name>
        <lei>549300D6WW5ZTWLZ4C08</lei>
        <title>Nordnet AB NPV</title>
        <cusip>W6S819112</cusip>
        <identifiers>
          <ticker value="SAVE"/>
          <other otherDesc="SEDOL Number" value="BNDLH43"/>
          <isin value="SE0015192067"/>
        </identifiers>
        <balance>6880</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>201916.44</valUSD>
        <pctVal>0.49</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>Trustpilot Group PLC</name>
        <lei>2138002ILUNMGNPSGG46</lei>
        <title>Trustpilot Group PLC ORD GBP0.01</title>
        <cusip>G91044100</cusip>
        <identifiers>
          <ticker value="TRTPF"/>
          <other otherDesc="SEDOL Number" value="BNK9TP5"/>
          <isin value="GB00BNK9TP58"/>
        </identifiers>
        <balance>44044</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97607.73</valUSD>
        <pctVal>0.24</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gamma Communications Plc</name>
        <lei>213800LAQZXPRIZUEH50</lei>
        <title>Gamma Communications Plc ORD GBP0.0025</title>
        <cusip>G371B3109</cusip>
        <identifiers>
          <ticker value="GAMCF"/>
          <other otherDesc="SEDOL Number" value="BQS10J5"/>
          <isin value="GB00BQS10J50"/>
        </identifiers>
        <balance>62165</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>774307.59</valUSD>
        <pctVal>1.87</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>DOF Group ASA</name>
        <lei>213800GIV9N2A714T434</lei>
        <title>DOF Group ASA 8.125% SNR NTS USD</title>
        <cusip>R1883X116</cusip>
        <identifiers>
          <ticker value="DOFG"/>
          <other otherDesc="SEDOL Number" value="BQWSKZ8"/>
          <isin value="NO0012851874"/>
        </identifiers>
        <balance>22660</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>214131.37</valUSD>
        <pctVal>0.52</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DormaKaba Holding AG</name>
        <lei>529900QMU5ZH99KMQK13</lei>
        <title>DormaKaba Holding AG CHF0.01 'B'(REGD)</title>
        <cusip>H1955W104</cusip>
        <identifiers>
          <ticker value="DRRKF"/>
          <other otherDesc="SEDOL Number" value="BV5CBN7"/>
          <isin value="CH1486524122"/>
        </identifiers>
        <balance>3913</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>318105.99</valUSD>
        <pctVal>0.77</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RioCan Real Estate Investment Trust</name>
        <lei>549300S8HVUSEU3JBY60</lei>
        <title>RioCan Real Estate Investment Trust UNIT</title>
        <cusip>766910103</cusip>
        <identifiers>
          <ticker value="RIOCF"/>
          <other otherDesc="SEDOL Number" value="2229610"/>
          <isin value="CA7669101031"/>
        </identifiers>
        <balance>37200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506815.68</valUSD>
        <pctVal>1.22</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>Elekta AB</name>
        <lei>54930044O54BK617EP80</lei>
        <title>Elekta AB SER'B'NPV</title>
        <cusip>W2479G107</cusip>
        <identifiers>
          <ticker value="EKTAF"/>
          <other otherDesc="SEDOL Number" value="B0M42T2"/>
          <isin value="SE0000163628"/>
        </identifiers>
        <balance>38577</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>237789.25</valUSD>
        <pctVal>0.57</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>H Lundbeck A S</name>
        <lei>5493006R4KC2OI5D3470</lei>
        <title>H Lundbeck A S SER'B'DKK1</title>
        <cusip>K4406L137</cusip>
        <identifiers>
          <ticker value="HLUN B"/>
          <other otherDesc="SEDOL Number" value="BMGTJT6"/>
          <isin value="DK0061804770"/>
        </identifiers>
        <balance>46219</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313879.67</valUSD>
        <pctVal>0.76</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alleima AB</name>
        <lei>529900EBHTYGLA6PGP77</lei>
        <title>Alleima AB NPV</title>
        <cusip>W74925103</cusip>
        <identifiers>
          <ticker value="SAMHF"/>
          <other otherDesc="SEDOL Number" value="BMQ4ZX7"/>
          <isin value="SE0017615644"/>
        </identifiers>
        <balance>38691</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>343974.73</valUSD>
        <pctVal>0.83</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>Al Sydbank AS</name>
        <lei>GP5DT10VX1QRQUKVBK64</lei>
        <title>Al Sydbank AS DKK10</title>
        <cusip>K9419V113</cusip>
        <identifiers>
          <ticker value="SYANF"/>
          <other otherDesc="SEDOL Number" value="B06JSP1"/>
          <isin value="DK0010311471"/>
        </identifiers>
        <balance>3535</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>317048.34</valUSD>
        <pctVal>0.77</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Radware Ltd.</name>
        <lei>254900LYRZOTBQ99ZG59</lei>
        <title>Radware Ltd. ORD</title>
        <cusip>M81873107</cusip>
        <identifiers>
          <ticker value="RDWR"/>
          <other otherDesc="SEDOL Number" value="2494548"/>
          <isin value="IL0010834765"/>
        </identifiers>
        <balance>12600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303534</valUSD>
        <pctVal>0.73</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Riskified Ltd.</name>
        <lei>894500GU19M0O0BYWM49</lei>
        <title>Riskified Ltd. SHS CL A</title>
        <cusip>M8216R109</cusip>
        <identifiers>
          <ticker value="RSKD"/>
          <other otherDesc="SEDOL Number" value="BMGTPT8"/>
          <isin value="IL0011786493"/>
        </identifiers>
        <balance>31400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156058</valUSD>
        <pctVal>0.38</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telefonaktiebolaget LM Ericsson (publ)</name>
        <lei>549300W9JLPW15XIFM52</lei>
        <title>Telefonaktiebolaget LM Ericsson (publ) ADR B SEK 10</title>
        <cusip>294821608</cusip>
        <identifiers>
          <ticker value="ERIC"/>
          <other otherDesc="SEDOL Number" value="2031730"/>
          <isin value="US2948216088"/>
        </identifiers>
        <balance>77200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>744980</valUSD>
        <pctVal>1.8</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>N/A</name>
        <lei>N/A</lei>
        <title>MSCI EAFE Mar26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MFSH6"/>
        </identifiers>
        <balance>6</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>870630</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-03-02</expDate>
            <notionalAmt>864490</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>6140</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>SCM Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Gregory Pusch</ncom:signature>
      <ncom:signerName>Gregory Pusch</ncom:signerName>
      <ncom:title>General Counsel and CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
