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        <name>Boohoo Group Plc</name>
        <lei>213800SZF3KFCECWY243</lei>
        <title>boohoo Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BG6L7297"/>
        </identifiers>
        <balance>1042327.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>851718.82000000</valUSD>
        <pctVal>0.807302428997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Signature Bank/new York Ny</name>
        <lei>VLP5AP0XK2GM6GKD1007</lei>
        <title>Signature Bank</title>
        <cusip>82669G104</cusip>
        <identifiers>
          <isin value="US82669G1040"/>
        </identifiers>
        <balance>6595.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1223834.15000000</valUSD>
        <pctVal>1.160012270229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kogan.com Ltd</name>
        <lei>529900EOAC36USKQV388</lei>
        <title>Kogan.com, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000KGN2"/>
        </identifiers>
        <balance>670485.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.43123000"/>
        <valUSD>2170234.16000000</valUSD>
        <pctVal>2.057058348037</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>Seria Co Ltd</name>
        <lei>N/A</lei>
        <title>Seria Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3423520000"/>
        </identifiers>
        <balance>164500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>3276655.22000000</valUSD>
        <pctVal>3.105780518144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cspc Pharmaceutical Group Ltd</name>
        <lei>529900M3XQCW234H8O91</lei>
        <title>CSPC Pharmaceutical Group, Ltd.</title>
        <cusip>Y1837N109</cusip>
        <identifiers>
          <isin value="HK1093012172"/>
        </identifiers>
        <balance>818000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84990000"/>
        <valUSD>895672.96000000</valUSD>
        <pctVal>0.848964399066</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>Agilethought Inc</name>
        <lei>N/A</lei>
        <title>AgileThought, Inc.</title>
        <cusip>00857F100</cusip>
        <identifiers>
          <isin value="US00857F1003"/>
        </identifiers>
        <balance>144213.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>641747.85000000</valUSD>
        <pctVal>0.608281261307</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>Central Automotive Products Ltd</name>
        <lei>353800X9460YZVHWB065</lei>
        <title>Central Automotive Products, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3515400004"/>
        </identifiers>
        <balance>42900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>786065.79000000</valUSD>
        <pctVal>0.745073147049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Industrial Co</name>
        <lei>N/A</lei>
        <title>Global Industrial Co.</title>
        <cusip>37892E102</cusip>
        <identifiers>
          <isin value="US37892E1029"/>
        </identifiers>
        <balance>23414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>837050.50000000</valUSD>
        <pctVal>0.793399049047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plover Bay Technologies Ltd</name>
        <lei>N/A</lei>
        <title>Plover Bay Technologies, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG713321035"/>
        </identifiers>
        <balance>8996539.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84990000"/>
        <valUSD>3285222.62000000</valUSD>
        <pctVal>3.113901135733</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>Allhome Corp</name>
        <lei>N/A</lei>
        <title>AllHome Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY0040P1094"/>
        </identifiers>
        <balance>5200000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.13000000"/>
        <valUSD>456144.13000000</valUSD>
        <pctVal>0.432356612857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Manpowergroup Greater China Ltd</name>
        <lei>N/A</lei>
        <title>ManpowerGroup Greater China, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG5795B1068"/>
        </identifiers>
        <balance>634500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84990000"/>
        <valUSD>784041.83000000</valUSD>
        <pctVal>0.743154734792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Manolete Partners Plc</name>
        <lei>213800R2X9V3KWCC4H47</lei>
        <title>Manolete Partners PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYWQCY12"/>
        </identifiers>
        <balance>136578.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>462494.37000000</valUSD>
        <pctVal>0.438375693399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tk Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>TK Group Holdings, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG889391069"/>
        </identifiers>
        <balance>5489283.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84990000"/>
        <valUSD>1258677.16000000</valUSD>
        <pctVal>1.193038247753</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>Evolution Petroleum Corp</name>
        <lei>549300P9ZXGJZ6SSM116</lei>
        <title>Evolution Petroleum Corp.</title>
        <cusip>30049A107</cusip>
        <identifiers>
          <isin value="US30049A1079"/>
        </identifiers>
        <balance>393936.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2659068.00000000</valUSD>
        <pctVal>2.520399931129</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>Yamada Consulting Group Co Ltd</name>
        <lei>N/A</lei>
        <title>YAMADA Consulting Group Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3588100002"/>
        </identifiers>
        <balance>118000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>1037206.37000000</valUSD>
        <pctVal>0.983116965611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mcj Co Ltd</name>
        <lei>N/A</lei>
        <title>MCJ Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3167420003"/>
        </identifiers>
        <balance>94500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>670361.87000000</valUSD>
        <pctVal>0.635403085208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Victorian Plumbing Group Plc</name>
        <lei>894500R59II0S4WXGZ04</lei>
        <title>Victorian Plumbing Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNVVHD43"/>
        </identifiers>
        <balance>1996564.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>1227869.23000000</valUSD>
        <pctVal>1.163836924338</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>O2micro International Ltd</name>
        <lei>5299007KRREO0400F739</lei>
        <title>O2Micro International, Ltd.</title>
        <cusip>67107W100</cusip>
        <identifiers>
          <isin value="US67107W1009"/>
        </identifiers>
        <balance>1064942.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3940285.40000000</valUSD>
        <pctVal>3.734802965095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Frp Advisory Group Plc</name>
        <lei>213800IPCG6DE1CVLY36</lei>
        <title>FRP Advisory Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BL9BW044"/>
        </identifiers>
        <balance>648962.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>1110631.89000000</valUSD>
        <pctVal>1.052713409008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vietnam Technological &amp; Commercial Joint Stock Bank</name>
        <lei>5493001XNKHV3FNIUD50</lei>
        <title>Vietnam Technological &amp; Commercial Joint Stock Bank</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VN000000TCB8"/>
        </identifiers>
        <balance>455100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="23340.00000000"/>
        <valUSD>741117.27000000</valUSD>
        <pctVal>0.702468653026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hackett Group Inc/the</name>
        <lei>5K016KLIRB6156644289</lei>
        <title>Hackett Group, Inc.</title>
        <cusip>404609109</cusip>
        <identifiers>
          <isin value="US4046091090"/>
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        <balance>205269.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4304490.93000000</valUSD>
        <pctVal>4.080015495473</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>Parex Resources Inc</name>
        <lei>549300U7LWRGTY6XWK67</lei>
        <title>Parex Resources, Inc.</title>
        <cusip>69946Q104</cusip>
        <identifiers>
          <isin value="CA69946Q1046"/>
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        <balance>154714.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28055000"/>
        <valUSD>2880310.62000000</valUSD>
        <pctVal>2.730104942137</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>Fuzetec Technology Co Ltd</name>
        <lei>N/A</lei>
        <title>Fuzetec Technology Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0006642002"/>
        </identifiers>
        <balance>229363.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.94100000"/>
        <valUSD>406283.89000000</valUSD>
        <pctVal>0.385096540733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Qantm Intellectual Property Ltd</name>
        <lei>N/A</lei>
        <title>QANTM Intellectual Property, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000QIP0"/>
        </identifiers>
        <balance>2514634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.43123000"/>
        <valUSD>1749777.51000000</valUSD>
        <pctVal>1.658528144333</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>Fiducian Group Ltd</name>
        <lei>N/A</lei>
        <title>Fiducian Group, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000FID9"/>
        </identifiers>
        <balance>301404.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.43123000"/>
        <valUSD>1526783.96000000</valUSD>
        <pctVal>1.447163512792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Premier Miton Group Plc</name>
        <lei>213800LK2M4CLJ4H2V85</lei>
        <title>Premier Miton Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BZB2KR63"/>
        </identifiers>
        <balance>567200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>804515.68000000</valUSD>
        <pctVal>0.762560891434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Square Pharmaceuticals Ltd</name>
        <lei>254900R3NU1J5X39Y909</lei>
        <title>Square Pharmaceuticals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BD0473SQPH00"/>
        </identifiers>
        <balance>342206.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="94.72500000"/>
        <valUSD>754677.58000000</valUSD>
        <pctVal>0.715321804728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BD</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bizlink Holding Inc</name>
        <lei>213800YAKRFVU5XOX138</lei>
        <title>Bizlink Holding, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG114741062"/>
        </identifiers>
        <balance>71000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.94100000"/>
        <valUSD>765791.68000000</valUSD>
        <pctVal>0.725856314141</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>Tofu Restaurant Co Ltd</name>
        <lei>N/A</lei>
        <title>Tofu Restaurant Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002752003"/>
        </identifiers>
        <balance>150989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.94100000"/>
        <valUSD>757962.23000000</valUSD>
        <pctVal>0.718435163106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City Of London Investment Group Plc</name>
        <lei>549300BV85TFYXK2Y635</lei>
        <title>City of London Investment Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B104RS51"/>
        </identifiers>
        <balance>174447.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>882283.74000000</valUSD>
        <pctVal>0.836273415171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Healthcare Services Group Inc</name>
        <lei>529900GVZ1D2FBYMS719</lei>
        <title>Healthcare Services Group, Inc.</title>
        <cusip>421906108</cusip>
        <identifiers>
          <isin value="US4219061086"/>
        </identifiers>
        <balance>59601.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>854678.34000000</valUSD>
        <pctVal>0.810107612619</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>Ollie's Bargain Outlet Holdings Inc</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc.</title>
        <cusip>681116109</cusip>
        <identifiers>
          <isin value="US6811161099"/>
        </identifiers>
        <balance>26007.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1533112.65000000</valUSD>
        <pctVal>1.453162167147</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>B&amp;m European Value Retail Sa</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B&amp;M European Value Retail SA</title>
        <cusip>BMTRW1904</cusip>
        <identifiers>
          <isin value="LU1072616219"/>
        </identifiers>
        <balance>673637.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>3488004.86000000</valUSD>
        <pctVal>3.306108459400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>K3 Capital Group Plc</name>
        <lei>21380043EWYIWISOAN87</lei>
        <title>K3 Capital Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BF1HPD20"/>
        </identifiers>
        <balance>132654.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>403866.53000000</valUSD>
        <pctVal>0.382805243941</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>Gem Services Inc/tw</name>
        <lei>N/A</lei>
        <title>GEM Services, Inc./Tw</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3790U1040"/>
        </identifiers>
        <balance>148000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.94100000"/>
        <valUSD>374854.08000000</valUSD>
        <pctVal>0.355305767816</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>Concepcion Industrial Corp</name>
        <lei>N/A</lei>
        <title>Concepcion Industrial Corp.</title>
        <cusip>Y1694P106</cusip>
        <identifiers>
          <isin value="PHY1694P1067"/>
        </identifiers>
        <balance>1376400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="55.13000000"/>
        <valUSD>459812.07000000</valUSD>
        <pctVal>0.435833272996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petershill Partners Plc</name>
        <lei>213800HTCF8A7XM22A32</lei>
        <title>Petershill Partners PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BL9ZF303"/>
        </identifiers>
        <balance>468349.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>1336423.31000000</valUSD>
        <pctVal>1.266730004077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chaoju Eye Care Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Chaoju Eye Care Holdings, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2047K1094"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84990000"/>
        <valUSD>966506.07000000</valUSD>
        <pctVal>0.916103624376</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>Esquire Financial Holdings Inc</name>
        <lei>N/A</lei>
        <title>Esquire Financial Holdings, Inc.</title>
        <cusip>29667J101</cusip>
        <identifiers>
          <isin value="US29667J1016"/>
        </identifiers>
        <balance>45157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1635586.54000000</valUSD>
        <pctVal>1.550292133473</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>Flow Traders</name>
        <lei>549300Z7LIC6NFIJL947</lei>
        <title>Flow Traders</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0011279492"/>
        </identifiers>
        <balance>45281.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.97843000"/>
        <valUSD>984012.78000000</valUSD>
        <pctVal>0.932697374772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guardian Capital Group Ltd</name>
        <lei>549300S01K8Y0KJYB822</lei>
        <title>Guardian Capital Group, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA4013393042"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28055000"/>
        <valUSD>1151067.90000000</valUSD>
        <pctVal>1.091040716478</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>Silvercrest Asset Management Group Inc</name>
        <lei>54930025FW84N3HROX04</lei>
        <title>Silvercrest Asset Management Group, Inc.</title>
        <cusip>828359109</cusip>
        <identifiers>
          <isin value="US8283591092"/>
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        <balance>45330.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>806874.00000000</valUSD>
        <pctVal>0.764796227110</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>Geechs Inc</name>
        <lei>N/A</lei>
        <title>geechs, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3263700001"/>
        </identifiers>
        <balance>140600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>1064204.72000000</valUSD>
        <pctVal>1.008707375289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plumas Bancorp</name>
        <lei>549300O5TKTXYTYP4G59</lei>
        <title>Plumas Bancorp</title>
        <cusip>729273102</cusip>
        <identifiers>
          <isin value="US7292731020"/>
        </identifiers>
        <balance>90896.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2826865.60000000</valUSD>
        <pctVal>2.679447033152</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>Xin Point Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Xin Point Holdings, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9830R1002"/>
        </identifiers>
        <balance>7076984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84990000"/>
        <valUSD>2839845.04000000</valUSD>
        <pctVal>2.691749606716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Naigai Trans Line Ltd</name>
        <lei>N/A</lei>
        <title>Naigai Trans Line, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3641230002"/>
        </identifiers>
        <balance>42800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>654860.34000000</valUSD>
        <pctVal>0.620709946430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fpt Corp</name>
        <lei>N/A</lei>
        <title>FPT Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VN000000FPT1"/>
        </identifiers>
        <balance>320746.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="23340.00000000"/>
        <valUSD>1149509.13000000</valUSD>
        <pctVal>1.089563234969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trancom Co Ltd</name>
        <lei>N/A</lei>
        <title>Trancom Co., Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3635650009"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>552676.12000000</valUSD>
        <pctVal>0.523854544067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bowman Consulting Group Ltd</name>
        <lei>N/A</lei>
        <title>Bowman Consulting Group, Ltd.</title>
        <cusip>103002101</cusip>
        <identifiers>
          <isin value="US1030021018"/>
        </identifiers>
        <balance>74771.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1026605.83000000</valUSD>
        <pctVal>0.973069234494</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>Bank Of Nt Butterfield &amp; Son Ltd/the</name>
        <lei>549300V8RVM0EMTDPF28</lei>
        <title>Bank of NT Butterfield &amp; Son, Ltd.</title>
        <cusip>G0772R208</cusip>
        <identifiers>
          <isin value="BMG0772R2087"/>
        </identifiers>
        <balance>73081.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2476715.09000000</valUSD>
        <pctVal>2.347556565782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sprouts Farmers Market Inc</name>
        <lei>529900P8F4G77Q52XE24</lei>
        <title>Sprouts Farmers Market, Inc.</title>
        <cusip>85208M102</cusip>
        <identifiers>
          <isin value="US85208M1027"/>
        </identifiers>
        <balance>57153.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1579708.92000000</valUSD>
        <pctVal>1.497328482450</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>Regional Sab De Cv</name>
        <lei>N/A</lei>
        <title>Regional SAB de CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MX01R0000006"/>
        </identifiers>
        <balance>80700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.38550000"/>
        <valUSD>441869.66000000</valUSD>
        <pctVal>0.418826543974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>System Support Inc</name>
        <lei>N/A</lei>
        <title>System Support, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3350960005"/>
        </identifiers>
        <balance>62000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>608262.51000000</valUSD>
        <pctVal>0.576542152480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrett Business Services Inc</name>
        <lei>529900HXB6TMG0SR9Y34</lei>
        <title>Barrett Business Services, Inc.</title>
        <cusip>068463108</cusip>
        <identifiers>
          <isin value="US0684631080"/>
        </identifiers>
        <balance>13722.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1119577.98000000</valUSD>
        <pctVal>1.061192968245</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>Biosyent Inc</name>
        <lei>N/A</lei>
        <title>BioSyent, Inc.</title>
        <cusip>090690108</cusip>
        <identifiers>
          <isin value="CA0906901081"/>
        </identifiers>
        <balance>113187.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.28055000"/>
        <valUSD>707114.91000000</valUSD>
        <pctVal>0.670239486340</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>Bioteque Corp</name>
        <lei>N/A</lei>
        <title>Bioteque Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0004107008"/>
        </identifiers>
        <balance>410773.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="29.94100000"/>
        <valUSD>1447542.28000000</valUSD>
        <pctVal>1.372054217048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>On The Beach Group Plc</name>
        <lei>213800K51Y9BZY7F9R69</lei>
        <title>On the Beach Group PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYM1K758"/>
        </identifiers>
        <balance>350262.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>475068.56000000</valUSD>
        <pctVal>0.450294150396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thermador Groupe</name>
        <lei>969500SSIGMAGT008F11</lei>
        <title>Thermador Groupe</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013333432"/>
        </identifiers>
        <balance>4347.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.97843000"/>
        <valUSD>366089.35000000</valUSD>
        <pctVal>0.346998110814</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>Neurones</name>
        <lei>9695008Y07TSG8SZCG57</lei>
        <title>Neurones</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0004050250"/>
        </identifiers>
        <balance>13999.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.97843000"/>
        <valUSD>500051.15000000</valUSD>
        <pctVal>0.473973920193</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>FINANCIAL INVESTORS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Jennell Panella</ncom:signature>
      <ncom:signerName>Jennell Panella</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
