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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Luxfer Holdings plc</name>
        <lei>21380045UF5SJYZOXE41</lei>
        <title>Luxfer Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNK03D49"/>
        </identifiers>
        <balance>597319.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7275345.42000000</valUSD>
        <pctVal>2.157386106694</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>Medmix AG</name>
        <lei>N/A</lei>
        <title>Medmix AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH1129677105"/>
        </identifiers>
        <balance>393941.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79345000"/>
        <valUSD>5997614.57000000</valUSD>
        <pctVal>1.778495672666</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>Glenveagh Properties plc</name>
        <lei>635400QUQ2YYGMOAK834</lei>
        <title>Glenveagh Properties plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BD6JX574"/>
        </identifiers>
        <balance>15946297.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>32233242.00000000</valUSD>
        <pctVal>9.558246990355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knight Therapeutics, Inc.</name>
        <lei>549300LNW93V3HRS7610</lei>
        <title>Knight Therapeutics, Inc.</title>
        <cusip>499053106</cusip>
        <identifiers>
          <isin value="CA4990531069"/>
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        <balance>1024751.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>4387221.10000000</valUSD>
        <pctVal>1.300959514872</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>Zuken, Inc.</name>
        <lei>N/A</lei>
        <title>Zuken, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3412000006"/>
        </identifiers>
        <balance>641947.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
        <valUSD>23893864.24000000</valUSD>
        <pctVal>7.085339289170</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>IDOX plc</name>
        <lei>213800Z3FE6PWVSUGE70</lei>
        <title>IDOX plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002998192"/>
        </identifiers>
        <balance>2182924.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>1977617.82000000</valUSD>
        <pctVal>0.586430604035</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>Essentra plc</name>
        <lei>5493007MOZNA03BVNE96</lei>
        <title>Essentra plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0744359"/>
        </identifiers>
        <balance>4610560.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>6771693.15000000</valUSD>
        <pctVal>2.008036165601</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>Lion Corp.</name>
        <lei>529900MPGS2GM7VPG855</lei>
        <title>Lion Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3965400009"/>
        </identifiers>
        <balance>541600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
        <valUSD>5603860.98000000</valUSD>
        <pctVal>1.661734409044</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>Sato Corp.</name>
        <lei>N/A</lei>
        <title>Sato Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3321400008"/>
        </identifiers>
        <balance>620529.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="144.00500000"/>
        <valUSD>8893940.18000000</valUSD>
        <pctVal>2.637354224495</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>IQE plc</name>
        <lei>213800Y33WHD3ESJJP16</lei>
        <title>IQE plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009619924"/>
        </identifiers>
        <balance>32122723.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>4541605.34000000</valUSD>
        <pctVal>1.346739666225</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>Sesa SpA</name>
        <lei>81560005C031D4E76707</lei>
        <title>Sesa SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0004729759"/>
        </identifiers>
        <balance>43704.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>4435099.08000000</valUSD>
        <pctVal>1.315156956080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elementis plc</name>
        <lei>549300LQIH685LI2ML36</lei>
        <title>Elementis plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002418548"/>
        </identifiers>
        <balance>4992653.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>10965064.23000000</valUSD>
        <pctVal>3.251512589873</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>Sabre Insurance Group plc</name>
        <lei>2138006RXRQ8P8VKGV98</lei>
        <title>Sabre Insurance Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYWVDP49"/>
        </identifiers>
        <balance>4465503.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>9059508.44000000</valUSD>
        <pctVal>2.686450816232</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>Alten SA</name>
        <lei>969500Y7G9TY7Y24GN07</lei>
        <title>Alten SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000071946"/>
        </identifiers>
        <balance>194588.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>17065051.89000000</valUSD>
        <pctVal>5.060365347918</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>Vitzrocell Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Vitzrocell Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7082920000"/>
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        <balance>380342.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1349.60000000"/>
        <valUSD>7961367.44000000</valUSD>
        <pctVal>2.360814849852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Famous Brands Ltd.</name>
        <lei>N/A</lei>
        <title>Famous Brands Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000053328"/>
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        <balance>1088884.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.70375000"/>
        <valUSD>3856416.12000000</valUSD>
        <pctVal>1.143557876447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class</name>
        <lei>N/A</lei>
        <title>BlackRock Liquidity Funds Treasury Trust Fund - Institutional Class</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="091990069"/>
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        <balance>47158528.70000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47158528.70000000</valUSD>
        <pctVal>13.98409955214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>M&amp;C Saatchi plc</name>
        <lei>213800XBLFQZ1T1KBA87</lei>
        <title>M&amp;C Saatchi plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B01F7T14"/>
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        <balance>5151064.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>13681626.49000000</valUSD>
        <pctVal>4.057065225434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Real Matters, Inc.</name>
        <lei>54930038CQZBR1KZYE22</lei>
        <title>Real Matters, Inc.</title>
        <cusip>75601Y100</cusip>
        <identifiers>
          <isin value="CA75601Y1007"/>
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        <balance>674509.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.36175000"/>
        <valUSD>2754007.74000000</valUSD>
        <pctVal>0.816656487494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Signify NV</name>
        <lei>549300072P3J1X8NZO35</lei>
        <title>Signify NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0011821392"/>
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        <balance>592958.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>16050952.66000000</valUSD>
        <pctVal>4.759650610223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Allfunds Group plc</name>
        <lei>9598005U8TZQ8Q64SC71</lei>
        <title>Allfunds Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNTJ3546"/>
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        <balance>739271.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>5660357.79000000</valUSD>
        <pctVal>1.678487624999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LSL Property Services plc</name>
        <lei>213800T4VM5VR3C7S706</lei>
        <title>LSL Property Services plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1G5HX72"/>
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        <balance>553007.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>2406299.64000000</valUSD>
        <pctVal>0.713549269785</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>Pets at Home Group plc</name>
        <lei>2138003Y9ULD24PD3J93</lei>
        <title>Pets at Home Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BJ62K685"/>
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        <balance>496975.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>1787292.56000000</valUSD>
        <pctVal>0.529992724048</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>FDM Group Holdings plc</name>
        <lei>213800YR62D7GUZLMZ71</lei>
        <title>FDM Group Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BLWDVP51"/>
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        <balance>2917631.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>8550432.03000000</valUSD>
        <pctVal>2.535492434083</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>FD Technologies plc</name>
        <lei>213800MKQAJ5R7WIU633</lei>
        <title>FD Technologies plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0031477770"/>
        </identifiers>
        <balance>61123.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>2047171.86000000</valUSD>
        <pctVal>0.607055730527</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>Impro Precision Industries Ltd.</name>
        <lei>2549009NAG20HWV31U35</lei>
        <title>Impro Precision Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG4723A1085"/>
        </identifiers>
        <balance>22578000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84995000"/>
        <valUSD>8484780.16000000</valUSD>
        <pctVal>2.516024433041</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>IQE plc</name>
        <lei>213800Y33WHD3ESJJP16</lei>
        <title>IQE plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="O25BD78"/>
        </identifiers>
        <balance>3291930.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>4130062.29000000</valUSD>
        <pctVal>1.224703225737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-13</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitra Adiperkasa Tbk. PT</name>
        <lei>254900Z2B7Y7F69ZZZ04</lei>
        <title>Mitra Adiperkasa Tbk. PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000099807"/>
        </identifiers>
        <balance>57226600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="16235.00000000"/>
        <valUSD>4159370.99000000</valUSD>
        <pctVal>1.233394247061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kingfisher plc</name>
        <lei>213800KBMEV7I92FY281</lei>
        <title>Kingfisher plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0033195214"/>
        </identifiers>
        <balance>2185639.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72851783"/>
        <valUSD>8724341.32000000</valUSD>
        <pctVal>2.587062423467</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>u-blox Holding AG</name>
        <lei>506700B2W2NUXS9X8479</lei>
        <title>u-blox Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0033361673"/>
        </identifiers>
        <balance>84226.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79345000"/>
        <valUSD>10562085.83000000</valUSD>
        <pctVal>3.132015857929</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>Permanent TSB Group Holdings plc</name>
        <lei>635400DTNHVYGZODKQ93</lei>
        <title>Permanent TSB Group Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BWB8X525"/>
        </identifiers>
        <balance>11800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84893246"/>
        <valUSD>28355.61000000</valUSD>
        <pctVal>0.008408397887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Artisan Partners Funds Inc.</ncom:nameOfApplicant>
      <ncom:signature>Shannon K. Jagodinski</ncom:signature>
      <ncom:signerName>Shannon K. Jagodinski</ncom:signerName>
      <ncom:title>Chief Financial Officer, Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
