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        <name>Elmos Semiconductor Se</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Philippine Seven Corp.</name>
        <lei>N/A</lei>
        <title>Philippine Seven Corporation </title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sinbon Electronics Co., Ltd.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mani Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Neogen Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sporton International Inc</name>
        <lei>N/A</lei>
        <title>Sporton International, Inc. </title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Kitz Corp</name>
        <lei>N/A</lei>
        <title>Kitz Corporation </title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Halows Co Ltd</name>
        <lei>N/A</lei>
        <title>Halows Company Ltd. </title>
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          <isin value="JP3773750009"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pillar Corp.</name>
        <lei>N/A</lei>
        <title>PILLAR Corp </title>
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          <isin value="JP3747800005"/>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Selamat Sempurna  Tbk PT</name>
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        <title>Selamat Sempurna Tbk P.T. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Totech Corp</name>
        <lei>N/A</lei>
        <title>Totech Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Ridgepost Capital Inc.</name>
        <lei>N/A</lei>
        <title>P10 Inc </title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Perella Weinberg Partners</name>
        <lei>N/A</lei>
        <title>Perella Weinberg Partners </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Melexis NV</name>
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        <title>Melexis N.V. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Power Integrations Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Virbac SA</name>
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        <title>Virbac S.A.CA </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Robert Half Inc.</name>
        <lei>529900VPCUY9H3HLIC08</lei>
        <title>Robert Half, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RxSight Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SPS Commerce Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Upwork Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Inter Cars SA</name>
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        <title>Inter Cars S.A. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Recordati Industria Chimica e Farmaceutica S.p.A.</name>
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        <title>Recordati Industria Chimica e Farmaceutica SpA </title>
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        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Uls Group Inc</name>
        <lei>N/A</lei>
        <title>ULS Group, Inc. </title>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Riverstone Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd. </title>
        <cusip>Y7302Q105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>Asia Commercial Joint Stock Bank</name>
        <lei>5493001VSLUXY7LJS086</lei>
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        <cusip>Y0324N101</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DiaSorin S.p.A.</name>
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        <title>DiaSorin SpA </title>
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          <isin value="IT0003492391"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CVS Group PLC</name>
        <lei>213800J41XDQ2NX48O05</lei>
        <title>CVS Group plc </title>
        <cusip>G27234106</cusip>
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          <isin value="GB00B2863827"/>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Puregold Price Club Inc.</name>
        <lei>N/A</lei>
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          <isin value="PHY716171079"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aspirasi Hidup Indonesia Tbk PT</name>
        <lei>529900WER46RYFNZER60</lei>
        <title>Aspirasi Hidup Indonesia Tbk P.T. </title>
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          <isin value="ID1000125503"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Charm Care Corporation</name>
        <lei>N/A</lei>
        <title>Charm Care Corp KK </title>
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          <isin value="JP3512740006"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Syuppin Co Limited</name>
        <lei>N/A</lei>
        <title>Syuppin Company Ltd. </title>
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          <isin value="JP3359940008"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arwana Citramulia</name>
        <lei>N/A</lei>
        <title>Arwana Citramulia Tbk P.T. </title>
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          <isin value="ID1000128309"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sdiptech AB (publ)</name>
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        <title>Sdiptech A.B. Series B</title>
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          <isin value="SE0003756758"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>X-FAB Silicon Foundries SE</name>
        <lei>5493003UDPENPUQBJH65</lei>
        <title>X-Fab Silicon Foundries S.E. </title>
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          <isin value="BE0974310428"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Plover Bay Technologies Ltd</name>
        <lei>N/A</lei>
        <title>Plover Bay Technologies Ltd. </title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Auto Partner Sa</name>
        <lei>259400NXH0FT0MF6PV21</lei>
        <title>Auto Partner S.A. </title>
        <cusip>X02685117</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>System Support Holdings Inc.</name>
        <lei>N/A</lei>
        <title>System Support Holdings, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Gem Services Inc</name>
        <lei>N/A</lei>
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        <cusip>G3790U104</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wavestone SA</name>
        <lei>969500GSN25I3B3X6F94</lei>
        <title>Wavestone </title>
        <cusip>F98323102</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Thermador Groupe</name>
        <lei>969500SSIGMAGT008F11</lei>
        <title>Thermador Groupe </title>
        <cusip>F91651194</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Navigator Global Investments Ltd.</name>
        <lei>9845000577CDA8B2C946</lei>
        <title>Navigator Global Investments Limited </title>
        <cusip>Q6S02S105</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Vietnam Technological &amp; Commercial Joint Stock Bank</name>
        <lei>5493001XNKHV3FNIUD50</lei>
        <title>Vietnam Technological &amp; Commercial Joint Stock Bank</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Dermapharm Holding SE</name>
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        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Regional Sab De Cv</name>
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        <title>Regional S.A.B. de C.V. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Silergy Corporation</name>
        <lei>N/A</lei>
        <title>Silergy Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tk Group (Holdings) Limited</name>
        <lei>N/A</lei>
        <title>TK Group Holdings Ltd. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sanlorenzo S.p.A.</name>
        <lei>8156006C71E895860132</lei>
        <title>Sanlorenzo SpA/Ameglia </title>
        <cusip>T2R0BA101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FRP Advisory Group Plc</name>
        <lei>213800IPCG6DE1CVLY36</lei>
        <title>FRP Advisory Group plc </title>
        <cusip>G371BX103</cusip>
        <identifiers>
          <isin value="GB00BL9BW044"/>
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        <balance>816244.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
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        <pctVal>1.006988564051</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>Chaoju Eye Care Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Chaoju Eye Care Holdings Ltd. </title>
        <cusip>G2047K109</cusip>
        <identifiers>
          <isin value="KYG2047K1094"/>
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        <balance>4175000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81216000"/>
        <valUSD>1437598.56000000</valUSD>
        <pctVal>0.970879613285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IFamilySC Co Ltd</name>
        <lei>N/A</lei>
        <title>iFamilySC Company Ltd. </title>
        <cusip>Y4211P104</cusip>
        <identifiers>
          <isin value="KR7114840002"/>
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        <balance>112828.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1449.43000000"/>
        <valUSD>1170758.93000000</valUSD>
        <pctVal>0.790669946976</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Track &amp; Field Co SA</name>
        <lei>N/A</lei>
        <title>Track &amp; Field Company S.A. </title>
        <cusip>P92071102</cusip>
        <identifiers>
          <isin value="BRTFCOACNPR8"/>
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        <balance>363600.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.25990000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pollen Street Group Ltd.</name>
        <lei>894500LP94M98N8CY487</lei>
        <title>Pollen Street Group Ltd. </title>
        <cusip>G7151H107</cusip>
        <identifiers>
          <isin value="GG00BMHG0H12"/>
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        <balance>165769.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
        <valUSD>2082291.46000000</valUSD>
        <pctVal>1.406271808893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Azelis Group Nv</name>
        <lei>699400M9RRMTV264FM70</lei>
        <title>Azelis Group N.V. </title>
        <cusip>B0R5SJ106</cusip>
        <identifiers>
          <isin value="BE0974400328"/>
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        <balance>68111.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>675294.07000000</valUSD>
        <pctVal>0.456058640971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>B&amp;M European Value Retail SA</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B&amp;M European Value Retail S.A. </title>
        <cusip>L1175H106</cusip>
        <identifiers>
          <isin value="LU1072616219"/>
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        <balance>1728095.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.73081000"/>
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        <pctVal>2.816218511560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ma Financial Group Ltd</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd. </title>
        <cusip>Q57129100</cusip>
        <identifiers>
          <isin value="AU0000156218"/>
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        <balance>240008.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.43590000"/>
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        <pctVal>1.170598684639</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mateus SA</name>
        <lei>2549009L391XCIGEGQ92</lei>
        <title>Grupo Mateus S.A. </title>
        <cusip>P5R16Z107</cusip>
        <identifiers>
          <isin value="BRGMATACNOR7"/>
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        <balance>881600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</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>Armac Locacao Logistica E Servicos SA</name>
        <lei>N/A</lei>
        <title>Armac Locacao Logistica E Servicos S.A. </title>
        <cusip>P0R0FY103</cusip>
        <identifiers>
          <isin value="BRARMLACNOR1"/>
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        <balance>932300.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.25990000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IMCD NV</name>
        <lei>724500NSJPNFJPDAUP02</lei>
        <title>IMCD N.V. </title>
        <cusip>N4447S106</cusip>
        <identifiers>
          <isin value="NL0010801007"/>
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        <balance>20707.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eurofins Scientific SE</name>
        <lei>529900JEHFM47DYY3S57</lei>
        <title>Eurofins Scientific S.E. </title>
        <cusip>L31839134</cusip>
        <identifiers>
          <isin value="FR0014000MR3"/>
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        <balance>39465.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gulf Oil Lubricants Ltd</name>
        <lei>3358009J8O762GKOHS20</lei>
        <title>Gulf Oil Lubricants India Ltd. </title>
        <cusip>Y6985P111</cusip>
        <identifiers>
          <isin value="INE635Q01029"/>
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        <balance>68501.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="91.68840000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ipd Group Limited</name>
        <lei>984500A59A3EAPEA7D69</lei>
        <title>IPD Group Ltd./Australia </title>
        <cusip>Q496BN109</cusip>
        <identifiers>
          <isin value="AU0000189318"/>
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        <balance>383719.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integral Corp.</name>
        <lei>254900LBW5E2GUM0UK59</lei>
        <title>Integral Corporation </title>
        <cusip>J2401C104</cusip>
        <identifiers>
          <isin value="JP3152910000"/>
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        <balance>43900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Spinneys 1961 Holding PLC</name>
        <lei>N/A</lei>
        <title>Spinneys 1961 Holding plc </title>
        <cusip>M8559F100</cusip>
        <identifiers>
          <isin value="AEE01377S248"/>
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        <balance>2164780.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flow Traders Ltd.</name>
        <lei>549300GSUZI1V3BEXQ36</lei>
        <title>Flow Traders Ltd. </title>
        <cusip>G3602E108</cusip>
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          <isin value="BMG3602E1084"/>
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        <balance>36167.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marex Group Plc</name>
        <lei>549300DWX0SVICJAL507</lei>
        <title>Marex Group plc </title>
        <cusip>G5S37H101</cusip>
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          <isin value="GB00BMT7GT62"/>
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        <balance>35383.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shawbrook Group Plc</name>
        <lei>21380071539WSMTM4410</lei>
        <title>Shawbrook Group plc </title>
        <cusip>G8072S123</cusip>
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          <isin value="GB00BV9DPV21"/>
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        <balance>107088.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fiducian Group Limited</name>
        <lei>N/A</lei>
        <title>Fiducian Group Ltd. </title>
        <cusip>Q3750N107</cusip>
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          <isin value="AU000000FID9"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kogan.com Ltd.</name>
        <lei>529900EOAC36USKQV388</lei>
        <title>Kogan.com Ltd. </title>
        <cusip>Q53502102</cusip>
        <identifiers>
          <isin value="AU000000KGN2"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hartadinata Abadi</name>
        <lei>N/A</lei>
        <title>Hartadinata Abadi Tbk P.T. </title>
        <cusip>Y2731W104</cusip>
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          <isin value="ID1000139405"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Burford Capital Limited</name>
        <lei>549300FUKUWFYJMT2277</lei>
        <title>Burford Capital Ltd </title>
        <cusip>G17977110</cusip>
        <identifiers>
          <isin value="GG00BMGYLN96"/>
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        <balance>156709.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1518510.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Icon PLC</name>
        <lei>6354008SRQGEMC4XFI67</lei>
        <title>ICON plc </title>
        <cusip>G4705A100</cusip>
        <identifiers>
          <isin value="IE0005711209"/>
        </identifiers>
        <balance>9398.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1693989.50000000</valUSD>
        <pctVal>1.144032775513</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>Patria Investments Limited</name>
        <lei>254900MZMZN2NNVXYO82</lei>
        <title>Patria Investments Limited Class A</title>
        <cusip>G69451105</cusip>
        <identifiers>
          <isin value="KYG694511059"/>
        </identifiers>
        <balance>101521.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1483221.81000000</valUSD>
        <pctVal>1.001691193478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Grandeur Peak Global Trust</ncom:nameOfApplicant>
      <ncom:signature>Grandeur Peak Global Trust</ncom:signature>
      <ncom:signerName>Sarah Criger</ncom:signerName>
      <ncom:title>VP, Fund Accounting</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
