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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRUSTPILOT GROUP PLC</name>
        <lei>2138002ILUNMGNPSGG46</lei>
        <title>TRUSTPILOT GROUP PLC ORD GBP0.01</title>
        <cusip>G91044100</cusip>
        <identifiers>
          <isin value="GB00BNK9TP58"/>
          <ticker value="TRTPF"/>
        </identifiers>
        <balance>457023</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1573768.28</valUSD>
        <pctVal>0.5057243138</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>PEPCO GROUP NV</name>
        <lei>213800OVMJPFP79OB449</lei>
        <title>PEPCO GROUP NV EUR0.01</title>
        <cusip>G6999C106</cusip>
        <identifiers>
          <isin value="NL0015000AU7"/>
          <ticker value="PCO"/>
        </identifiers>
        <balance>405180</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.7618"/>
        <valUSD>3922937.52</valUSD>
        <pctVal>1.2606207094</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>DO &amp; CO. AG</name>
        <lei>5299002NFQKOBT1E8569</lei>
        <title>DO &amp; CO. AG NPV</title>
        <cusip>A1447E107</cusip>
        <identifiers>
          <isin value="AT0000818802"/>
          <ticker value="DOCOF"/>
        </identifiers>
        <balance>14708</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>3649024.36</valUSD>
        <pctVal>1.1725997811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XENON PHARMACEUTICALS INC</name>
        <lei>549300XV44Q9Z1MIPQ03</lei>
        <title>XENON PHARMACEUTICALS INC COM NPV</title>
        <cusip>98420N105</cusip>
        <identifiers>
          <isin value="CA98420N1050"/>
          <ticker value="XENE"/>
        </identifiers>
        <balance>65350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3944526</valUSD>
        <pctVal>1.2675580835</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>CATAPULT SPORTS LTD</name>
        <lei>N/A</lei>
        <title>CATAPULT SPORTS LTD NPV</title>
        <cusip>Q2159P101</cusip>
        <identifiers>
          <isin value="AU000000CAT9"/>
          <ticker value="CAZGF"/>
        </identifiers>
        <balance>492672</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>1055503.59</valUSD>
        <pctVal>0.3391819721</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>ARITZIA INC</name>
        <lei>549300U83HKFRL1EX527</lei>
        <title>ARITZIA INC SUB VTG SHS</title>
        <cusip>04045U102</cusip>
        <identifiers>
          <isin value="CA04045U1021"/>
          <ticker value="ATZAF"/>
        </identifiers>
        <balance>35600</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>3925601.27</valUSD>
        <pctVal>1.2614766951</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>MOURA DUBEUX ENGENHARIA SA</name>
        <lei>N/A</lei>
        <title>MOURA DUBEUX ENGENHARIA SA COM NPV</title>
        <cusip>P6S866103</cusip>
        <identifiers>
          <isin value="BRMDNEACNOR9"/>
          <ticker value="MDNE3"/>
        </identifiers>
        <balance>295900</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>1673153.63</valUSD>
        <pctVal>0.5376614094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MTAR TECHNOLOGIES LTD</name>
        <lei>335800UNMDTJY4S5SP37</lei>
        <title>MTAR TECHNOLOGIES LTD INR10</title>
        <cusip>Y6S3C4102</cusip>
        <identifiers>
          <isin value="INE864I01014"/>
          <ticker value="MTARTECH"/>
        </identifiers>
        <balance>24399</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1971838.29</valUSD>
        <pctVal>0.6336425628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENAZ ENERGY CORP</name>
        <lei>549300VSI53JSYRE5I05</lei>
        <title>TENAZ ENERGY CORP COM NEW</title>
        <cusip>88034V304</cusip>
        <identifiers>
          <isin value="CA88034V3048"/>
          <ticker value="ATUUF"/>
        </identifiers>
        <balance>45200</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>1473999.65</valUSD>
        <pctVal>0.4736640528</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>MINERAL RESOURCES LTD</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RESOURCES LTD NPV</title>
        <cusip>Q60976109</cusip>
        <identifiers>
          <isin value="AU000000MIN4"/>
          <ticker value="MALRF"/>
        </identifiers>
        <balance>87529</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>3790399.64</valUSD>
        <pctVal>1.2180301773</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>NRW HOLDINGS LTD</name>
        <lei>5493003S2MORCH0HEL95</lei>
        <title>NRW HOLDINGS LTD NPV</title>
        <cusip>Q6951V109</cusip>
        <identifiers>
          <isin value="AU000000NWH5"/>
          <ticker value="NRWWF"/>
        </identifiers>
        <balance>333245</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>1726879.56</valUSD>
        <pctVal>0.5549260280</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>TOYODA GOSEI COMPANY LTD</name>
        <lei>353800ZV4HXVM4DWPO50</lei>
        <title>TOYODA GOSEI COMPANY LTD NPV</title>
        <cusip>J91128108</cusip>
        <identifiers>
          <isin value="JP3634200004"/>
          <ticker value="TGOSF"/>
        </identifiers>
        <balance>66200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>2099327.06</valUSD>
        <pctVal>0.6746105831</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>AZBIL CORP</name>
        <lei>N/A</lei>
        <title>AZBIL CORP NPV</title>
        <cusip>J0370G106</cusip>
        <identifiers>
          <isin value="JP3937200008"/>
          <ticker value="YMATF"/>
        </identifiers>
        <balance>530800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>5652833.06</valUSD>
        <pctVal>1.8165159108</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>DFDS A/S</name>
        <lei>549300JZVW1Y1UZ5UK38</lei>
        <title>DFDS A/S DKK20</title>
        <cusip>K29758164</cusip>
        <identifiers>
          <isin value="DK0060655629"/>
          <ticker value="DFDDF"/>
        </identifiers>
        <balance>63219</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.54165"/>
        <valUSD>1084993.42</valUSD>
        <pctVal>0.3486584142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OVZON AB</name>
        <lei>549300U82F1HQRSTYZ66</lei>
        <title>OVZON AB NPV</title>
        <cusip>W6S046104</cusip>
        <identifiers>
          <isin value="SE0010948711"/>
          <ticker value="OVZON"/>
        </identifiers>
        <balance>435558</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>1982215.79</valUSD>
        <pctVal>0.6369773321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPROTT INC</name>
        <lei>254900QHJAD5TP2JNM15</lei>
        <title>SPROTT INC COM NEW</title>
        <cusip>852066208</cusip>
        <identifiers>
          <isin value="CA8520662088"/>
          <ticker value="SII"/>
        </identifiers>
        <balance>8800</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>991531.82</valUSD>
        <pctVal>0.3186248927</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>AZAD ENGINEERING LTD</name>
        <lei>3358006TNGEH6SXUN490</lei>
        <title>AZAD ENGINEERING LTD INR2</title>
        <cusip>Y0S2C4107</cusip>
        <identifiers>
          <isin value="INE02IJ01035"/>
          <ticker value="AZAD"/>
        </identifiers>
        <balance>33266</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>723759.52</valUSD>
        <pctVal>0.2325773059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DORMAKABA HOLDING AG</name>
        <lei>529900QMU5ZH99KMQK13</lei>
        <title>DORMAKABA HOLDING AG CHF0.01 'B'(REGD)</title>
        <cusip>H1955W104</cusip>
        <identifiers>
          <isin value="CH1486524122"/>
          <ticker value="DRRKF"/>
        </identifiers>
        <balance>60927</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".808"/>
        <valUSD>3936629.72</valUSD>
        <pctVal>1.2650206446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUBER + SUHNER AG</name>
        <lei>5067007PRZ9OSX7A6787</lei>
        <title>HUBER + SUHNER AG CHF0.25 (REGD)</title>
        <cusip>H44229187</cusip>
        <identifiers>
          <isin value="CH0030380734"/>
          <ticker value="HUBN"/>
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        <balance>14225</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".808"/>
        <valUSD>3945932.48</valUSD>
        <pctVal>1.2680100503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TECAN GROUP AG</name>
        <lei>529900CSN9R3BLETSL26</lei>
        <title>TECAN GROUP AG CHF0.10 (REGD)</title>
        <cusip>H84774167</cusip>
        <identifiers>
          <isin value="CH0012100191"/>
          <ticker value="TCHBF"/>
        </identifiers>
        <balance>11272</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".808"/>
        <valUSD>2254467.25</valUSD>
        <pctVal>0.7244642795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLUIDRA SA</name>
        <lei>95980020140005026620</lei>
        <title>FLUIDRA SA EUR1</title>
        <cusip>E52619108</cusip>
        <identifiers>
          <isin value="ES0137650018"/>
          <ticker value="FLUIF"/>
        </identifiers>
        <balance>77346</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1750342.12</valUSD>
        <pctVal>0.5624656303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPIRAX GROUP PLC</name>
        <lei>213800WFVZQMHOZP2W17</lei>
        <title>SPIRAX GROUP PLC ORD GBP0.269230769</title>
        <cusip>G83561129</cusip>
        <identifiers>
          <isin value="GB00BWFGQN14"/>
          <ticker value="SPXSF"/>
        </identifiers>
        <balance>44360</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>4024502.54</valUSD>
        <pctVal>1.2932582334</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>BAYCURRENT INC</name>
        <lei>N/A</lei>
        <title>BAYCURRENT INC NPV</title>
        <cusip>J0433F103</cusip>
        <identifiers>
          <isin value="JP3835250006"/>
          <ticker value="BYCRF"/>
        </identifiers>
        <balance>29000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1082349.28</valUSD>
        <pctVal>0.3478087301</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>CONVATEC GROUP PLC</name>
        <lei>213800LS272L4FIDOH92</lei>
        <title>CONVATEC GROUP PLC ORD GBP0.1</title>
        <cusip>G23969101</cusip>
        <identifiers>
          <isin value="GB00BD3VFW73"/>
          <ticker value="CNVVF"/>
        </identifiers>
        <balance>911573</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2599626.37</valUSD>
        <pctVal>0.8353798198</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>HITACHI ENERGY INDIA LTD</name>
        <lei>549300ASJQYQLII9F213</lei>
        <title>HITACHI ENERGY INDIA LTD INR2</title>
        <cusip>Y000XZ109</cusip>
        <identifiers>
          <isin value="INE07Y701011"/>
          <ticker value="POWERINDIA"/>
        </identifiers>
        <balance>6474</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>2395068.52</valUSD>
        <pctVal>0.7696459506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRECISION DRILLING CORP</name>
        <lei>549300WF2OE8T5BP4B84</lei>
        <title>PRECISION DRILLING CORP COM NEW</title>
        <cusip>74022D407</cusip>
        <identifiers>
          <isin value="CA74022D4075"/>
          <ticker value="PDS"/>
        </identifiers>
        <balance>18600</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>1428459.02</valUSD>
        <pctVal>0.4590297485</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>PUUILO OYJ</name>
        <lei>743700UJUT6FWHBXPR69</lei>
        <title>PUUILO OYJ NPV</title>
        <cusip>X6S8C1108</cusip>
        <identifiers>
          <isin value="FI4000507124"/>
          <ticker value="PUUILO"/>
        </identifiers>
        <balance>58726</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1205690.85</valUSD>
        <pctVal>0.3874440638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALK ABELLO A/S</name>
        <lei>529900SGCREUZCZ7P020</lei>
        <title>ALK ABELLO A/S SER'B'DKK0.50</title>
        <cusip>K03294137</cusip>
        <identifiers>
          <isin value="DK0061802139"/>
          <ticker value="AKBLF"/>
        </identifiers>
        <balance>44274</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.54165"/>
        <valUSD>1656004.57</valUSD>
        <pctVal>0.5321506257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENUS PLC</name>
        <lei>54930022EOITNKSIGH56</lei>
        <title>GENUS PLC ORD GBP0.10</title>
        <cusip>G3827X105</cusip>
        <identifiers>
          <isin value="GB0002074580"/>
          <ticker value="GENSF"/>
        </identifiers>
        <balance>51879</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1477475.02</valUSD>
        <pctVal>0.4747808494</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>HEXATRONIC GROUP AB</name>
        <lei>2138001VSY1B4U9JLM82</lei>
        <title>HEXATRONIC GROUP AB NPV</title>
        <cusip>W4580A169</cusip>
        <identifiers>
          <isin value="SE0018040677"/>
          <ticker value="HTROF"/>
        </identifiers>
        <balance>586280</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.69635"/>
        <valUSD>2387800.04</valUSD>
        <pctVal>0.7673102528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIRECIONAL ENGENHARIA SA</name>
        <lei>N/A</lei>
        <title>DIRECIONAL ENGENHARIA SA COM NPV</title>
        <cusip>P3561Q100</cusip>
        <identifiers>
          <isin value="BRDIRRACNOR0"/>
          <ticker value="DRCHF"/>
        </identifiers>
        <balance>1057536</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>2851616.74</valUSD>
        <pctVal>0.9163559448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IG GROUP HOLDINGS PLC</name>
        <lei>2138003A5Q1M7ANOUD76</lei>
        <title>IG GROUP HOLDINGS PLC ORD GBP0.00005</title>
        <cusip>G4753Q106</cusip>
        <identifiers>
          <isin value="GB00B06QFB75"/>
          <ticker value="IGGRF"/>
        </identifiers>
        <balance>172683</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>4164226.91</valUSD>
        <pctVal>1.3381581161</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>CRANSWICK PLC</name>
        <lei>549300LDZLPU51XOSK43</lei>
        <title>CRANSWICK PLC ORD GBP0.10</title>
        <cusip>G2504J108</cusip>
        <identifiers>
          <isin value="GB0002318888"/>
          <ticker value="CRWKF"/>
        </identifiers>
        <balance>38259</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2791176.03</valUSD>
        <pctVal>0.8969335578</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>LIVANOVA PLC</name>
        <lei>2138001K2FX6SHK2B339</lei>
        <title>LIVANOVA PLC ORD GBP1.00 (DI)</title>
        <cusip>G5509L101</cusip>
        <identifiers>
          <isin value="GB00BYMT0J19"/>
          <ticker value="LIVN"/>
        </identifiers>
        <balance>52905</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4350378.15</valUSD>
        <pctVal>1.3979770928</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>SAIPEM SPA</name>
        <lei>549300PHV8MBDHWB8X12</lei>
        <title>SAIPEM SPA NPV (POST SPLIT)</title>
        <cusip>T82000257</cusip>
        <identifiers>
          <isin value="IT0005495657"/>
          <ticker value="SAPMF"/>
        </identifiers>
        <balance>852557</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>4286225.55</valUSD>
        <pctVal>1.3773619044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOTTOMATICA GROUP SPA</name>
        <lei>549300R72LKEGT4EX026</lei>
        <title>LOTTOMATICA GROUP SPA NPV</title>
        <cusip>T64384109</cusip>
        <identifiers>
          <isin value="IT0005541336"/>
          <ticker value="LTMGF"/>
        </identifiers>
        <balance>49391</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1370342.37</valUSD>
        <pctVal>0.4403541891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RS GROUP PLC</name>
        <lei>549300KVXDURRKVW7R37</lei>
        <title>RS GROUP PLC ORD GBP0.10</title>
        <cusip>G29848101</cusip>
        <identifiers>
          <isin value="GB0003096442"/>
          <ticker value="EENEF"/>
        </identifiers>
        <balance>369533</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2852422.32</valUSD>
        <pctVal>0.9166148148</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>SMITHS GROUP PLC</name>
        <lei>213800MJL6IPZS3ASA11</lei>
        <title>SMITHS GROUP PLC ORD GBP0.375</title>
        <cusip>G82401111</cusip>
        <identifiers>
          <isin value="GB00B1WY2338"/>
          <ticker value="SMGKF"/>
        </identifiers>
        <balance>186122</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>6322514.97</valUSD>
        <pctVal>2.0317155871</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>FILTRONIC PLC</name>
        <lei>213800PDQ9V2ZNCDO264</lei>
        <title>FILTRONIC PLC ORD GBP0.001</title>
        <cusip>G3430A104</cusip>
        <identifiers>
          <isin value="GB0003362992"/>
          <ticker value="FLTCF"/>
        </identifiers>
        <balance>445507</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1642784.94</valUSD>
        <pctVal>0.5279025490</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>KIER GROUP PLC</name>
        <lei>2138002RKCU2OM4Y7O48</lei>
        <title>KIER GROUP PLC ORD GBP0.01</title>
        <cusip>G52549105</cusip>
        <identifiers>
          <isin value="GB0004915632"/>
          <ticker value="KIERF"/>
        </identifiers>
        <balance>997362</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2889017.44</valUSD>
        <pctVal>0.9283745143</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>OXFORD INSTRUMENTS PLC</name>
        <lei>213800J364EZD6UCE231</lei>
        <title>OXFORD INSTRUMENTS PLC ORD GBP0.05</title>
        <cusip>G6838N107</cusip>
        <identifiers>
          <isin value="GB0006650450"/>
          <ticker value="OXINF"/>
        </identifiers>
        <balance>35989</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>1455042.45</valUSD>
        <pctVal>0.4675722303</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>SENIOR PLC</name>
        <lei>5493002HQHWN5JQHKQ51</lei>
        <title>SENIOR PLC GBP0.10</title>
        <cusip>G8031U102</cusip>
        <identifiers>
          <isin value="GB0007958233"/>
          <ticker value="SNIRF"/>
        </identifiers>
        <balance>1290662</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>4933524.13</valUSD>
        <pctVal>1.5853687847</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>GREENCORE GROUP PLC</name>
        <lei>635400GGBEWULJXM5868</lei>
        <title>GREENCORE GROUP PLC ORD GBP0.01 (CDI)</title>
        <cusip>G40866124</cusip>
        <identifiers>
          <isin value="IE0003864109"/>
          <ticker value="GNCGF"/>
        </identifiers>
        <balance>913035</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>2408868.73</valUSD>
        <pctVal>0.7740805944</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>HANKOOK TIRE &amp; TECHNOLOGY CO LTD</name>
        <lei>9884001BIEVM09M7AH02</lei>
        <title>HANKOOK TIRE &amp; TECHNOLOGY CO LTD KRW500</title>
        <cusip>Y3R57J108</cusip>
        <identifiers>
          <isin value="KR7161390000"/>
          <ticker value="HAOOF"/>
        </identifiers>
        <balance>29947</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1208046.6</valUSD>
        <pctVal>0.3882010749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IAMGOLD CORP</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD CORP COM NPV</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
        </identifiers>
        <balance>81600</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>1295128.5</valUSD>
        <pctVal>0.4161845046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</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>MAPLE LEAF FOODS INC</name>
        <lei>549300LX07S5J8F76F37</lei>
        <title>MAPLE LEAF FOODS INC COM NPV</title>
        <cusip>564905107</cusip>
        <identifiers>
          <isin value="CA5649051078"/>
          <ticker value="MLFNF"/>
        </identifiers>
        <balance>158400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>3407568.48</valUSD>
        <pctVal>1.0950088735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ILJIN ELECTRIC COMPANY LTD</name>
        <lei>9884001IG9MJA5YJPI56</lei>
        <title>ILJIN ELECTRIC COMPANY LTD KRW1000 (NEW)</title>
        <cusip>Y3878F102</cusip>
        <identifiers>
          <isin value="KR7103590006"/>
          <ticker value="A103590"/>
        </identifiers>
        <balance>26122</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1312221.38</valUSD>
        <pctVal>0.4216772351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GROWTHPOINT PROPERTIES LTD</name>
        <lei>37890019DD1E46632291</lei>
        <title>GROWTHPOINT PROPERTIES LTD NPV</title>
        <cusip>S3373C239</cusip>
        <identifiers>
          <isin value="ZAE000179420"/>
          <ticker value="GWWTF"/>
        </identifiers>
        <balance>2094501</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.38"/>
        <valUSD>2210617.9</valUSD>
        <pctVal>0.7103734615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OUTOKUMPU OYJ</name>
        <lei>5493009YRUJJDCFF0R80</lei>
        <title>OUTOKUMPU OYJ SER'A'NPV</title>
        <cusip>X61161273</cusip>
        <identifiers>
          <isin value="FI0009002422"/>
          <ticker value="OUTFF"/>
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        <balance>241812</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1392600.2</valUSD>
        <pctVal>0.4475066562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLANBIA PLC</name>
        <lei>635400SRMCBHVMSKJS84</lei>
        <title>GLANBIA PLC ORD EUR0.06</title>
        <cusip>G39021103</cusip>
        <identifiers>
          <isin value="IE0000669501"/>
          <ticker value="GLAPF"/>
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        <balance>146572</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>4098965.48</valUSD>
        <pctVal>1.3171866095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IMAX CORP</name>
        <lei>894500GS1ESLAPZCEI74</lei>
        <title>IMAX CORP COM NPV</title>
        <cusip>45245E109</cusip>
        <identifiers>
          <isin value="CA45245E1097"/>
          <ticker value="IMAX"/>
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        <balance>41919</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1670891.34</valUSD>
        <pctVal>0.5369344313</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>HIWIN TECHNOLOGIES CORP</name>
        <lei>N/A</lei>
        <title>HIWIN TECHNOLOGIES CORP TWD10</title>
        <cusip>Y3226A102</cusip>
        <identifiers>
          <isin value="TW0002049004"/>
          <ticker value="HIWNF"/>
        </identifiers>
        <balance>59000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>609856.31</valUSD>
        <pctVal>0.1959749525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIXTRON SE</name>
        <lei>5299004UJ4D51M25LD67</lei>
        <title>AIXTRON SE ORD NPV</title>
        <cusip>D0257Y135</cusip>
        <identifiers>
          <isin value="DE000A0WMPJ6"/>
          <ticker value="AIXXF"/>
        </identifiers>
        <balance>64655</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>3906715.46</valUSD>
        <pctVal>1.2554078135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GE VERNOVA T&amp;D INDIA LTD</name>
        <lei>549300NMRD6VZDFLN355</lei>
        <title>GE VERNOVA T&amp;D INDIA LTD INR2</title>
        <cusip>Y2683R111</cusip>
        <identifiers>
          <isin value="INE200A01026"/>
          <ticker value="GVT&amp;D"/>
        </identifiers>
        <balance>38422</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>2015431.12</valUSD>
        <pctVal>0.6476509491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALZGITTER AG - STAHL UND TECHNOLOGIE</name>
        <lei>529900E12Z6HXIMHFA15</lei>
        <title>SALZGITTER AG - STAHL UND TECHNOLOGIE ORD NPV</title>
        <cusip>D80900109</cusip>
        <identifiers>
          <isin value="DE0006202005"/>
          <ticker value="SZGPF"/>
        </identifiers>
        <balance>59357</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>3073869.95</valUSD>
        <pctVal>0.9877761492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELMOS SEMICONDUCTOR SE</name>
        <lei>529900UMKKDCAP4P4H63</lei>
        <title>ELMOS SEMICONDUCTOR SE NPV</title>
        <cusip>D2462G107</cusip>
        <identifiers>
          <isin value="DE0005677108"/>
          <ticker value="ELTTF"/>
        </identifiers>
        <balance>17018</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>3525582.51</valUSD>
        <pctVal>1.1329322229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIENNA INSURANCE GROUP AG - WIENER VERSICHERUNG GRUPPE</name>
        <lei>549300JCRU23I1THU176</lei>
        <title>VIENNA INSURANCE GROUP AG - WIENER VERSICHERUNG GRUPPE NPV (BR)</title>
        <cusip>A9142L128</cusip>
        <identifiers>
          <isin value="AT0000908504"/>
          <ticker value="VNRGF"/>
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        <balance>20963</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1544426.38</valUSD>
        <pctVal>0.4962954084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KONINKLIJKE BAM GROEP NV</name>
        <lei>724500V38C5KTDY5BS93</lei>
        <title>KONINKLIJKE BAM GROEP NV EUR0.10</title>
        <cusip>N0157T177</cusip>
        <identifiers>
          <isin value="NL0000337319"/>
          <ticker value="KBAGF"/>
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        <balance>206696</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>2899608.68</valUSD>
        <pctVal>0.9317779680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TECNICAS REUNIDAS SA</name>
        <lei>213800JEZBUPZKWJGF49</lei>
        <title>TECNICAS REUNIDAS SA EUR0.1</title>
        <cusip>E9055J108</cusip>
        <identifiers>
          <isin value="ES0178165017"/>
          <ticker value="TNISF"/>
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        <balance>77654</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>2566629.67</valUSD>
        <pctVal>0.8247764587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AUSTRIA TECHNOLOGIE &amp; SYSTEMTECHNIK AG</name>
        <lei>529900EVOKN4LCCD9321</lei>
        <title>AUSTRIA TECHNOLOGIE &amp; SYSTEMTECHNIK AG NPV</title>
        <cusip>A05345110</cusip>
        <identifiers>
          <isin value="AT0000969985"/>
          <ticker value="ATS"/>
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        <balance>45214</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>10927177.62</valUSD>
        <pctVal>3.5114060147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PVA TEPLA AG</name>
        <lei>5299002Y7DARXV2Y4R82</lei>
        <title>PVA TEPLA AG ORD NPV</title>
        <cusip>D8313K106</cusip>
        <identifiers>
          <isin value="DE0007461006"/>
          <ticker value="TPLKF"/>
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        <balance>98012</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>5070629.8</valUSD>
        <pctVal>1.6294271583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FUKUOKA FINANCIAL GROUP INC</name>
        <lei>N/A</lei>
        <title>FUKUOKA FINANCIAL GROUP INC NPV</title>
        <cusip>J17129107</cusip>
        <identifiers>
          <isin value="JP3805010000"/>
          <ticker value="FKKFF"/>
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        <balance>32400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1374483.32</valUSD>
        <pctVal>0.4416848673</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>
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      <invstOrSec>
        <name>SKY PERFECT JSAT CORP</name>
        <lei>5299009SAF34W9TVEF26</lei>
        <title>SKY PERFECT JSAT CORP NPV</title>
        <cusip>J75606103</cusip>
        <identifiers>
          <isin value="JP3396350005"/>
          <ticker value="SKPJF"/>
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        <balance>112700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1878927.28</valUSD>
        <pctVal>0.6037859712</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>
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      </invstOrSec>
      <invstOrSec>
        <name>HOTEL SHILLA CO LTD</name>
        <lei>N/A</lei>
        <title>HOTEL SHILLA CO LTD KRW5000</title>
        <cusip>Y3723W102</cusip>
        <identifiers>
          <isin value="KR7008770000"/>
          <ticker value="HSLLF"/>
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        <balance>21570</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>660509.58</valUSD>
        <pctVal>0.2122521837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VERBIO VEREINIGTE BIOENERGIE SE</name>
        <lei>529900W51PINCFFALS96</lei>
        <title>VERBIO VEREINIGTE BIOENERGIE SE NPV (BR)</title>
        <cusip>D86145105</cusip>
        <identifiers>
          <isin value="DE000A0JL9W6"/>
          <ticker value="VBVBF"/>
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        <balance>48920</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1662627.21</valUSD>
        <pctVal>0.5342787853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KT CORP</name>
        <lei>9884005ACF8449EANY26</lei>
        <title>KT CORP KRW5000</title>
        <cusip>Y49915104</cusip>
        <identifiers>
          <isin value="KR7030200000"/>
          <ticker value="KTCNF"/>
        </identifiers>
        <balance>68791</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>2353349.7</valUSD>
        <pctVal>0.7562397701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LS CORP</name>
        <lei>988400SQWZ34LADYL505</lei>
        <title>LS CORP KRW5000</title>
        <cusip>Y5S41B108</cusip>
        <identifiers>
          <isin value="KR7006260004"/>
          <ticker value="LGBMF"/>
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        <balance>5143</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1238802.77</valUSD>
        <pctVal>0.3980844504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASAHI INTECC COMPANY LTD</name>
        <lei>353800J3AV2SCNIO8L39</lei>
        <title>ASAHI INTECC COMPANY LTD NPV</title>
        <cusip>J0279C107</cusip>
        <identifiers>
          <isin value="JP3110650003"/>
          <ticker value="AHICF"/>
        </identifiers>
        <balance>205300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>4813482.27</valUSD>
        <pctVal>1.5467938000</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>ORICA LTD</name>
        <lei>N/A</lei>
        <title>ORICA LTD NPV</title>
        <cusip>Q7160T109</cusip>
        <identifiers>
          <isin value="AU000000ORI1"/>
          <ticker value="OCLDF"/>
        </identifiers>
        <balance>164212</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>2693025.13</valUSD>
        <pctVal>0.8653931480</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>LION CORP</name>
        <lei>529900MPGS2GM7VPG855</lei>
        <title>LION CORP NPV</title>
        <cusip>J38933107</cusip>
        <identifiers>
          <isin value="JP3965400009"/>
          <ticker value="LIOPF"/>
        </identifiers>
        <balance>133700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1410680.83</valUSD>
        <pctVal>0.4533167963</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>KATITAS CO LTD</name>
        <lei>N/A</lei>
        <title>KATITAS CO LTD NPV</title>
        <cusip>J30978100</cusip>
        <identifiers>
          <isin value="JP3932950003"/>
          <ticker value="KTITF"/>
        </identifiers>
        <balance>145800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>2984415.84</valUSD>
        <pctVal>0.9590304190</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>LEENO INDUSTRIAL INC</name>
        <lei>N/A</lei>
        <title>LEENO INDUSTRIAL INC KRW100</title>
        <cusip>Y5254W104</cusip>
        <identifiers>
          <isin value="KR7058470006"/>
          <ticker value="LEEOF"/>
        </identifiers>
        <balance>29559</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1628946.22</valUSD>
        <pctVal>0.5234555302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMDEX LTD</name>
        <lei>529900H31NX5KRKXB865</lei>
        <title>IMDEX LTD NPV</title>
        <cusip>Q4878M104</cusip>
        <identifiers>
          <isin value="AU000000IMD5"/>
          <ticker value="IMDXF"/>
        </identifiers>
        <balance>498242</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>1419785.57</valUSD>
        <pctVal>0.4562425691</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>CHINA NATIONAL BUILDING MATERIAL COMPANY LTD</name>
        <lei>52990085PGF8YEPLBZ26</lei>
        <title>CHINA NATIONAL BUILDING MATERIAL COMPANY LTD 'H'CNY1</title>
        <cusip>Y15045100</cusip>
        <identifiers>
          <isin value="CNE1000002N9"/>
          <ticker value="CBUMF"/>
        </identifiers>
        <balance>3258000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>2228830.08</valUSD>
        <pctVal>0.7162258747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISUAL PHOTONICS EPITAXY COMPANY LTD</name>
        <lei>N/A</lei>
        <title>VISUAL PHOTONICS EPITAXY COMPANY LTD TWD10</title>
        <cusip>Y9379U100</cusip>
        <identifiers>
          <isin value="TW0002455003"/>
          <ticker value="VPHEF"/>
        </identifiers>
        <balance>124000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>1385709.47</valUSD>
        <pctVal>0.4452923469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDIAN HOTELS COMPANY LTD (THE)</name>
        <lei>33580076CH5SBY5HWA22</lei>
        <title>INDIAN HOTELS COMPANY LTD (THE) INR1 (POST SUBDIVISION)</title>
        <cusip>Y3925F147</cusip>
        <identifiers>
          <isin value="INE053A01029"/>
          <ticker value="IDHUF"/>
        </identifiers>
        <balance>241713</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1827320.73</valUSD>
        <pctVal>0.5872024072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAIFUKU CO LTD</name>
        <lei>3538006FG1W4X3MYHL36</lei>
        <title>DAIFUKU CO LTD NPV</title>
        <cusip>J08988107</cusip>
        <identifiers>
          <isin value="JP3497400006"/>
          <ticker value="DAIUF"/>
        </identifiers>
        <balance>81100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>3592734.11</valUSD>
        <pctVal>1.1545111283</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>DYNAPACK INTERNATIONAL TECHNOLOGY</name>
        <lei>N/A</lei>
        <title>DYNAPACK INTERNATIONAL TECHNOLOGY TWD10</title>
        <cusip>Y2185V107</cusip>
        <identifiers>
          <isin value="TW0003211009"/>
          <ticker value="DYPKF"/>
        </identifiers>
        <balance>141000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>1867908.41</valUSD>
        <pctVal>0.6002451002</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>SERIA COMPANY LTD</name>
        <lei>N/A</lei>
        <title>SERIA COMPANY LTD NPV</title>
        <cusip>J7113X106</cusip>
        <identifiers>
          <isin value="JP3423520000"/>
          <ticker value="SAOGF"/>
        </identifiers>
        <balance>55200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>1236180.69</valUSD>
        <pctVal>0.3972418552</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>METSO OYJ</name>
        <lei>549300R0VN9C371W0E07</lei>
        <title>METSO OYJ NPV</title>
        <cusip>X5404W104</cusip>
        <identifiers>
          <isin value="FI0009014575"/>
          <ticker value="OUKPF"/>
        </identifiers>
        <balance>185191</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>3220289.62</valUSD>
        <pctVal>1.0348275405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AALBERTS NV</name>
        <lei>549300EMP9DT6Q35HZ31</lei>
        <title>AALBERTS NV EUR0.25</title>
        <cusip>N00089271</cusip>
        <identifiers>
          <isin value="NL0000852564"/>
          <ticker value="AALB"/>
        </identifiers>
        <balance>70653</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>3154428.15</valUSD>
        <pctVal>1.0136632133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NICHIAS CORP</name>
        <lei>N/A</lei>
        <title>NICHIAS CORP NPV</title>
        <cusip>J49205107</cusip>
        <identifiers>
          <isin value="JP3660400007"/>
          <ticker value="NICFF"/>
        </identifiers>
        <balance>163690</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>4017296.32</valUSD>
        <pctVal>1.2909425427</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>OMRON CORP</name>
        <lei>549300ZHW0TR2QZ0NY83</lei>
        <title>OMRON CORP NPV</title>
        <cusip>J61374120</cusip>
        <identifiers>
          <isin value="JP3197800000"/>
          <ticker value="OMRNF"/>
        </identifiers>
        <balance>170200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>6151027.69</valUSD>
        <pctVal>1.9766088169</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>SEIKO GROUP CORP</name>
        <lei>529900UXKCNCMYX20S74</lei>
        <title>SEIKO GROUP CORP NPV</title>
        <cusip>J7029N101</cusip>
        <identifiers>
          <isin value="JP3414700009"/>
          <ticker value="SKCKF"/>
        </identifiers>
        <balance>106100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>5333513</valUSD>
        <pctVal>1.7139036519</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>SHINSEGAE COMPANY LTD</name>
        <lei>9884005BGBN4CVNXZ186</lei>
        <title>SHINSEGAE COMPANY LTD KSWN5000</title>
        <cusip>Y77538109</cusip>
        <identifiers>
          <isin value="KR7004170007"/>
          <ticker value="SDKLF"/>
        </identifiers>
        <balance>3156</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>1555774.47</valUSD>
        <pctVal>0.4999420730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>R R KABEL LTD</name>
        <lei>3358009R2X3MLNJQ9B10</lei>
        <title>R R KABEL LTD INR5</title>
        <cusip>Y7S37D122</cusip>
        <identifiers>
          <isin value="INE777K01022"/>
          <ticker value="RRKABEL"/>
        </identifiers>
        <balance>64804</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875"/>
        <valUSD>1644472.79</valUSD>
        <pctVal>0.5284449331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NETCOMPANY GROUP A/S</name>
        <lei>5299006DEGAWX1Z1X779</lei>
        <title>NETCOMPANY GROUP A/S DKK1</title>
        <cusip>K7020C102</cusip>
        <identifiers>
          <isin value="DK0060952919"/>
          <ticker value="NTCYF"/>
        </identifiers>
        <balance>50134</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.54165"/>
        <valUSD>2294029.4</valUSD>
        <pctVal>0.7371774225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NFI GROUP INC</name>
        <lei>549300VX6QRAVXOXZW59</lei>
        <title>NFI GROUP INC COM NPV</title>
        <cusip>62910L102</cusip>
        <identifiers>
          <isin value="CA62910L1022"/>
          <ticker value="NFYEF"/>
        </identifiers>
        <balance>240400</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>4037601.27</valUSD>
        <pctVal>1.2974674593</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>G MINING VENTURES CORP (NEW)</name>
        <lei>N/A</lei>
        <title>G MINING VENTURES CORP (NEW) COM</title>
        <cusip>36270K102</cusip>
        <identifiers>
          <isin value="CA36270K1021"/>
          <ticker value="GMINF"/>
        </identifiers>
        <balance>42900</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>1256222.1</valUSD>
        <pctVal>0.4036820844</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>VISTA ENERGY SAB DE CV</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>VISTA ENERGY SAB DE CV SPON ADS EA REP 1 ORD SHS</title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
          <ticker value="VIST"/>
        </identifiers>
        <balance>25256</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1611332.8</valUSD>
        <pctVal>0.5177955262</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>LOTES CO LTD</name>
        <lei>N/A</lei>
        <title>LOTES CO LTD TWD10</title>
        <cusip>Y53302116</cusip>
        <identifiers>
          <isin value="TW0003533006"/>
          <ticker value="3533"/>
        </identifiers>
        <balance>36000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>2428039.89</valUSD>
        <pctVal>0.7802411721</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>MULLEN GROUP LTD</name>
        <lei>549300KLU7H5NA3I5P62</lei>
        <title>MULLEN GROUP LTD COM NPV</title>
        <cusip>625284104</cusip>
        <identifiers>
          <isin value="CA6252841045"/>
          <ticker value="MLLGF"/>
        </identifiers>
        <balance>167300</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>2564499.91</valUSD>
        <pctVal>0.8240920686</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>BRENNTAG SE</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
        <title>BRENNTAG SE NPV</title>
        <cusip>D12459117</cusip>
        <identifiers>
          <isin value="DE000A1DAHH0"/>
          <ticker value="BNTGF"/>
        </identifiers>
        <balance>41053</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>2496323.25</valUSD>
        <pctVal>0.8021837641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BIRD CONSTRUCTION INC</name>
        <lei>549300P1WGG3QPKID017</lei>
        <title>BIRD CONSTRUCTION INC COM NPV</title>
        <cusip>09076P104</cusip>
        <identifiers>
          <isin value="CA09076P1045"/>
          <ticker value="BIRDF"/>
        </identifiers>
        <balance>74800</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>3413928.43</valUSD>
        <pctVal>1.0970526187</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>WIWYNN CORP</name>
        <lei>254900FV2R15PMKXFL69</lei>
        <title>WIWYNN CORP TWD10</title>
        <cusip>Y9673D101</cusip>
        <identifiers>
          <isin value="TW0006669005"/>
          <ticker value="6669"/>
        </identifiers>
        <balance>17000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.8565"/>
        <valUSD>2511233.62</valUSD>
        <pctVal>0.8069751535</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>OPTIMA BANK SA</name>
        <lei>2138008NSD1X1XFUK750</lei>
        <title>OPTIMA BANK SA EUR1.15</title>
        <cusip>X59463103</cusip>
        <identifiers>
          <isin value="GRS533003000"/>
          <ticker value="OPMBF"/>
        </identifiers>
        <balance>130735</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>1495549.01</valUSD>
        <pctVal>0.4805888558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUPERLOOP LTD</name>
        <lei>529900A6RVCX545NWC88</lei>
        <title>SUPERLOOP LTD NPV</title>
        <cusip>Q8800A112</cusip>
        <identifiers>
          <isin value="AU000000SLC8"/>
          <ticker value="SLC"/>
        </identifiers>
        <balance>1343284</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.4443561"/>
        <valUSD>3072546.13</valUSD>
        <pctVal>0.9873507448</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Driehaus Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>Robert M. Kurinsky</ncom:signature>
      <ncom:signerName>Robert M. Kurinsky</ncom:signerName>
      <ncom:title>Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
