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      <totLiabs>32339438.090000000000</totLiabs>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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        <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>MAGYAR TELEKOM TELECOMS.</name>
        <lei>529900CA1YDA41X76751</lei>
        <title>MAGYAR TELEKOM TELECOMS.</title>
        <cusip>X5187V109</cusip>
        <identifiers>
          <isin value="HU0000073507"/>
          <ticker value="MTELEKOM"/>
        </identifiers>
        <balance>2906934</balance>
        <units>NS</units>
        <currencyConditional curCd="HUF" exchangeRt="311.3513"/>
        <valUSD>24741747.02</valUSD>
        <pctVal>1.9121546714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NI TREASURY PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI TREASURY PORTFOLIO</title>
        <cusip>665279873</cusip>
        <identifiers>
          <isin value="US6652798736"/>
          <ticker value="NTPXX"/>
        </identifiers>
        <balance>13186298.63</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13186298.63</valUSD>
        <pctVal>1.0190970954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSORCIO ARA SAB DE CV</name>
        <lei>529900RRZ2S72J2IFE24</lei>
        <title>CONSORCIO ARA SAB DE CV</title>
        <cusip>P3084R106</cusip>
        <identifiers>
          <isin value="MXP001161019"/>
          <ticker value="CNRFF"/>
        </identifiers>
        <balance>32000124</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>8838347.33</valUSD>
        <pctVal>0.6830676557</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>CORBY SPIRIT AND WINE LTD</name>
        <lei>N/A</lei>
        <title>CORBY SPIRIT AND WINE LTD</title>
        <cusip>218349108</cusip>
        <identifiers>
          <isin value="CA2183491083"/>
          <ticker value="CBYDF"/>
        </identifiers>
        <balance>668413</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>7455874.25</valUSD>
        <pctVal>0.5762238521</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>LISI SA LOYALTY LINE</name>
        <lei>969500UU4O58BR802Y55</lei>
        <title>LISI SA LOYALTY LINE</title>
        <cusip>LISIPLC28</cusip>
        <identifiers>
          <isin value="FR0014013RA1"/>
        </identifiers>
        <balance>116658</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>8757378.6</valUSD>
        <pctVal>0.6768100242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANFOR CORP</name>
        <lei>549300DRE7WBHY02BD70</lei>
        <title>CANFOR CORP</title>
        <cusip>137576104</cusip>
        <identifiers>
          <isin value="CA1375761048"/>
          <ticker value="CFPZF"/>
        </identifiers>
        <balance>1683122</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>15997521.28</valUSD>
        <pctVal>1.2363611600</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>FIBRA UNO ADMINISTRACION</name>
        <lei>N/A</lei>
        <title>FIBRA UNO ADMINISTRACION</title>
        <cusip>P3515D163</cusip>
        <identifiers>
          <isin value="MXCFFU000001"/>
          <ticker value="FBASF"/>
        </identifiers>
        <balance>23637906</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>40510538.55</valUSD>
        <pctVal>3.1308385566</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>DOREL INDUSTRIES INC</name>
        <lei>549300BB7CUPIUJSMH15</lei>
        <title>DOREL INDUSTRIES INC</title>
        <cusip>25822C205</cusip>
        <identifiers>
          <isin value="CA25822C2058"/>
          <ticker value="DIIBF"/>
        </identifiers>
        <balance>1156725</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>1427300.37</valUSD>
        <pctVal>0.1103082603</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>WINPAK LTD</name>
        <lei>549300FWDGJBHZHH8U59</lei>
        <title>WINPAK LTD</title>
        <cusip>97535P104</cusip>
        <identifiers>
          <isin value="CA97535P1045"/>
          <ticker value="WIPKF"/>
        </identifiers>
        <balance>685652</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>20991369.53</valUSD>
        <pctVal>1.6223084519</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>MEDIPAL HLDGS. CORP</name>
        <lei>353800PJDODZEA4NP730</lei>
        <title>MEDIPAL HLDGS. CORP</title>
        <cusip>J4189T101</cusip>
        <identifiers>
          <isin value="JP3268950007"/>
          <ticker value="MEPDF"/>
        </identifiers>
        <balance>2047500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>33174230.37</valUSD>
        <pctVal>2.5638553138</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>BINGGRAE CO LTD</name>
        <lei>N/A</lei>
        <title>BINGGRAE CO LTD</title>
        <cusip>Y0887G105</cusip>
        <identifiers>
          <isin value="KR7005180005"/>
          <ticker value="BYYHF"/>
        </identifiers>
        <balance>225740</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>9361749.36</valUSD>
        <pctVal>0.7235185436</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>S-1 CORP</name>
        <lei>N/A</lei>
        <title>S-1 CORP</title>
        <cusip>Y75435100</cusip>
        <identifiers>
          <isin value="KR7012750006"/>
          <ticker value="SCPUF"/>
        </identifiers>
        <balance>724883</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.3"/>
        <valUSD>33546808.14</valUSD>
        <pctVal>2.5926498174</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>PILOT CORP</name>
        <lei>N/A</lei>
        <title>PILOT CORP</title>
        <cusip>J6378K106</cusip>
        <identifiers>
          <isin value="JP3780610006"/>
          <ticker value="POGHF"/>
        </identifiers>
        <balance>975000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>10170661.36</valUSD>
        <pctVal>0.7860349398</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>PICO FAR EAST HLDGS. LTD</name>
        <lei>254900NL3DXVIEY4HJ17</lei>
        <title>PICO FAR EAST HLDGS. LTD</title>
        <cusip>G7082H127</cusip>
        <identifiers>
          <isin value="KYG7082H1276"/>
          <ticker value="PCOFF"/>
        </identifiers>
        <balance>57168000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>15840298.68</valUSD>
        <pctVal>1.2242102828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARD FACTORY PLC</name>
        <lei>213800TTSOPFVCKPFQ11</lei>
        <title>CARD FACTORY PLC</title>
        <cusip>G1895H101</cusip>
        <identifiers>
          <isin value="GB00BLY2F708"/>
          <ticker value="CRFCF"/>
        </identifiers>
        <balance>12498539</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>11124300.01</valUSD>
        <pctVal>0.8597364694</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>NICE LTD ADR</name>
        <lei>254900YTY4EF5Z4W0A51</lei>
        <title>NICE LTD ADR</title>
        <cusip>653656108</cusip>
        <identifiers>
          <isin value="US6536561086"/>
          <ticker value="NICE"/>
        </identifiers>
        <balance>181849</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16520981.65</valUSD>
        <pctVal>1.2768165567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OPEN TEXT CORP</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>OPEN TEXT CORP</title>
        <cusip>683715106</cusip>
        <identifiers>
          <isin value="CA6837151068"/>
          <ticker value="OTEX"/>
        </identifiers>
        <balance>1203131</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26649351.65</valUSD>
        <pctVal>2.0595830280</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>LASSONDE INDS. INC</name>
        <lei>549300U3Y8OW3GQ0VE25</lei>
        <title>LASSONDE INDS. INC</title>
        <cusip>517907101</cusip>
        <identifiers>
          <isin value="CA5179071017"/>
          <ticker value="LSDAF"/>
        </identifiers>
        <balance>57845</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>8768620.87</valUSD>
        <pctVal>0.6776788779</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>DRAEGERWERK AG KGAA</name>
        <lei>5493005UFVHY0PPNKD75</lei>
        <title>DRAEGERWERK AG KGAA</title>
        <cusip>D22938118</cusip>
        <identifiers>
          <isin value="DE0005550636"/>
          <ticker value="DRWKF"/>
        </identifiers>
        <balance>260086</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>24519282.39</valUSD>
        <pctVal>1.8949615936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>ONTEX GRP. NV</name>
        <lei>549300AQESC6JJOPW253</lei>
        <title>ONTEX GRP. NV</title>
        <cusip>B6S9X0109</cusip>
        <identifiers>
          <isin value="BE0974276082"/>
          <ticker value="ONXXF"/>
        </identifiers>
        <balance>3934396</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>10864947.12</valUSD>
        <pctVal>0.8396924992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUALITAS CONTROLADORA SAB</name>
        <lei>N/A</lei>
        <title>QUALITAS CONTROLADORA SAB</title>
        <cusip>P7921H130</cusip>
        <identifiers>
          <isin value="MX01Q0000008"/>
          <ticker value="QUCOF"/>
        </identifiers>
        <balance>3397602</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>34044992.05</valUSD>
        <pctVal>2.6311517344</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>SPRINGER NATURE AG KGAA</name>
        <lei>549300UMNC43HQB3JA96</lei>
        <title>SPRINGER NATURE AG KGAA</title>
        <cusip>D7T812107</cusip>
        <identifiers>
          <isin value="DE000SPG1003"/>
          <ticker value="SPGDF"/>
        </identifiers>
        <balance>635249</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>14052175.73</valUSD>
        <pctVal>1.0860160135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDOFOOD SUKSES MAKMUR TB</name>
        <lei>529900E61EV2GTYWZ485</lei>
        <title>INDOFOOD SUKSES MAKMUR TB</title>
        <cusip>Y7128X128</cusip>
        <identifiers>
          <isin value="ID1000057003"/>
          <ticker value="PIFMF"/>
        </identifiers>
        <balance>98471800</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17880"/>
        <valUSD>36761703.86</valUSD>
        <pctVal>2.8411115717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST PACIFIC CO LTD</name>
        <lei>254900VS1MDQSDM9DE09</lei>
        <title>FIRST PACIFIC CO LTD</title>
        <cusip>G34804107</cusip>
        <identifiers>
          <isin value="BMG348041077"/>
          <ticker value="FPAFF"/>
        </identifiers>
        <balance>44257000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>27149817.73</valUSD>
        <pctVal>2.0982613215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>H.U. GROUP HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>H.U. GROUP HOLDINGS INC</title>
        <cusip>J4352B101</cusip>
        <identifiers>
          <isin value="JP3822000000"/>
          <ticker value="MRCHF"/>
        </identifiers>
        <balance>1469200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>29849532.44</valUSD>
        <pctVal>2.3069075457</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>EMBRAER SA</name>
        <lei>549300EM51WYXFHUY333</lei>
        <title>EMBRAER SA</title>
        <cusip>P3700H268</cusip>
        <identifiers>
          <isin value="BREMBJACNOR1"/>
          <ticker value="EMBJ3"/>
        </identifiers>
        <balance>1999040</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.1623"/>
        <valUSD>31695450.48</valUSD>
        <pctVal>2.4495684823</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>GLOBANT SA</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>GLOBANT SA</title>
        <cusip>L44385109</cusip>
        <identifiers>
          <isin value="LU0974299876"/>
          <ticker value="GLOB"/>
        </identifiers>
        <balance>458128</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13258224.32</valUSD>
        <pctVal>1.0246558397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>C&amp;C GRP. PLC</name>
        <lei>635400LNUHA2LDXXV850</lei>
        <title>C&amp;C GRP. PLC</title>
        <cusip>G1826G107</cusip>
        <identifiers>
          <isin value="IE00B010DT83"/>
          <ticker value="CGPZF"/>
        </identifiers>
        <balance>22809997</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>28440943.83</valUSD>
        <pctVal>2.1980454152</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>MOONPIG GRP. PLC</name>
        <lei>213800VAYO5KCAXZHK83</lei>
        <title>MOONPIG GRP. PLC</title>
        <cusip>G6225S107</cusip>
        <identifiers>
          <isin value="GB00BMT9K014"/>
          <ticker value="MOON"/>
        </identifiers>
        <balance>4181975</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>13279951.87</valUSD>
        <pctVal>1.0263350435</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>TRAVIS PERKINS PLC ORD GB</name>
        <lei>2138001I27OUBAF22K83</lei>
        <title>TRAVIS PERKINS PLC ORD GB</title>
        <cusip>G90202139</cusip>
        <identifiers>
          <isin value="GB00BK9RKT01"/>
          <ticker value="TVPKF"/>
        </identifiers>
        <balance>2834148</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>20766466.15</valUSD>
        <pctVal>1.6049268964</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>SPROTT PHYSICAL URANIUM T</name>
        <lei>N/A</lei>
        <title>SPROTT PHYSICAL URANIUM T</title>
        <cusip>85210A104</cusip>
        <identifiers>
          <isin value="CA85210A1049"/>
          <ticker value="SRUUF"/>
        </identifiers>
        <balance>1432206</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>26346733.33</valUSD>
        <pctVal>2.0361953087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADDIKO BANK AG</name>
        <lei>529900UKZBMDBDZIXD62</lei>
        <title>ADDIKO BANK AG</title>
        <cusip>A0053H107</cusip>
        <identifiers>
          <isin value="AT000ADDIKO0"/>
          <ticker value="ADBKF"/>
        </identifiers>
        <balance>599204</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>18827888.9</valUSD>
        <pctVal>1.4551048349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONTANA AEROSPACE AG</name>
        <lei>506700YRG9330Q97U450</lei>
        <title>MONTANA AEROSPACE AG</title>
        <cusip>H55555108</cusip>
        <identifiers>
          <isin value="CH1110425654"/>
          <ticker value="MTASF"/>
        </identifiers>
        <balance>1751124</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".808"/>
        <valUSD>46030478.63</valUSD>
        <pctVal>3.5574446164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINEA DIRECTA ASEGURADORA</name>
        <lei>95980079E2NBJT967T79</lei>
        <title>LINEA DIRECTA ASEGURADORA</title>
        <cusip>E7S7AP108</cusip>
        <identifiers>
          <isin value="ES0105546008"/>
          <ticker value="LNDAF"/>
        </identifiers>
        <balance>21955075</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>30153214.84</valUSD>
        <pctVal>2.3303775019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PASON SYS. INC</name>
        <lei>984500DC6T2FLR969F65</lei>
        <title>PASON SYS. INC</title>
        <cusip>702925108</cusip>
        <identifiers>
          <isin value="CA7029251088"/>
          <ticker value="PSYTF"/>
        </identifiers>
        <balance>1941710</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.41825"/>
        <valUSD>16880863.25</valUSD>
        <pctVal>1.3046298426</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>PAGEGROUP PLC</name>
        <lei>213800JK5ZEQW4AB8G71</lei>
        <title>PAGEGROUP PLC</title>
        <cusip>G68668105</cusip>
        <identifiers>
          <isin value="GB0030232317"/>
          <ticker value="MPGPF"/>
        </identifiers>
        <balance>6941203</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>9800907.72</valUSD>
        <pctVal>0.7574586979</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>BURBERRY GRP. PLC</name>
        <lei>213800PE1KEFCNFR1R50</lei>
        <title>BURBERRY GRP. PLC</title>
        <cusip>G1700D105</cusip>
        <identifiers>
          <isin value="GB0031743007"/>
          <ticker value="BBRYF"/>
        </identifiers>
        <balance>927945</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".7538919"/>
        <valUSD>13109365.31</valUSD>
        <pctVal>1.0131513387</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>MILLICOM INTL. CELLULAR S</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>MILLICOM INTL. CELLULAR S</title>
        <cusip>L6388F110</cusip>
        <identifiers>
          <isin value="LU0038705702"/>
          <ticker value="TIGO"/>
        </identifiers>
        <balance>181420</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16465679.2</valUSD>
        <pctVal>1.2725425320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVA LJUBLJANSKA BANK GDR</name>
        <lei>5493001BABFV7P27OW30</lei>
        <title>NOVA LJUBLJANSKA BANK GDR</title>
        <cusip>66980N203</cusip>
        <identifiers>
          <isin value="US66980N2036"/>
          <ticker value="NLB"/>
        </identifiers>
        <balance>543836</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>26999266.34</valUSD>
        <pctVal>2.0866260258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SI</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE BIC SA</name>
        <lei>969500UR00DF63I0VH67</lei>
        <title>SOCIETE BIC SA</title>
        <cusip>F10080103</cusip>
        <identifiers>
          <isin value="FR0000120966"/>
          <ticker value="BICEF"/>
        </identifiers>
        <balance>509503</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>33202223.66</valUSD>
        <pctVal>2.5660187625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LISI SA</name>
        <lei>969500UU4O58BR802Y55</lei>
        <title>LISI SA</title>
        <cusip>F5754P105</cusip>
        <identifiers>
          <isin value="FR0000050353"/>
          <ticker value="LSIIF"/>
        </identifiers>
        <balance>265205</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>19924760.79</valUSD>
        <pctVal>1.5398760803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARREFOUR SA</name>
        <lei>549300B8P6MUJ1YWTS08</lei>
        <title>CARREFOUR SA</title>
        <cusip>F13923119</cusip>
        <identifiers>
          <isin value="FR0000120172"/>
          <ticker value="CRERF"/>
        </identifiers>
        <balance>1248446</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>23177379.19</valUSD>
        <pctVal>1.7912532148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOLSA MEXICANA DE VALORES</name>
        <lei>894500CS2D6RLGW61A19</lei>
        <title>BOLSA MEXICANA DE VALORES</title>
        <cusip>P17330104</cusip>
        <identifiers>
          <isin value="MX01BM1B0000"/>
          <ticker value="BOMXF"/>
        </identifiers>
        <balance>16147760</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.4875"/>
        <valUSD>32180096.41</valUSD>
        <pctVal>2.4870241227</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>DICKSON CONCEPT</name>
        <lei>N/A</lei>
        <title>DICKSON CONCEPT</title>
        <cusip>G27587123</cusip>
        <identifiers>
          <isin value="BMG275871231"/>
          <ticker value="DCOHF"/>
        </identifiers>
        <balance>2059500</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285"/>
        <valUSD>1622842.46</valUSD>
        <pctVal>0.1254206418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAKEN PHARM. CO LTD</name>
        <lei>N/A</lei>
        <title>KAKEN PHARM. CO LTD</title>
        <cusip>J29266103</cusip>
        <identifiers>
          <isin value="JP3207000005"/>
          <ticker value="KKPCF"/>
        </identifiers>
        <balance>548600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>12984314.66</valUSD>
        <pctVal>1.0034868561</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>KISSEI PHARM. CO LTD</name>
        <lei>N/A</lei>
        <title>KISSEI PHARM. CO LTD</title>
        <cusip>J33652108</cusip>
        <identifiers>
          <isin value="JP3240600001"/>
          <ticker value="KSPHF"/>
        </identifiers>
        <balance>606700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>15313269.84</valUSD>
        <pctVal>1.1834790985</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>KOMORI CORP</name>
        <lei>529900N2ORUZJBR1SB21</lei>
        <title>KOMORI CORP</title>
        <cusip>J35931112</cusip>
        <identifiers>
          <isin value="JP3305800009"/>
          <ticker value="KMRCF"/>
        </identifiers>
        <balance>1208544</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>11208690.69</valUSD>
        <pctVal>0.8662585647</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>AALBERTS NV</name>
        <lei>549300EMP9DT6Q35HZ31</lei>
        <title>AALBERTS NV</title>
        <cusip>N00089271</cusip>
        <identifiers>
          <isin value="NL0000852564"/>
          <ticker value="AALB"/>
        </identifiers>
        <balance>204778</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>9142676.01</valUSD>
        <pctVal>0.7065875594</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>MITSUBISHI PENCIL CO LTD</name>
        <lei>N/A</lei>
        <title>MITSUBISHI PENCIL CO LTD</title>
        <cusip>J44260107</cusip>
        <identifiers>
          <isin value="JP3895600009"/>
          <ticker value="MSBPF"/>
        </identifiers>
        <balance>26200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>437328.64</valUSD>
        <pctVal>0.0337987451</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>SYSMEX CORP</name>
        <lei>5299001ZO4CKWACMZI55</lei>
        <title>SYSMEX CORP</title>
        <cusip>J7864H102</cusip>
        <identifiers>
          <isin value="JP3351100007"/>
          <ticker value="SSMXF"/>
        </identifiers>
        <balance>2640800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.595"/>
        <valUSD>23756395.02</valUSD>
        <pctVal>1.8360021900</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>SODEXO SA</name>
        <lei>969500LCBOG12HXPYM84</lei>
        <title>SODEXO SA</title>
        <cusip>F84941123</cusip>
        <identifiers>
          <isin value="FR0000121220"/>
          <ticker value="SDXOF"/>
        </identifiers>
        <balance>400971</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt=".8751969"/>
        <valUSD>23192477.83</valUSD>
        <pctVal>1.7924201063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRIFOLS SA ADR</name>
        <lei>959800HSSNXWRKBK4N60</lei>
        <title>GRIFOLS SA ADR</title>
        <cusip>398438408</cusip>
        <identifiers>
          <isin value="US3984384087"/>
          <ticker value="GRFS"/>
        </identifiers>
        <balance>4803459</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34008489.72</valUSD>
        <pctVal>2.6283306685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-22</ncom:dateSigned>
      <ncom:nameOfApplicant>Datum One Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Tracy L. Dotolo</ncom:signature>
      <ncom:signerName>Tracy L. Dotolo</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
