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      <regZipOrPostalCode>80202-1805</regZipOrPostalCode>
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      <seriesName>Shelton International Select Equity Fund</seriesName>
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      <repPdEnd>2026-12-31</repPdEnd>
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      <totLiabs>97761.64</totLiabs>
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        <isRestrictedSec>N</isRestrictedSec>
        
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVERTZ TECHNOLOGIES LTD</name>
        <lei>254900ASG60X9475O884</lei>
        <title>EVERTZ TECHNOLOGIES LTD COM NPV</title>
        <cusip>30041N107</cusip>
        <identifiers>
          <ticker value="EVTZF"/>
          <other otherDesc="SEDOL Number" value="B17XX09"/>
          <isin value="CA30041N1078"/>
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        <balance>13200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>177762.11</valUSD>
        <pctVal>0.394262469</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>AEDIFICA SA</name>
        <lei>529900DTKNXL0AXQFN28</lei>
        <title>AEDIFICA SA NPV</title>
        <cusip>B0130A108</cusip>
        <identifiers>
          <ticker value="AEDFF"/>
          <other otherDesc="SEDOL Number" value="B1G5XP1"/>
          <isin value="BE0003851681"/>
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        <balance>7998</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>644808.5</valUSD>
        <pctVal>1.4301348651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUBE HOLDINGS LTD</name>
        <lei>391200RT2MUFEO3RFW25</lei>
        <title>QUBE HOLDINGS LTD NPV</title>
        <cusip>Q7834B112</cusip>
        <identifiers>
          <ticker value="QUBHF"/>
          <other otherDesc="SEDOL Number" value="B1L4BC6"/>
          <isin value="AU000000QUB5"/>
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        <balance>89075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>314360.6</valUSD>
        <pctVal>0.6972272454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED LABORATORIES INTERNATIONAL HOLDINGS LTD (THE)</name>
        <lei>2549007JL3XIH77JXN70</lei>
        <title>UNITED LABORATORIES INTERNATIONAL HOLDINGS LTD (THE) HKD0.01</title>
        <cusip>G8813K108</cusip>
        <identifiers>
          <ticker value="ULIHF"/>
          <other otherDesc="SEDOL Number" value="B1P70H9"/>
          <isin value="KYG8813K1085"/>
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        <balance>104000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>111786.18</valUSD>
        <pctVal>0.2479330118</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>
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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>
          <ticker value="FKKFF"/>
          <other otherDesc="SEDOL Number" value="B1TK1Y8"/>
          <isin value="JP3805010000"/>
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        <balance>19500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>820016.11</valUSD>
        <pctVal>1.8187316527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUPERIOR PLUS CORP</name>
        <lei>52990059VEQM9RBM0045</lei>
        <title>SUPERIOR PLUS CORP COM NPV</title>
        <cusip>86828P103</cusip>
        <identifiers>
          <ticker value="SUUIF"/>
          <other otherDesc="SEDOL Number" value="B3KTPS0"/>
          <isin value="CA86828P1036"/>
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        <balance>106600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>587002.75</valUSD>
        <pctVal>1.3019262288</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>ZIGUP PLC</name>
        <lei>213800B3ZUTDOZYVJB41</lei>
        <title>ZIGUP PLC ORD GBP0.50</title>
        <cusip>G7331W115</cusip>
        <identifiers>
          <ticker value="ZIG"/>
          <other otherDesc="SEDOL Number" value="B41H739"/>
          <isin value="GB00B41H7391"/>
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        <balance>48679</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>293141.97</valUSD>
        <pctVal>0.6501659822</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>STANMORE RESOURCES LTD</name>
        <lei>52990090OHRBVS7DDA54</lei>
        <title>STANMORE RESOURCES LTD NPV</title>
        <cusip>Q8675X106</cusip>
        <identifiers>
          <ticker value="STMRF"/>
          <other otherDesc="SEDOL Number" value="B4KDPZ6"/>
          <isin value="AU000000SMR4"/>
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        <balance>54637</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88093.7</valUSD>
        <pctVal>0.1953849426</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>CARMILA SA</name>
        <lei>222100P6D3QKU33LZQ72</lei>
        <title>CARMILA SA EUR6</title>
        <cusip>F1387K266</cusip>
        <identifiers>
          <ticker value="CRMIF"/>
          <other otherDesc="SEDOL Number" value="B4Y0230"/>
          <isin value="FR0010828137"/>
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        <balance>12308</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233875.89</valUSD>
        <pctVal>0.518718448</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>VERMILION ENERGY INC</name>
        <lei>8945009D1HGCJC8M8A68</lei>
        <title>VERMILION ENERGY INC COM NPV</title>
        <cusip>923725105</cusip>
        <identifiers>
          <ticker value="VET"/>
          <other otherDesc="SEDOL Number" value="B607XS1"/>
          <isin value="CA9237251058"/>
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        <balance>21100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>197417.33</valUSD>
        <pctVal>0.437856211</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>INCHCAPE PLC</name>
        <lei>213800RGEH1MPPNM2T57</lei>
        <title>INCHCAPE PLC ORD GBP0.10</title>
        <cusip>G47320208</cusip>
        <identifiers>
          <ticker value="IHCPF"/>
          <other otherDesc="SEDOL Number" value="B61TVQ0"/>
          <isin value="GB00B61TVQ02"/>
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        <balance>18499</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189183.44</valUSD>
        <pctVal>0.4195940864</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>ALTUS GROUP LTD</name>
        <lei>54930041VO1EIY4IV355</lei>
        <title>ALTUS GROUP LTD COM NPV</title>
        <cusip>02215R107</cusip>
        <identifiers>
          <ticker value="ASGTF"/>
          <other otherDesc="SEDOL Number" value="B67M8D9"/>
          <isin value="CA02215R1073"/>
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        <balance>9500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>301819.08</valUSD>
        <pctVal>0.6694111341</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>CHARTER HALL LONG WALE REIT</name>
        <lei>N/A</lei>
        <title>CHARTER HALL LONG WALE REIT NPV (STAPLED)</title>
        <cusip>Q2308E106</cusip>
        <identifiers>
          <ticker value="CHLWF"/>
          <other otherDesc="SEDOL Number" value="BDB46J2"/>
          <isin value="AU000000CLW0"/>
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        <balance>92339</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233227.7</valUSD>
        <pctVal>0.5172808133</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>
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      </invstOrSec>
      <invstOrSec>
        <name>RINGKJOBING LANDBOBANK A/S</name>
        <lei>2138002M5U5K4OUMVV62</lei>
        <title>RINGKJOBING LANDBOBANK A/S DKK1</title>
        <cusip>K81980144</cusip>
        <identifiers>
          <ticker value="RILBA"/>
          <other otherDesc="SEDOL Number" value="BF1KD82"/>
          <isin value="DK0060854669"/>
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        <balance>1259</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>298326.18</valUSD>
        <pctVal>0.6616641549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAUSCH HEALTH COMPANIES INC</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>BAUSCH HEALTH COMPANIES INC COM NPV</title>
        <cusip>071734107</cusip>
        <identifiers>
          <ticker value="BHC"/>
          <other otherDesc="SEDOL Number" value="BFFY852"/>
          <isin value="CA0717341071"/>
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        <balance>43141</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>212617.63</valUSD>
        <pctVal>0.4715692886</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>PLATZER FASTIGHETER HOLDING AB</name>
        <lei>5493009KPII4BZE70820</lei>
        <title>PLATZER FASTIGHETER HOLDING AB NPV</title>
        <cusip>W7S644112</cusip>
        <identifiers>
          <ticker value="PLAZF"/>
          <other otherDesc="SEDOL Number" value="BH0WHG9"/>
          <isin value="SE0004977692"/>
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        <balance>41134</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>290612.4</valUSD>
        <pctVal>0.6445555936</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>
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      </invstOrSec>
      <invstOrSec>
        <name>MAN GROUP PLC</name>
        <lei>2549003YWC1DW6LALB09</lei>
        <title>MAN GROUP PLC ORD USD0.0342857142</title>
        <cusip>G57991104</cusip>
        <identifiers>
          <ticker value="MNGPF"/>
          <other otherDesc="SEDOL Number" value="BJ1DLW9"/>
          <isin value="JE00BJ1DLW90"/>
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        <balance>121131</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>469478.82</valUSD>
        <pctVal>1.0412673358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</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>AYA GOLD &amp; SILVER INC</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>AYA GOLD &amp; SILVER INC COM</title>
        <cusip>05466C109</cusip>
        <identifiers>
          <ticker value="AYA"/>
          <other otherDesc="SEDOL Number" value="BK94091"/>
          <isin value="CA05466C1095"/>
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        <balance>16100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>304904.46</valUSD>
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        <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>TRAINLINE PLC</name>
        <lei>213800HO26VXTFJ4MO71</lei>
        <title>TRAINLINE PLC ORD GBP0.01</title>
        <cusip>G8992Y119</cusip>
        <identifiers>
          <ticker value="TNLIF"/>
          <other otherDesc="SEDOL Number" value="BKDTK92"/>
          <isin value="GB00BKDTK925"/>
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        <balance>248024</balance>
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        <curCd>USD</curCd>
        <valUSD>671126.47</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GENUIT GROUP PLC</name>
        <lei>2138005IF1N2RKJ6KO18</lei>
        <title>GENUIT GROUP PLC ORD GBP0.001</title>
        <cusip>G7179X100</cusip>
        <identifiers>
          <ticker value="GEN"/>
          <other otherDesc="SEDOL Number" value="BKRC5K3"/>
          <isin value="GB00BKRC5K31"/>
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        <balance>115241</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>423416.02</valUSD>
        <pctVal>0.939103645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OVH GROUPE SA</name>
        <lei>9695001J8OSOVX4TP939</lei>
        <title>OVH GROUPE SA EUR1</title>
        <cusip>F97637106</cusip>
        <identifiers>
          <ticker value="OVHFF"/>
          <other otherDesc="SEDOL Number" value="BLPLBD4"/>
          <isin value="FR0014005HJ9"/>
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        <balance>21667</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>355797.03</valUSD>
        <pctVal>0.7891300092</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>
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      </invstOrSec>
      <invstOrSec>
        <name>PEXA GROUP LTD</name>
        <lei>N/A</lei>
        <title>PEXA GROUP LTD NPV</title>
        <cusip>Q9131W104</cusip>
        <identifiers>
          <ticker value="PXAAF"/>
          <other otherDesc="SEDOL Number" value="BMD0WJ3"/>
          <isin value="AU0000158594"/>
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        <balance>81564</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>581350.22</valUSD>
        <pctVal>1.289389359</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>TP ICAP GROUP PLC</name>
        <lei>2138006YAA7IRVKKGE63</lei>
        <title>TP ICAP GROUP PLC ORD GBP0.25</title>
        <cusip>G8963N100</cusip>
        <identifiers>
          <ticker value="TCAPF"/>
          <other otherDesc="SEDOL Number" value="BMDZN39"/>
          <isin value="JE00BMDZN391"/>
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        <balance>51745</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232262.58</valUSD>
        <pctVal>0.5151402525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>H. LUNDBECK A/S</name>
        <lei>5493006R4KC2OI5D3470</lei>
        <title>H. LUNDBECK A/S SER'B'DKK1</title>
        <cusip>K4406L137</cusip>
        <identifiers>
          <ticker value="HLUN B"/>
          <other otherDesc="SEDOL Number" value="BMGTJT6"/>
          <isin value="DK0061804770"/>
        </identifiers>
        <balance>46219</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>300150.45</valUSD>
        <pctVal>0.6657102432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOCIONEXT INC</name>
        <lei>N/A</lei>
        <title>SOCIONEXT INC NPV</title>
        <cusip>J75866103</cusip>
        <identifiers>
          <ticker value="SOCNF"/>
          <other otherDesc="SEDOL Number" value="BMTVX75"/>
          <isin value="JP3433500000"/>
        </identifiers>
        <balance>40100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>629306.39</valUSD>
        <pctVal>1.3957523966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PRAIRIESKY ROYALTY LTD</name>
        <lei>529900AXG582AP7CV733</lei>
        <title>PRAIRIESKY ROYALTY LTD COM NPV</title>
        <cusip>739721108</cusip>
        <identifiers>
          <ticker value="PREKF"/>
          <other otherDesc="SEDOL Number" value="BN320L4"/>
          <isin value="CA7397211086"/>
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        <balance>36400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>814592.12</valUSD>
        <pctVal>1.8067016667</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>KINAXIS INC</name>
        <lei>5299009VAZ14K7PFUQ15</lei>
        <title>KINAXIS INC COM NPV</title>
        <cusip>49448Q109</cusip>
        <identifiers>
          <ticker value="KXSCF"/>
          <other otherDesc="SEDOL Number" value="BN85P68"/>
          <isin value="CA49448Q1090"/>
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        <balance>2100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225457.94</valUSD>
        <pctVal>0.5000480928</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>NORDNET AB</name>
        <lei>549300D6WW5ZTWLZ4C08</lei>
        <title>NORDNET AB NPV</title>
        <cusip>W6S819112</cusip>
        <identifiers>
          <ticker value="SAVE"/>
          <other otherDesc="SEDOL Number" value="BNDLH43"/>
          <isin value="SE0015192067"/>
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        <balance>28843</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1095929.64</valUSD>
        <pctVal>2.4306863013</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>
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      </invstOrSec>
      <invstOrSec>
        <name>FWD GROUP HOLDINGS LTD</name>
        <lei>254900HEGGDS8WU5QZ97</lei>
        <title>FWD GROUP HOLDINGS LTD USD0.03</title>
        <cusip>G37048108</cusip>
        <identifiers>
          <ticker value="1828"/>
          <other otherDesc="SEDOL Number" value="BNDR440"/>
          <isin value="KYG370481080"/>
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        <balance>66600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>241168.05</valUSD>
        <pctVal>0.5348918891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCKPOINT GAS STORAGE INC</name>
        <lei>N/A</lei>
        <title>ROCKPOINT GAS STORAGE INC COM CLASS A</title>
        <cusip>773915103</cusip>
        <identifiers>
          <ticker value="RPGSF"/>
          <other otherDesc="SEDOL Number" value="BNNSTV5"/>
          <isin value="CA7739151032"/>
        </identifiers>
        <balance>42800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>886297.68</valUSD>
        <pctVal>1.9657389955</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>HELIA GROUP LTD</name>
        <lei>529900RUQ2G0JXJOF423</lei>
        <title>HELIA GROUP LTD NPV</title>
        <cusip>Q3983N155</cusip>
        <identifiers>
          <ticker value="HLIGF"/>
          <other otherDesc="SEDOL Number" value="BP5HL07"/>
          <isin value="AU0000251498"/>
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        <balance>53873</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>206529.94</valUSD>
        <pctVal>0.4580672679</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>DPM METALS INC</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>DPM METALS INC COM</title>
        <cusip>26139R109</cusip>
        <identifiers>
          <ticker value="DPMLF"/>
          <other otherDesc="SEDOL Number" value="BPCR7W4"/>
          <isin value="CA26139R1091"/>
        </identifiers>
        <balance>14140</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>459203.55</valUSD>
        <pctVal>1.0184775899</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>AMS-OSRAM AG</name>
        <lei>5299001JPPT2QFTV5D76</lei>
        <title>AMS-OSRAM AG NPV (POST REV SPLIT)</title>
        <cusip>A0400Q156</cusip>
        <identifiers>
          <ticker value="AUKUF"/>
          <other otherDesc="SEDOL Number" value="BQPGGN9"/>
          <isin value="AT0000A3EPA4"/>
        </identifiers>
        <balance>33300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>719191.31</valUSD>
        <pctVal>1.5951101251</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>GAMMA COMMUNICATIONS PLC</name>
        <lei>213800LAQZXPRIZUEH50</lei>
        <title>GAMMA COMMUNICATIONS PLC ORD GBP0.0025</title>
        <cusip>G371B3109</cusip>
        <identifiers>
          <ticker value="GAMCF"/>
          <other otherDesc="SEDOL Number" value="BQS10J5"/>
          <isin value="GB00BQS10J50"/>
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        <balance>62165</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>693049.34</valUSD>
        <pctVal>1.5371292785</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>GEMLIFE COMMUNITIES GROUP</name>
        <lei>N/A</lei>
        <title>GEMLIFE COMMUNITIES GROUP NPV</title>
        <cusip>Q3980C111</cusip>
        <identifiers>
          <ticker value="GLF"/>
          <other otherDesc="SEDOL Number" value="BQYL129"/>
          <isin value="AU0000402562"/>
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        <balance>121174</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>385717.53</valUSD>
        <pctVal>0.8554913401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOF GROUP ASA</name>
        <lei>213800GIV9N2A714T434</lei>
        <title>DOF GROUP ASA 8.125% SNR NTS USD</title>
        <cusip>R1883X116</cusip>
        <identifiers>
          <ticker value="DOFG"/>
          <other otherDesc="SEDOL Number" value="BQWSKZ8"/>
          <isin value="NO0012851874"/>
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        <balance>22660</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>260303.72</valUSD>
        <pctVal>0.5773333098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DORMAKABA HOLDING AG</name>
        <lei>529900QMU5ZH99KMQK13</lei>
        <title>DORMAKABA HOLDING AG CHF0.01 'B'(REGD)</title>
        <cusip>H1955W104</cusip>
        <identifiers>
          <ticker value="DRRKF"/>
          <other otherDesc="SEDOL Number" value="BV5CBN7"/>
          <isin value="CH1486524122"/>
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        <balance>3913</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252804.68</valUSD>
        <pctVal>0.5607010251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LITHIUM AMERICAS CORP</name>
        <lei>529900Q9ENG7EHHZ5R75</lei>
        <title>LITHIUM AMERICAS CORP COM SHS</title>
        <cusip>53681J103</cusip>
        <identifiers>
          <ticker value="LAC"/>
          <other otherDesc="SEDOL Number" value="BRBS357"/>
          <isin value="CA53681J1030"/>
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        <balance>33300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128194.32</valUSD>
        <pctVal>0.2843249842</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>ROTORK PLC</name>
        <lei>213800AH5RZIHGWRJ718</lei>
        <title>ROTORK PLC ORD GBP0.005</title>
        <cusip>G76717134</cusip>
        <identifiers>
          <ticker value="RTOXF"/>
          <other otherDesc="SEDOL Number" value="BVFNZH2"/>
          <isin value="GB00BVFNZH21"/>
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        <balance>52071</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>204026.65</valUSD>
        <pctVal>0.4525151663</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>ETORO GROUP LTD</name>
        <lei>213800XPRPJK2X5QRG86</lei>
        <title>ETORO GROUP LTD SHS CL A</title>
        <cusip>G32089107</cusip>
        <identifiers>
          <ticker value="ETOR"/>
          <other otherDesc="SEDOL Number" value="BS491D8"/>
          <isin value="VGG320891077"/>
        </identifiers>
        <balance>19200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>757824</valUSD>
        <pctVal>1.6807944127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBAL-E ONLINE LTD</name>
        <lei>N/A</lei>
        <title>GLOBAL-E ONLINE LTD SHS</title>
        <cusip>M5216V106</cusip>
        <identifiers>
          <ticker value="GLBE"/>
          <other otherDesc="SEDOL Number" value="BN770J3"/>
          <isin value="IL0011741688"/>
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        <balance>6600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229218</valUSD>
        <pctVal>0.508387612</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGIE VERSORGUNG NIEDEROESTERREICH AG</name>
        <lei>529900P4JZBFEVNEAE60</lei>
        <title>ENERGIE VERSORGUNG NIEDEROESTERREICH AG NPV</title>
        <cusip>A19833101</cusip>
        <identifiers>
          <ticker value="EVNVF"/>
          <other otherDesc="SEDOL Number" value="4295374"/>
          <isin value="AT0000741053"/>
        </identifiers>
        <balance>7894</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>257814.78</valUSD>
        <pctVal>0.5718130354</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>IREN SPA</name>
        <lei>8156001EBD33FD474E60</lei>
        <title>IREN SPA EUR1</title>
        <cusip>T5551Y106</cusip>
        <identifiers>
          <ticker value="IRDEF"/>
          <other otherDesc="SEDOL Number" value="4783211"/>
          <isin value="IT0003027817"/>
        </identifiers>
        <balance>97536</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>276001.15</valUSD>
        <pctVal>0.6121489829</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STOREBRAND ASA</name>
        <lei>5967007LIEEXZX7NA051</lei>
        <title>STOREBRAND ASA SER'A'NOK5</title>
        <cusip>R85746106</cusip>
        <identifiers>
          <ticker value="SREDF"/>
          <other otherDesc="SEDOL Number" value="4852832"/>
          <isin value="NO0003053605"/>
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        <balance>17023</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>319552.2</valUSD>
        <pctVal>0.7087418085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SACYR SA</name>
        <lei>959800XKAB9VNAVN9425</lei>
        <title>SACYR SA EUR1</title>
        <cusip>E35471114</cusip>
        <identifiers>
          <ticker value="SYRVF"/>
          <other otherDesc="SEDOL Number" value="5504789"/>
          <isin value="ES0182870214"/>
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        <balance>50075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>267386.89</valUSD>
        <pctVal>0.5930432274</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>AICA KOGYO CO LTD</name>
        <lei>353800I589BKZAOJD116</lei>
        <title>AICA KOGYO CO LTD NPV</title>
        <cusip>J00252106</cusip>
        <identifiers>
          <ticker value="AIKCF"/>
          <other otherDesc="SEDOL Number" value="6010047"/>
          <isin value="JP3100800006"/>
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        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>540749.4</valUSD>
        <pctVal>1.1993399129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMANO CORP</name>
        <lei>N/A</lei>
        <title>AMANO CORP NPV</title>
        <cusip>J01302108</cusip>
        <identifiers>
          <ticker value="AMANF"/>
          <other otherDesc="SEDOL Number" value="6027304"/>
          <isin value="JP3124400007"/>
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        <balance>8000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179107.42</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RESORTTRUST INC</name>
        <lei>353800FM9MYWH105SE11</lei>
        <title>RESORTTRUST INC NPV</title>
        <cusip>J6448M108</cusip>
        <identifiers>
          <ticker value="RSOTF"/>
          <other otherDesc="SEDOL Number" value="6044132"/>
          <isin value="JP3974450003"/>
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        <balance>31800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>340230.9</valUSD>
        <pctVal>0.7546055492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FUSO CHEMICAL COMPANY LTD</name>
        <lei>N/A</lei>
        <title>FUSO CHEMICAL COMPANY LTD NPV</title>
        <cusip>J16601106</cusip>
        <identifiers>
          <ticker value="FHMLF"/>
          <other otherDesc="SEDOL Number" value="6347712"/>
          <isin value="JP3822600007"/>
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        <balance>34600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>957658.81</valUSD>
        <pctVal>2.1240124054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FUJI CORP</name>
        <lei>353800G4VS3QLM6BSX66</lei>
        <title>FUJI CORP NPV</title>
        <cusip>J1R541101</cusip>
        <identifiers>
          <ticker value="FMMFF"/>
          <other otherDesc="SEDOL Number" value="6356592"/>
          <isin value="JP3809200003"/>
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        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1229348.52</valUSD>
        <pctVal>2.7265989512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RESOLUTE MINING LTD</name>
        <lei>254900MP8JONT590XY28</lei>
        <title>RESOLUTE MINING LTD NPV</title>
        <cusip>Q81068100</cusip>
        <identifiers>
          <ticker value="RSG"/>
          <other otherDesc="SEDOL Number" value="6410636"/>
          <isin value="AU000000RSG6"/>
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        <balance>734376</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>480233.42</valUSD>
        <pctVal>1.0651201982</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>
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      </invstOrSec>
      <invstOrSec>
        <name>HIROSE ELECTRIC CO LTD</name>
        <lei>N/A</lei>
        <title>HIROSE ELECTRIC CO LTD NPV</title>
        <cusip>J19782101</cusip>
        <identifiers>
          <ticker value="HRSEF"/>
          <other otherDesc="SEDOL Number" value="6428725"/>
          <isin value="JP3799000009"/>
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        <balance>1300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>230560.82</valUSD>
        <pctVal>0.5113658818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KANAMOTO COMPANY LTD</name>
        <lei>N/A</lei>
        <title>KANAMOTO COMPANY LTD NPV</title>
        <cusip>J29557105</cusip>
        <identifiers>
          <ticker value="KNMOF"/>
          <other otherDesc="SEDOL Number" value="6482903"/>
          <isin value="JP3215200001"/>
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        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>258014.32</valUSD>
        <pctVal>0.5722555995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KISSEI PHARMACEUTICAL CO LTD</name>
        <lei>N/A</lei>
        <title>KISSEI PHARMACEUTICAL CO LTD NPV</title>
        <cusip>J33652108</cusip>
        <identifiers>
          <ticker value="KSPHF"/>
          <other otherDesc="SEDOL Number" value="6494061"/>
          <isin value="JP3240600001"/>
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        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198734.19</valUSD>
        <pctVal>0.4407769036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KITZ CORP</name>
        <lei>52990071D57KBWPS6S92</lei>
        <title>KITZ CORP NPV</title>
        <cusip>J34039115</cusip>
        <identifiers>
          <ticker value="KITZF"/>
          <other otherDesc="SEDOL Number" value="6494276"/>
          <isin value="JP3240700009"/>
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        <balance>36600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>568413.87</valUSD>
        <pctVal>1.2606975456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KONICA MINOLTA INC</name>
        <lei>549300SVK6KRUOL1A740</lei>
        <title>KONICA MINOLTA INC NPV</title>
        <cusip>J36060119</cusip>
        <identifiers>
          <ticker value="KNCAF"/>
          <other otherDesc="SEDOL Number" value="6496700"/>
          <isin value="JP3300600008"/>
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        <balance>239300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>808489.7</valUSD>
        <pctVal>1.793166976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIFE CORP</name>
        <lei>N/A</lei>
        <title>LIFE CORP NPV</title>
        <cusip>J38828109</cusip>
        <identifiers>
          <ticker value="8194"/>
          <other otherDesc="SEDOL Number" value="6515821"/>
          <isin value="JP3966600003"/>
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        <balance>23900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>387641.47</valUSD>
        <pctVal>0.8597584886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MAX CO LTD</name>
        <lei>N/A</lei>
        <title>MAX CO LTD NPV</title>
        <cusip>J41508102</cusip>
        <identifiers>
          <ticker value="MXCLF"/>
          <other otherDesc="SEDOL Number" value="6574220"/>
          <isin value="JP3864800002"/>
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        <balance>80000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>836490.68</valUSD>
        <pctVal>1.8552709616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MEIDENSHA CORP</name>
        <lei>529900VFKHJPVURD7985</lei>
        <title>MEIDENSHA CORP NPV</title>
        <cusip>J41594102</cusip>
        <identifiers>
          <ticker value="MEIVF"/>
          <other otherDesc="SEDOL Number" value="6575900"/>
          <isin value="JP3919800007"/>
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        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>955463.02</valUSD>
        <pctVal>2.1191423147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MITSUBISHI GAS CHEMICAL CO INC</name>
        <lei>529900G5O4J27ZPLJJ89</lei>
        <title>MITSUBISHI GAS CHEMICAL CO INC NPV</title>
        <cusip>J43959113</cusip>
        <identifiers>
          <ticker value="MBGCF"/>
          <other otherDesc="SEDOL Number" value="6596923"/>
          <isin value="JP3896800004"/>
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        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>741883.58</valUSD>
        <pctVal>1.6454398067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORINAGA &amp; CO. LTD</name>
        <lei>N/A</lei>
        <title>MORINAGA &amp; CO. LTD NPV</title>
        <cusip>J46367108</cusip>
        <identifiers>
          <ticker value="MGAAF"/>
          <other otherDesc="SEDOL Number" value="6602604"/>
          <isin value="JP3926400007"/>
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        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254170.77</valUSD>
        <pctVal>0.563730906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NIFCO INC</name>
        <lei>353800JMDOH68J9I5140</lei>
        <title>NIFCO INC NPV</title>
        <cusip>654101104</cusip>
        <identifiers>
          <ticker value="NIFCF"/>
          <other otherDesc="SEDOL Number" value="6639163"/>
          <isin value="JP3756200006"/>
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        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234885.35</valUSD>
        <pctVal>0.5209573514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NIPPON GAS CO LTD</name>
        <lei>549300N3DC5V2XON9C60</lei>
        <title>NIPPON GAS CO LTD NPV</title>
        <cusip>J50151117</cusip>
        <identifiers>
          <ticker value="NPPGF"/>
          <other otherDesc="SEDOL Number" value="6640068"/>
          <isin value="JP3695600001"/>
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        <balance>16000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282438.62</valUSD>
        <pctVal>0.6264267883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIPPON KAYAKU CO LTD</name>
        <lei>N/A</lei>
        <title>NIPPON KAYAKU CO LTD NPV</title>
        <cusip>J54236112</cusip>
        <identifiers>
          <ticker value="NPKYF"/>
          <other otherDesc="SEDOL Number" value="6640422"/>
          <isin value="JP3694400007"/>
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        <balance>23800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>291747.04</valUSD>
        <pctVal>0.6470721365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOF CORP</name>
        <lei>N/A</lei>
        <title>NOF CORP NPV</title>
        <cusip>J58934100</cusip>
        <identifiers>
          <ticker value="NOFCF"/>
          <other otherDesc="SEDOL Number" value="6640488"/>
          <isin value="JP3753400005"/>
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        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>258082.59</valUSD>
        <pctVal>0.572407017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PILLAR AMERICA INC</name>
        <lei>N/A</lei>
        <title>PILLAR AMERICA INC NPV</title>
        <cusip>J55182109</cusip>
        <identifiers>
          <ticker value="NLLRF"/>
          <other otherDesc="SEDOL Number" value="6641135"/>
          <isin value="JP3747800005"/>
        </identifiers>
        <balance>4500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>298092.06</valUSD>
        <pctVal>0.661144895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NISSAN CHEMICAL CORP</name>
        <lei>3538002E4L1CUGJFFU25</lei>
        <title>NISSAN CHEMICAL CORP NPV</title>
        <cusip>J56988108</cusip>
        <identifiers>
          <ticker value="NNCHF"/>
          <other otherDesc="SEDOL Number" value="6641588"/>
          <isin value="JP3670800006"/>
        </identifiers>
        <balance>17400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>906794.03</valUSD>
        <pctVal>2.0111982981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERPETUAL LTD</name>
        <lei>549300US8OE0UQWXPO82</lei>
        <title>PERPETUAL LTD NPV</title>
        <cusip>Q9239H108</cusip>
        <identifiers>
          <ticker value="PPT"/>
          <other otherDesc="SEDOL Number" value="6682394"/>
          <isin value="AU000000PPT9"/>
        </identifiers>
        <balance>17038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>182747.91</valUSD>
        <pctVal>0.4053205837</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>TOCALO COMPANY LTD</name>
        <lei>N/A</lei>
        <title>TOCALO COMPANY LTD NPV</title>
        <cusip>J84227123</cusip>
        <identifiers>
          <ticker value="TOCLF"/>
          <other otherDesc="SEDOL Number" value="6714974"/>
          <isin value="JP3552290003"/>
        </identifiers>
        <balance>36900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>736483.91</valUSD>
        <pctVal>1.6334637606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEIREN CO LTD</name>
        <lei>353800O8K6NWOIT8Q636</lei>
        <title>SEIREN CO LTD NPV</title>
        <cusip>J70402102</cusip>
        <identifiers>
          <ticker value="SERNF"/>
          <other otherDesc="SEDOL Number" value="6793520"/>
          <isin value="JP3413800008"/>
        </identifiers>
        <balance>15400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>310682.48</valUSD>
        <pctVal>0.6890694627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO BAKELITE CO LTD</name>
        <lei>N/A</lei>
        <title>SUMITOMO BAKELITE CO LTD NPV</title>
        <cusip>J77024115</cusip>
        <identifiers>
          <ticker value="SBKLF"/>
          <other otherDesc="SEDOL Number" value="6858504"/>
          <isin value="JP3409400003"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>362191.85</valUSD>
        <pctVal>0.8033132202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WENDEL SE</name>
        <lei>969500M98ZMIZYJD5O34</lei>
        <title>WENDEL SE EUR4</title>
        <cusip>F98370103</cusip>
        <identifiers>
          <ticker value="WNDLF"/>
          <other otherDesc="SEDOL Number" value="7390113"/>
          <isin value="FR0000121204"/>
        </identifiers>
        <balance>1653</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155257.79</valUSD>
        <pctVal>0.3443496458</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>TOKYO OHKA KOGYO CO LTD</name>
        <lei>N/A</lei>
        <title>TOKYO OHKA KOGYO CO LTD NPV</title>
        <cusip>J87430104</cusip>
        <identifiers>
          <ticker value="TOKCF"/>
          <other otherDesc="SEDOL Number" value="6894898"/>
          <isin value="JP3571800006"/>
        </identifiers>
        <balance>12900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>898169.56</valUSD>
        <pctVal>1.9920698976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKYOTOKEIBA COMPANY LTD</name>
        <lei>N/A</lei>
        <title>TOKYOTOKEIBA COMPANY LTD NPV</title>
        <cusip>J88462106</cusip>
        <identifiers>
          <ticker value="TKKEF"/>
          <other otherDesc="SEDOL Number" value="6896065"/>
          <isin value="JP3586600003"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234205.09</valUSD>
        <pctVal>0.5194485879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEMENOS AG</name>
        <lei>5067007NW6550481FH64</lei>
        <title>TEMENOS AG CHF5 (REGD)</title>
        <cusip>H8547Q107</cusip>
        <identifiers>
          <ticker value="TMNSF"/>
          <other otherDesc="SEDOL Number" value="7147892"/>
          <isin value="CH0012453913"/>
        </identifiers>
        <balance>2464</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>201579.76</valUSD>
        <pctVal>0.4470881554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DE' LONGHI SPA</name>
        <lei>8156000E09A52C4F8A38</lei>
        <title>DE' LONGHI SPA NPV</title>
        <cusip>T3508H102</cusip>
        <identifiers>
          <ticker value="DELHF"/>
          <other otherDesc="SEDOL Number" value="7169517"/>
          <isin value="IT0003115950"/>
        </identifiers>
        <balance>20338</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>862570.88</valUSD>
        <pctVal>1.9131148072</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>WACOAL HOLDINGS CORP</name>
        <lei>3538002U6NJ8QTW6VR34</lei>
        <title>WACOAL HOLDINGS CORP NPV</title>
        <cusip>J94632122</cusip>
        <identifiers>
          <ticker value="WACLF"/>
          <other otherDesc="SEDOL Number" value="6932204"/>
          <isin value="JP3992400006"/>
        </identifiers>
        <balance>7900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>213797.18</valUSD>
        <pctVal>0.4741854383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAMAZAKI BAKING CO LTD</name>
        <lei>N/A</lei>
        <title>YAMAZAKI BAKING CO LTD COM NPV</title>
        <cusip>984632109</cusip>
        <identifiers>
          <ticker value="2212"/>
          <other otherDesc="SEDOL Number" value="6985509"/>
          <isin value="JP3935600001"/>
        </identifiers>
        <balance>15900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313630.49</valUSD>
        <pctVal>0.6956079185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI EAFE Index Futures - ICUS - Sep26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MFSU6"/>
        </identifiers>
        <balance>5</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>786325</valUSD>
        <pctVal>1.7440074035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MSCI EAFE Index</indexName>
                <indexIdentifier>MFSU6</indexIdentifier>
                <narrativeDesc>MSCI EAFE Index Futures</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-18</expDate>
            <notionalAmt>794000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-7675</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 07/30/26</title>
        <cusip>912797TQ0</cusip>
        <identifiers>
          <ticker value="B"/>
          <other otherDesc="SEDOL Number" value="BWQLSB7"/>
          <isin value="US912797TQ02"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>398841.61</valUSD>
        <pctVal>0.8845995239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>SCM Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Gregory Pusch</ncom:signature>
      <ncom:signerName>Gregory Pusch</ncom:signerName>
      <ncom:title>General Counsel and CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
