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      </invstOrSec>
      <invstOrSec>
        <name>VOLTRONIC POWER TECHNOLOGY CORP</name>
        <lei>N/A</lei>
        <title>Voltronic Power Technology Corporation </title>
        <cusip>Y937BE103</cusip>
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          <isin value="TW0006409006"/>
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        <balance>28000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</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>NAVIGATOR GLOBAL INVESTMENTS LTD</name>
        <lei>9845000577CDA8B2C946</lei>
        <title>Navigator Global Investments Limited </title>
        <cusip>Q6S02S105</cusip>
        <identifiers>
          <isin value="AU000000NGI6"/>
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        <balance>751538.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42010000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LIMBACH HOLDINGS INC</name>
        <lei>254900EW8KXT5ZTWQI30</lei>
        <title>Limbach Holdings, Inc. </title>
        <cusip>53263P105</cusip>
        <identifiers>
          <isin value="US53263P1057"/>
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        <balance>13829.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>991539.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PHILIPPINE SEVEN CORP</name>
        <lei>N/A</lei>
        <title>Philippine Seven Corporation </title>
        <cusip>Y6955M106</cusip>
        <identifiers>
          <isin value="PHY6955M1063"/>
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        <balance>1693900.00000000</balance>
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        <currencyConditional curCd="PHP" exchangeRt="61.22000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HILL &amp; SMITH PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>Hill &amp; Smith plc </title>
        <cusip>G45080101</cusip>
        <identifiers>
          <isin value="GB0004270301"/>
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        <balance>27840.00000000</balance>
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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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SDIPTECH AB</name>
        <lei>549300JBO7VTEGMRW310</lei>
        <title>Sdiptech A.B. Series B</title>
        <cusip>W8T88U113</cusip>
        <identifiers>
          <isin value="SE0003756758"/>
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        <balance>64723.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.52140000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</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>INTEGRAL CORP</name>
        <lei>254900LBW5E2GUM0UK59</lei>
        <title>Integral Corporation </title>
        <cusip>J2401C104</cusip>
        <identifiers>
          <isin value="JP3152910000"/>
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        <balance>43900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>808371.39000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RENEW HOLDINGS PLC</name>
        <lei>213800O3DC3V4WYA2E09</lei>
        <title>Renew Holdings plc </title>
        <cusip>G7490A102</cusip>
        <identifiers>
          <isin value="GB0005359004"/>
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        <balance>145450.00000000</balance>
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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>VOLUTION GROUP PLC</name>
        <lei>213800EPT84EQCDHO768</lei>
        <title>Volution Group plc </title>
        <cusip>G93824103</cusip>
        <identifiers>
          <isin value="GB00BN3ZZ526"/>
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        <balance>127284.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74200000"/>
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        <pctVal>0.740747857969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PROTEC COMPANY</name>
        <lei>N/A</lei>
        <title>Protec Company Ltd. </title>
        <cusip>Y7113G106</cusip>
        <identifiers>
          <isin value="KR7053610002"/>
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        <balance>13585.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
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        <pctVal>0.378934304395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GENTEX CORP</name>
        <lei>549300S3UD8XV1MN0287</lei>
        <title>Gentex Corporation </title>
        <cusip>371901109</cusip>
        <identifiers>
          <isin value="US3719011096"/>
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        <balance>52921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1236234.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>B&amp;M EUROPEAN VALUE RETAIL PLC</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B&amp;M European Value Retail plc </title>
        <cusip>G1194Q109</cusip>
        <identifiers>
          <isin value="JE00BVSYJW51"/>
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        <balance>917243.00000000</balance>
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        <pctVal>1.919621065914</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>
        <name>DOLLAR GENERAL CORP</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>Dollar General Corporation </title>
        <cusip>256677105</cusip>
        <identifiers>
          <isin value="US2566771059"/>
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        <balance>33008.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4193666.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DISCOVERIE GROUP PLC</name>
        <lei>213800BMDLQU1VEEAN68</lei>
        <title>discoverIE Group plc </title>
        <cusip>G2887F103</cusip>
        <identifiers>
          <isin value="GB0000055888"/>
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        <balance>157065.00000000</balance>
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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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ROSEBANK INDUSTRIES PLC</name>
        <lei>2138005KFPHBAEW69F51</lei>
        <title>Rosebank Industries plc </title>
        <cusip>G7624N103</cusip>
        <identifiers>
          <isin value="JE00BSBJ5M88"/>
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        <balance>441782.00000000</balance>
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        <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>
        <name>FRP ADVISORY GROUP PLC</name>
        <lei>213800IPCG6DE1CVLY36</lei>
        <title>FRP Advisory Group plc </title>
        <cusip>G371BX103</cusip>
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          <isin value="GB00BL9BW044"/>
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        <balance>929597.00000000</balance>
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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>
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      <invstOrSec>
        <name>ATRICURE INC</name>
        <lei>254900B2I6GPHK2EXM59</lei>
        <title>AtriCure, Inc. </title>
        <cusip>04963C209</cusip>
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          <isin value="US04963C2098"/>
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        <balance>86173.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3253892.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>GULF OIL LUBRICANTS INDIA LTD</name>
        <lei>3358009J8O762GKOHS20</lei>
        <title>Gulf Oil Lubricants India Ltd. </title>
        <cusip>Y6985P111</cusip>
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          <isin value="INE635Q01029"/>
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        <balance>107314.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PILLAR AMERICA INC</name>
        <lei>N/A</lei>
        <title>PILLAR Corp </title>
        <cusip>J55182109</cusip>
        <identifiers>
          <isin value="JP3747800005"/>
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        <balance>13000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>GRUPO MATEUS SA</name>
        <lei>2549009L391XCIGEGQ92</lei>
        <title>Grupo Mateus S.A. </title>
        <cusip>P5R16Z107</cusip>
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          <isin value="BRGMATACNOR7"/>
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        <balance>1074300.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>THAIFOODS GROUP PCL</name>
        <lei>N/A</lei>
        <title>Thaifoods Group PCL </title>
        <cusip>Y8636A113</cusip>
        <identifiers>
          <isin value="TH6717010016"/>
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        <balance>4655900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>FIDUCIAN GROUP LTD</name>
        <lei>N/A</lei>
        <title>Fiducian Group Ltd. </title>
        <cusip>Q3750N107</cusip>
        <identifiers>
          <isin value="AU000000FID9"/>
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        <balance>279883.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANIL ELECTRIC CO LTD</name>
        <lei>988400KW0ZAP6QNYIX16</lei>
        <title>Sanil Electric Company Ltd. </title>
        <cusip>Y7T0PL103</cusip>
        <identifiers>
          <isin value="KR7062040001"/>
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        <balance>10706.00000000</balance>
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        <valUSD>1062402.00000000</valUSD>
        <pctVal>0.741137393860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NORDREST HOLDING AB</name>
        <lei>549300WNKQRREHXMT018</lei>
        <title>Nordrest Holding A.B. </title>
        <cusip>W6554Z112</cusip>
        <identifiers>
          <isin value="SE0022088217"/>
        </identifiers>
        <balance>27200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.52140000"/>
        <valUSD>718465.77000000</valUSD>
        <pctVal>0.501205615535</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>WAVESTONE SA</name>
        <lei>969500GSN25I3B3X6F94</lei>
        <title>Wavestone </title>
        <cusip>F98323102</cusip>
        <identifiers>
          <isin value="FR0013357621"/>
        </identifiers>
        <balance>12617.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86690000"/>
        <valUSD>471554.74000000</valUSD>
        <pctVal>0.328959142646</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>GLOBAL INDUSTRIAL COMPANY</name>
        <lei>5493000GO8Z3HEWCGE46</lei>
        <title>Global Industrial Company </title>
        <cusip>37892E102</cusip>
        <identifiers>
          <isin value="US37892E1029"/>
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        <balance>25463.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>910047.62000000</valUSD>
        <pctVal>0.634854152548</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>
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      </invstOrSec>
      <invstOrSec>
        <name>TOMOE ENGINEERING COMPANY LTD</name>
        <lei>N/A</lei>
        <title>Tomoe Engineering Company Ltd. </title>
        <cusip>J8912L103</cusip>
        <identifiers>
          <isin value="JP3631600008"/>
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        <balance>93200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>1134164.71000000</valUSD>
        <pctVal>0.791199449340</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>ULS GROUP INC</name>
        <lei>N/A</lei>
        <title>ULS Group, Inc. </title>
        <cusip>J94062106</cusip>
        <identifiers>
          <isin value="JP3159910003"/>
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        <balance>313800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>1107949.21000000</valUSD>
        <pctVal>0.772911374441</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>IPD GROUP LTD</name>
        <lei>984500A59A3EAPEA7D69</lei>
        <title>IPD Group Ltd./Australia </title>
        <cusip>Q496BN109</cusip>
        <identifiers>
          <isin value="AU0000189318"/>
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        <balance>315601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42010000"/>
        <valUSD>1073412.32000000</valUSD>
        <pctVal>0.748818252772</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>R&amp;S GROUP HOLDING AG</name>
        <lei>549300BKHOM0Y2GJZJ41</lei>
        <title>R&amp;S Group Holding A.G. </title>
        <cusip>H9232B116</cusip>
        <identifiers>
          <isin value="CH1107979838"/>
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        <balance>47082.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.80837000"/>
        <valUSD>1218446.31000000</valUSD>
        <pctVal>0.849994750341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASPIRASI HIDUP INDONESIA TBK PT</name>
        <lei>529900WER46RYFNZER60</lei>
        <title>Aspirasi Hidup Indonesia Tbk P.T. </title>
        <cusip>Y000CY105</cusip>
        <identifiers>
          <isin value="ID1000125503"/>
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        <balance>44556200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="18026.00000000"/>
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        <pctVal>0.620756286463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SPINNEYS 1961 HOLDING PLC</name>
        <lei>N/A</lei>
        <title>Spinneys 1961 Holding plc </title>
        <cusip>M8559F100</cusip>
        <identifiers>
          <isin value="AEE01377S248"/>
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        <balance>4996169.00000000</balance>
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        <currencyConditional curCd="AED" exchangeRt="3.67340000"/>
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        <pctVal>1.204987292516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OLLIE'S BARGAIN OUTLET HOLDINGS INC</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc. </title>
        <cusip>681116109</cusip>
        <identifiers>
          <isin value="US6811161099"/>
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        <balance>63847.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4690839.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HARTADINATA ABADI TBK PT</name>
        <lei>254900927BYKHV45WL33</lei>
        <title>Hartadinata Abadi Tbk P.T. </title>
        <cusip>Y2731W104</cusip>
        <identifiers>
          <isin value="ID1000139405"/>
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        <balance>23947100.00000000</balance>
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        <currencyConditional curCd="IDR" exchangeRt="18026.00000000"/>
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        <pctVal>1.719124468561</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>
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      </invstOrSec>
      <invstOrSec>
        <name>IMCD NV</name>
        <lei>724500NSJPNFJPDAUP02</lei>
        <title>IMCD N.V. </title>
        <cusip>N4447S106</cusip>
        <identifiers>
          <isin value="NL0010801007"/>
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        <balance>39835.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86690000"/>
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        <pctVal>3.038242044866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SWEDENCARE AB</name>
        <lei>549300FZT7YIF6SWX789</lei>
        <title>SwedenCare A.B. </title>
        <cusip>W942AH117</cusip>
        <identifiers>
          <isin value="SE0015988167"/>
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        <balance>135208.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.52140000"/>
        <valUSD>312409.52000000</valUSD>
        <pctVal>0.217938574541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</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>SHIN MAINT HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>Shin Maint Holdings Company Ltd. </title>
        <cusip>J73854101</cusip>
        <identifiers>
          <isin value="JP3383300005"/>
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        <balance>41900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
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        <pctVal>0.191530867848</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>ICON PLC</name>
        <lei>6354008SRQGEMC4XFI67</lei>
        <title>ICON plc </title>
        <cusip>G4705A100</cusip>
        <identifiers>
          <isin value="IE0005711209"/>
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        <balance>11749.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1921725.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPORTON INTERNATIONAL INC</name>
        <lei>N/A</lei>
        <title>Sporton International, Inc. </title>
        <cusip>Y8129X109</cusip>
        <identifiers>
          <isin value="TW0006146004"/>
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        <balance>201000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRACK &amp; FIELD CO SA</name>
        <lei>N/A</lei>
        <title>Track &amp; Field Company S.A. </title>
        <cusip>P92071102</cusip>
        <identifiers>
          <isin value="BRTFCOACNPR8"/>
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        <balance>736500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALAMO GROUP INC</name>
        <lei>54930080C93RVZRSDV26</lei>
        <title>Alamo Group, Inc. </title>
        <cusip>011311107</cusip>
        <identifiers>
          <isin value="US0113111076"/>
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        <balance>9935.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1580459.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GCC SAB DE CV</name>
        <lei>254900WY9XL8033CKX68</lei>
        <title>GCC S.A.B. de C.V. </title>
        <cusip>P4948S124</cusip>
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          <isin value="MX01GC2M0006"/>
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        <balance>92600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SRI LOTUS DEVELOPERS AND REALTY LTD</name>
        <lei>984500D6DR2BF47D6B52</lei>
        <title>Sri Lotus Developers And Realty Ltd. </title>
        <cusip>Y003KM106</cusip>
        <identifiers>
          <isin value="INE0V9Q01010"/>
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        <balance>487900.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MA FINANCIAL GROUP LTD</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd. </title>
        <cusip>Q57129100</cusip>
        <identifiers>
          <isin value="AU0000156218"/>
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        <balance>467072.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SHAWBROOK GROUP PLC</name>
        <lei>21380071539WSMTM4410</lei>
        <title>Shawbrook Group plc </title>
        <cusip>G8072S123</cusip>
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          <isin value="GB00BV9DPV21"/>
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        <balance>174128.00000000</balance>
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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>MAREX GROUP LTD</name>
        <lei>254900V928MQRIAF8X79</lei>
        <title>Marex Group Ltd. </title>
        <cusip>G5T40M104</cusip>
        <identifiers>
          <isin value="BMG5T40M1045"/>
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        <balance>15863.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1029825.96000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>RIVERSTONE HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>Riverstone Holdings Ltd. </title>
        <cusip>Y7302Q105</cusip>
        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>POWER INTEGRATIONS INC</name>
        <lei>54930085LGXSCIHD5W31</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTER CARS SA</name>
        <lei>2594008ZF17JSW0OV865</lei>
        <title>Inter Cars S.A. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DERMAPHARM HOLDING SE</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INTERPUMP GROUP SPA</name>
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          <isin value="IT0001078911"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CORPORATIVA FRAGUA SAB DE CV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASIA COMMERCIAL BANK JSB</name>
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          <isin value="VN000000ACB8"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RECORDATI - INDUSTRIA CHIMICA E FARMACEUTICA SPA</name>
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        <title>Recordati Industria Chimica e Farmaceutica SpA </title>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KOGAN.COM LTD</name>
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        <title>Kogan.com Ltd. </title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SILERGY CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHAOJU EYE CARE HOLDINGS LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MUELLER WATER PRODUCTS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CORE &amp; MAIN INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SANKI SERVICE CORP</name>
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        <title>Sanki Service Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TOTECH CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CVS GROUP PLC</name>
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        <title>CVS Group plc </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SANLORENZO SPA</name>
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        <title>Sanlorenzo SpA/Ameglia </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FNS TECH CO LTD</name>
        <lei>N/A</lei>
        <title>FNS Tech Company Ltd. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>THERMADOR GROUPE SA</name>
        <lei>969500SSIGMAGT008F11</lei>
        <title>Thermador Groupe </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NEOGEN CORP</name>
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        <title>Neogen Corporation </title>
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        <fairValLevel>1</fairValLevel>
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        <name>4IMPRINT GROUP PLC</name>
        <lei>213800G95T751RN2CT94</lei>
        <title>4imprint Group plc </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>POLLEN STREET GROUP LTD</name>
        <lei>894500LP94M98N8CY487</lei>
        <title>Pollen Street Group Ltd. </title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HAEMONETICS CORP</name>
        <lei>549300ZEL6TXZS6F5F95</lei>
        <title>Haemonetics Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isin value="TW0003023008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>X-FAB SILICON FOUNDRIES SE</name>
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        <invCountry>BE</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>MELEXIS NV</name>
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        <title>Melexis N.V. </title>
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        <invCountry>BE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>KITZ CORP</name>
        <lei>52990071D57KBWPS6S92</lei>
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        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>AZELIS GROUP NV</name>
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        <title>Azelis Group N.V. </title>
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        <pctVal>0.943868560895</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>IFAMILYSC CO LTD</name>
        <lei>N/A</lei>
        <title>iFamilySC Company Ltd. </title>
        <cusip>Y4211P104</cusip>
        <identifiers>
          <isin value="KR7114840002"/>
        </identifiers>
        <balance>246509.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
        <valUSD>1289728.66000000</valUSD>
        <pctVal>0.899721704081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Grandeur Peak Global Trust</ncom:nameOfApplicant>
      <ncom:signature>Grandeur Peak Global Trust</ncom:signature>
      <ncom:signerName>Sarah Criger</ncom:signerName>
      <ncom:title>VP, Fund Accounting</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
