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      <regStreet1>225 Pictoria Drive</regStreet1>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MADER GROUP LTD</name>
        <lei>N/A</lei>
        <title>Mader Group Ltd. </title>
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          <isin value="AU0000056269"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LITTELFUSE INC</name>
        <lei>549300MY7HLQFYTPCX75</lei>
        <title>Littelfuse, Inc. </title>
        <cusip>537008104</cusip>
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          <isin value="US5370081045"/>
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        <balance>1777.00000000</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>HARVIA OYJ</name>
        <lei>7437002ULTBOWQQOXL69</lei>
        <title>Harvia OYJ </title>
        <cusip>X0005X106</cusip>
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          <isin value="FI4000306873"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <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>190978.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SEMCNS CO LTD</name>
        <lei>N/A</lei>
        <title>SEMCNS Company Ltd. </title>
        <cusip>Y7T7G1102</cusip>
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          <isin value="KR7252990007"/>
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        <balance>43283.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>M-TRON INDUSTRIES INC</name>
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        <title>M-Tron Industries, Inc. </title>
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          <isin value="US55380K1097"/>
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        <balance>7427.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>611836.26000000</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>ASHTEAD TECHNOLOGY HOLDINGS PLC</name>
        <lei>213800LHEWVY66RPGR58</lei>
        <title>Ashtead Technology Holdings plc </title>
        <cusip>G0609Y103</cusip>
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          <isin value="GB00BLH42507"/>
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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>ITT INC</name>
        <lei>549300KDSERHTJOXUS80</lei>
        <title>ITT, Inc. </title>
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          <isin value="US45073V1089"/>
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        <balance>3528.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUM TECH KOREA CO LTD</name>
        <lei>N/A</lei>
        <title>Pumtech Korea Company Ltd. </title>
        <cusip>Y7S47T109</cusip>
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          <isin value="KR7251970000"/>
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        <balance>9804.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CODA OCTOPUS GROUP INC</name>
        <lei>529900YRMYB0E8DV9418</lei>
        <title>Coda Octopus Group, Inc. </title>
        <cusip>19188U206</cusip>
        <identifiers>
          <isin value="US19188U2069"/>
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        <balance>27036.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>274145.04000000</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>NORDREST HOLDING AB</name>
        <lei>549300WNKQRREHXMT018</lei>
        <title>Nordrest Holding A.B. </title>
        <cusip>W6554Z112</cusip>
        <identifiers>
          <isin value="SE0022088217"/>
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        <balance>23752.00000000</balance>
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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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      <invstOrSec>
        <name>ANANT RAJ LTD</name>
        <lei>335800J1QMHJ15K7PF47</lei>
        <title>Anant Raj Ltd. </title>
        <cusip>Y01272122</cusip>
        <identifiers>
          <isin value="INE242C01024"/>
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        <balance>72734.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NRB BEARINGS LTD</name>
        <lei>335800SD6UTQ9U6XCP10</lei>
        <title>NRB Bearings Ltd. </title>
        <cusip>Y6418J138</cusip>
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          <isin value="INE349A01021"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>IFAST CORP LTD</name>
        <lei>254900R8J6BPHWK23Z14</lei>
        <title>iFAST Corp Ltd. </title>
        <cusip>Y385EU106</cusip>
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          <isin value="SG1AF5000000"/>
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        <balance>31900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>KITZ CORP</name>
        <lei>52990071D57KBWPS6S92</lei>
        <title>Kitz Corporation </title>
        <cusip>J34039115</cusip>
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        <balance>23000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>SDIPTECH AB</name>
        <lei>549300JBO7VTEGMRW310</lei>
        <title>Sdiptech A.B. Series B</title>
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          <isin value="SE0003756758"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <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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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CSW INDUSTRIALS INC</name>
        <lei>549300SYOEO3RVQ7FB83</lei>
        <title>CSW Industrials, Inc. </title>
        <cusip>126402106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>POND GROUP CO LTD</name>
        <lei>N/A</lei>
        <title>POND GROUP CO LTD </title>
        <cusip>Y6S8L4101</cusip>
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          <isin value="KR7472850007"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ADDTECH AB</name>
        <lei>549300QZ5U2IDRHPWL60</lei>
        <title>AddTech A.B. </title>
        <cusip>W4260L147</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RUBRIK INC</name>
        <lei>254900TRGK2WTBYMYU27</lei>
        <title>Rubrik, Inc. </title>
        <cusip>781154109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHUNG-HSIN ELECTRIC &amp; MACHINERY MFG CORP</name>
        <lei>N/A</lei>
        <title>Chung-Hsin Electric &amp; Machinery Manufacturing Corporation</title>
        <cusip>Y1612A108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ROSEBANK INDUSTRIES PLC</name>
        <lei>2138005KFPHBAEW69F51</lei>
        <title>Rosebank Industries plc </title>
        <cusip>G7624N103</cusip>
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          <isin value="JE00BSBJ5M88"/>
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        <balance>184283.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASM INTERNATIONAL NV</name>
        <lei>7245001I22ND6ZFHX623</lei>
        <title>ASM International N.V. </title>
        <cusip>N07045201</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MANI INC</name>
        <lei>N/A</lei>
        <title>Mani, Inc. </title>
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          <isin value="JP3869920003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PARK SYSTEMS CORP</name>
        <lei>N/A</lei>
        <title>Park Systems Corporation </title>
        <cusip>Y6S06Q106</cusip>
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          <isin value="KR7140860008"/>
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        <balance>2849.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MARUWA CO LTD</name>
        <lei>3538009BXGIG8PFXNI29</lei>
        <title>Maruwa Company Ltd. </title>
        <cusip>J40573107</cusip>
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          <isin value="JP3879250003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIRSTSERVICE CORP</name>
        <lei>5493000XUDIV75BCF118</lei>
        <title>FirstService Corporation </title>
        <cusip>33767E202</cusip>
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          <isin value="CA33767E2024"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPORTON INTERNATIONAL INC</name>
        <lei>N/A</lei>
        <title>Sporton International, Inc. </title>
        <cusip>Y8129X109</cusip>
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          <isin value="TW0006146004"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RENEW HOLDINGS PLC</name>
        <lei>213800O3DC3V4WYA2E09</lei>
        <title>Renew Holdings plc </title>
        <cusip>G7490A102</cusip>
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          <isin value="GB0005359004"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KINDEN CORP</name>
        <lei>35380008T6JUN5TU9T34</lei>
        <title>Kinden Corp </title>
        <cusip>J33093105</cusip>
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          <isin value="JP3263000006"/>
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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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      <invstOrSec>
        <name>FRIEDRICH VORWERK GROUP SE</name>
        <lei>529900NBM89YAM5ENI18</lei>
        <title>Friedrich Vorwerk Group S.E. </title>
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          <isin value="DE000A255F11"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MONOLITHIC POWER SYSTEMS INC</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>Monolithic Power Systems, Inc. </title>
        <cusip>609839105</cusip>
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          <isin value="US6098391054"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CVS GROUP PLC</name>
        <lei>213800J41XDQ2NX48O05</lei>
        <title>CVS Group plc </title>
        <cusip>G27234106</cusip>
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          <isin value="GB00B2863827"/>
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        <balance>47728.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>XPEL INC</name>
        <lei>549300KWSE3IGXLJNW66</lei>
        <title>XPEL, Inc. </title>
        <cusip>98379L100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>IMCD NV</name>
        <lei>724500NSJPNFJPDAUP02</lei>
        <title>IMCD N.V. </title>
        <cusip>N4447S106</cusip>
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        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HPSP CO LTD</name>
        <lei>N/A</lei>
        <title>HPSP Company Ltd. </title>
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        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CORE &amp; MAIN INC</name>
        <lei>N/A</lei>
        <title>Core &amp; Main, Inc. </title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LEMAITRE VASCULAR INC</name>
        <lei>549300FZUBUB7MHY8R17</lei>
        <title>LeMaitre Vascular, Inc. </title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>D'ALBA GLOBAL CO LTD</name>
        <lei>N/A</lei>
        <title>D'Alba Global Company Ltd. </title>
        <cusip>Y1R6UH108</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BOWMAN CONSULTING GROUP LTD</name>
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        <title>Bowman Consulting Group Limited </title>
        <cusip>103002101</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PATTERN GROUP INC</name>
        <lei>549300G1UQH42SPEGM03</lei>
        <title>Pattern Group, Inc. </title>
        <cusip>70339W104</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASIA COMMERCIAL BANK JSB</name>
        <lei>5493001VSLUXY7LJS086</lei>
        <title>Asia Commercial Bank JSC </title>
        <cusip>Y0324N101</cusip>
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        <invCountry>VN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BUYSELL TECHNOLOGIES CO LTD</name>
        <lei>353800QCRDO2G02AM851</lei>
        <title>BuySell Technologies Company Ltd. </title>
        <cusip>J04863106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ANTIN INFRASTRUCTURE PARTNERS SA</name>
        <lei>2138008FABJXP4HUOK53</lei>
        <title>Antin Infrastructure Partners </title>
        <cusip>F03185109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VIMIAN GROUP AB</name>
        <lei>549300OQ8R5TCAP0BS18</lei>
        <title>Vimian Group A.B. </title>
        <cusip>W981A4114</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ESQUIRE FINANCIAL HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>Esquire Financial Holdings, Inc. </title>
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          <isin value="US29667J1016"/>
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        <balance>2624.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>339073.28000000</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>
      <invstOrSec>
        <name>ETON PHARMACEUTICALS INC</name>
        <lei>N/A</lei>
        <title>Eton Pharmaceuticals, Inc. </title>
        <cusip>29772L108</cusip>
        <identifiers>
          <isin value="US29772L1089"/>
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        <balance>5223.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>242451.66000000</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>NEXT VISION STABILIZED SYS LTD</name>
        <lei>2549001OCAI48UYCZD40</lei>
        <title>Next Vision Stabilized Systems Ltd. </title>
        <cusip>M7S8CE118</cusip>
        <identifiers>
          <isin value="IL0011765935"/>
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        <balance>2005.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</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>BEIJING HUAFENG TEST &amp; CONTROL TECHNOLOGY CO LTD</name>
        <lei>N/A</lei>
        <title>Beijing Huafeng Test &amp; Control Technology Company Ltd.</title>
        <cusip>Y0S02Y106</cusip>
        <identifiers>
          <isin value="CNE100003RC9"/>
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        <balance>4456.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="TW0006409006"/>
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        <balance>9247.00000000</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>LEENO INDUSTRIAL INC</name>
        <lei>N/A</lei>
        <title>LEENO Industrial, Inc. </title>
        <cusip>Y5254W104</cusip>
        <identifiers>
          <isin value="KR7058470006"/>
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        <balance>7957.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ADDLIFE AB</name>
        <lei>5493005T3M7CD7XWE013</lei>
        <title>AddLife A.B. </title>
        <cusip>W0R093258</cusip>
        <identifiers>
          <isin value="SE0014401378"/>
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        <balance>19095.00000000</balance>
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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>
        <name>4IMPRINT GROUP PLC</name>
        <lei>213800G95T751RN2CT94</lei>
        <title>4imprint Group plc </title>
        <cusip>G36555103</cusip>
        <identifiers>
          <isin value="GB0006640972"/>
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        <balance>7635.00000000</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>ZYLOX-TONBRIDGE MEDICAL TECHNOLOGY CO LTD</name>
        <lei>254900QSIU3I0P3OEJ92</lei>
        <title>Zylox-Tonbridge Medical Technology Company Ltd. </title>
        <cusip>Y002Z8103</cusip>
        <identifiers>
          <isin value="CNE100004JD2"/>
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        <balance>99200.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84248000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TOKYO SEIMITSU CO LTD</name>
        <lei>N/A</lei>
        <title>Tokyo Seimitsu Company Ltd. </title>
        <cusip>J87903100</cusip>
        <identifiers>
          <isin value="JP3580200008"/>
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        <balance>3600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
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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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      <invstOrSec>
        <name>S.J.S. ENTERPRISES LTD</name>
        <lei>984500E74D93F3F04562</lei>
        <title>SJS Enterprises Ltd. </title>
        <cusip>Y8066B102</cusip>
        <identifiers>
          <isin value="INE284S01014"/>
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        <balance>34902.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>P-DUKE TECHNOLOGY CO LTD</name>
        <lei>N/A</lei>
        <title>P-Duke Technology Company Ltd. </title>
        <cusip>Y7083N107</cusip>
        <identifiers>
          <isin value="TW0008109000"/>
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        <balance>105000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="32.30300000"/>
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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>PFISTERER HOLDING AG</name>
        <lei>529900APPYG9TGZYS639</lei>
        <title>Pfisterer Holding S.E. </title>
        <cusip>D6S83H105</cusip>
        <identifiers>
          <isin value="DE000PFSE212"/>
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        <balance>5329.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GAMES WORKSHOP GROUP PLC</name>
        <lei>213800RP9QJQYGWHNT41</lei>
        <title>Games Workshop Group plc </title>
        <cusip>G3715N102</cusip>
        <identifiers>
          <isin value="GB0003718474"/>
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        <balance>1502.00000000</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>BIOSYENT INC</name>
        <lei>N/A</lei>
        <title>BioSyent, Inc. </title>
        <cusip>090690108</cusip>
        <identifiers>
          <isin value="CA0906901081"/>
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        <balance>42000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40177000"/>
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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>
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      <invstOrSec>
        <name>HARROW INC</name>
        <lei>529900AP4LIRLNV8A089</lei>
        <title>Harrow Health, Inc. </title>
        <cusip>415858109</cusip>
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          <isin value="US4158581094"/>
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        <balance>8035.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>311516.95000000</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>360 ONE WAM LTD</name>
        <lei>335800DDYMCDBO5OLL32</lei>
        <title>360 ONE WAM Ltd. </title>
        <cusip>Y8R01R106</cusip>
        <identifiers>
          <isin value="INE466L01038"/>
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        <balance>21822.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GABLER GROUP AG</name>
        <lei>391200E0ZR3VLW4EM351</lei>
        <title>Gabler Group A.G. </title>
        <cusip>D39293101</cusip>
        <identifiers>
          <isin value="DE000A421RZ9"/>
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        <balance>8389.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MONCLER SPA</name>
        <lei>815600EBD7FB00525B20</lei>
        <title>Moncler SpA </title>
        <cusip>T6730E110</cusip>
        <identifiers>
          <isin value="IT0004965148"/>
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        <balance>7121.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MATERIALS ANALYSIS TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>Materials Analysis Technology, Inc. </title>
        <cusip>Y5S40T118</cusip>
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          <isin value="TW0003587002"/>
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        <balance>36208.00000000</balance>
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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>SANIL ELECTRIC CO LTD</name>
        <lei>988400KW0ZAP6QNYIX16</lei>
        <title>Sanil Electric Company Ltd. </title>
        <cusip>Y7T0PL103</cusip>
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          <isin value="KR7062040001"/>
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        <balance>4897.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASIA VITAL COMPONENTS COMPANY LTD</name>
        <lei>N/A</lei>
        <title>Asia Vital Components Company Ltd. </title>
        <cusip>Y0392D100</cusip>
        <identifiers>
          <isin value="TW0003017000"/>
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        <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>LAGERCRANTZ GROUP AB</name>
        <lei>5493002L6I4YHANEYR87</lei>
        <title>Lagercrantz Group A.B. </title>
        <cusip>W5303A147</cusip>
        <identifiers>
          <isin value="SE0014990966"/>
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        <balance>18114.00000000</balance>
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        <valUSD>426149.10000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DIASORIN SPA</name>
        <lei>8156002878BDF0EE4348</lei>
        <title>DiaSorin SpA </title>
        <cusip>T3475Y104</cusip>
        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHEMOMETEC A/S</name>
        <lei>213800533NBKECGONO68</lei>
        <title>Chemometec A/S </title>
        <cusip>K18309102</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERNATIONAL CONTAINER TERMINAL SERVICES INC</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>International Container Terminal Services, Inc. </title>
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          <isin value="PHY411571011"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REDCARE PHARMACY NV</name>
        <lei>529900JK6UXHY1YKZ082</lei>
        <title>Redcare Pharmacy N.V. </title>
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          <isin value="NL0012044747"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>5N PLUS INC</name>
        <lei>5493005GU1NFX4YB2S73</lei>
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          <isin value="CA33833X1015"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SWEDENCARE AB</name>
        <lei>549300FZT7YIF6SWX789</lei>
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          <isin value="SE0015988167"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>KADANT INC</name>
        <lei>549300K06LNJYBMPYP15</lei>
        <title>Kadant, Inc. </title>
        <cusip>48282T104</cusip>
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          <isin value="US48282T1043"/>
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        <balance>2012.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>618690.00000000</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>HD HYUNDAI MARINE SOLUTION CO LTD</name>
        <lei>988400NV4TGR7O3GJM74</lei>
        <title>HD Hyundai Marine Solution Company Ltd. </title>
        <cusip>Y3820S103</cusip>
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          <isin value="KR7443060009"/>
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        <balance>2126.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GROUPE DYNAMITE INC</name>
        <lei>894500PR7X62F01X8R60</lei>
        <title>Groupe Dynamite, Inc. </title>
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          <isin value="CA39944C1005"/>
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        <balance>11900.00000000</balance>
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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>
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      <invstOrSec>
        <name>TOTECH CORP</name>
        <lei>N/A</lei>
        <title>Totech Corporation </title>
        <cusip>J9012S105</cusip>
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          <isin value="JP3595300009"/>
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        <balance>13700.00000000</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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      <invstOrSec>
        <name>PINNACLE INVESTMENT MANAGEMENT GROUP LTD</name>
        <lei>N/A</lei>
        <title>Pinnacle Investment Management Group Ltd. </title>
        <cusip>Q75485104</cusip>
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          <isin value="AU000000PNI7"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEPTUNE INSURANCE HOLDINGS INC</name>
        <lei>529900I3QTHC0Q1C2D65</lei>
        <title>Neptune Insurance Holdings, Inc. </title>
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          <isin value="US64073B1035"/>
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        <balance>9230.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRACK &amp; FIELD CO SA</name>
        <lei>N/A</lei>
        <title>Track &amp; Field Company S.A. </title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FRESHPET INC</name>
        <lei>549300S4ZK8ZQ6HNPN59</lei>
        <title>Freshpet, Inc. </title>
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        <balance>10377.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VOLUTION GROUP PLC</name>
        <lei>213800EPT84EQCDHO768</lei>
        <title>Volution Group plc </title>
        <cusip>G93824103</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INTERPUMP GROUP SPA</name>
        <lei>815600C79D0F31F4D395</lei>
        <title>Interpump Group SpA </title>
        <cusip>T5513W107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AIRTAC INTERNATIONAL GROUP</name>
        <lei>N/A</lei>
        <title>Airtac International Group </title>
        <cusip>G01408106</cusip>
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          <isin value="KYG014081064"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PB FINTECH LTD</name>
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        <title>PB Fintech Ltd. </title>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ABACUS GLOBAL MANAGEMENT INC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PWR HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>PWR Holdings Ltd. </title>
        <cusip>Q77903104</cusip>
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        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RECORDATI - INDUSTRIA CHIMICA E FARMACEUTICA SPA</name>
        <lei>815600FBF92FD3531704</lei>
        <title>Recordati Industria Chimica e Farmaceutica SpA </title>
        <cusip>T78458139</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PJT PARTNERS INC</name>
        <lei>549300W3WBEQUBKYTN87</lei>
        <title>Pjt Partners, Inc. CLASS A</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CHARM CARE CORP</name>
        <lei>N/A</lei>
        <title>Charm Care Corp KK </title>
        <cusip>J0625A102</cusip>
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        <balance>66400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PHILIPPINE SEVEN CORP</name>
        <lei>N/A</lei>
        <title>Philippine Seven Corporation </title>
        <cusip>Y6955M106</cusip>
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        <invCountry>PH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CARTRADE TECH LTD</name>
        <lei>984500F5CDO5D86C1326</lei>
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          <isin value="INE290S01011"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>QUALITAS LTD</name>
        <lei>N/A</lei>
        <title>Qualitas Ltd. </title>
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          <isin value="AU0000195265"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SHENZHEN NEW INDUSTRIES BIOMEDICAL ENGINEERING CO LTD</name>
        <lei>N/A</lei>
        <title>Shenzhen New Industries Biomedical Engineering Company Ltd.</title>
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          <isin value="CNE100003T39"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OLLIE'S BARGAIN OUTLET HOLDINGS INC</name>
        <lei>529900YO5DSQCPEFDZ05</lei>
        <title>Ollie's Bargain Outlet Holdings, Inc. </title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RASAN INFORMATION TECHNOLOGY COMPANY</name>
        <lei>N/A</lei>
        <title>Rasan Information Technology Company </title>
        <cusip>M8189E101</cusip>
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          <isin value="SA162GIK1SH5"/>
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        <balance>21551.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DERMAPHARM HOLDING SE</name>
        <lei>5299009F0KNZINQQQK37</lei>
        <title>Dermapharm Holding S.E. </title>
        <cusip>D1T0ZJ103</cusip>
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          <isin value="DE000A2GS5D8"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BELIMO HOLDING AG</name>
        <lei>506700339DLX749VEM23</lei>
        <title>Belimo Holding AG </title>
        <cusip>H07171129</cusip>
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          <isin value="CH1101098163"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UFP TECHNOLOGIES INC</name>
        <lei>549300RJ8LY41HS70C91</lei>
        <title>UFP Technologies, Inc. </title>
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          <isin value="US9026731029"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LIMBACH HOLDINGS INC</name>
        <lei>254900EW8KXT5ZTWQI30</lei>
        <title>Limbach Holdings, Inc. </title>
        <cusip>53263P105</cusip>
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        <balance>4569.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HON PRECISION INC</name>
        <lei>N/A</lei>
        <title>Hon Precision, Inc. </title>
        <cusip>Y3699E102</cusip>
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          <isin value="TW0007769002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MIAMI INTERNATIONAL HOLDINGS INC</name>
        <lei>254900TREUDBWGLAP788</lei>
        <title>Miami International Holdings, Inc. </title>
        <cusip>59356Q108</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JAPAN ELEVATOR SERVICE HOLDINGS CO LTD</name>
        <lei>N/A</lei>
        <title>Japan Elevator Service Holdings Company Ltd. </title>
        <cusip>J2S19B100</cusip>
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          <isin value="JP3389510003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MAMA'S CREATIONS INC</name>
        <lei>N/A</lei>
        <title>Mama's Creations, Inc. </title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MA FINANCIAL GROUP LTD</name>
        <lei>N/A</lei>
        <title>MA Financial Group Ltd. </title>
        <cusip>Q57129100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MUELLER WATER PRODUCTS INC</name>
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        <title>Mueller Water Products, Inc. Series A</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PENNANT GROUP INC (THE)</name>
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        <title>Pennant Group, Inc. (The) </title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EUROFINS SCIENTIFIC SE</name>
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        <title>Eurofins Scientific S.E. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PLOVER BAY TECHNOLOGIES LTD</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TERRAVEST INDUSTRIES INC</name>
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        <title>TerraVest Industries, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ZABKA GROUP SA</name>
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        <title>Zabka Group S.A. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>YPSOMED HOLDING AG</name>
        <lei>391200QLIOTTBNPNSI14</lei>
        <title>Ypsomed Holding A.G. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LIFCO AB</name>
        <lei>549300RTLL4VDQRCTW41</lei>
        <title>Lifco A.B. </title>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ELMOS SEMICONDUCTOR SE</name>
        <lei>529900UMKKDCAP4P4H63</lei>
        <title>Elmos Semiconductor S.E. </title>
        <cusip>D2462G107</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ACTION CONSTRUCTION EQUIPMENTS LTD</name>
        <lei>335800E2SPJUKN6OTB20</lei>
        <title>Action Construction Equipment Ltd. </title>
        <cusip>Y0010V102</cusip>
        <identifiers>
          <isin value="INE731H01025"/>
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        <balance>44480.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TRADEWEB MARKETS INC</name>
        <lei>N/A</lei>
        <title>Tradeweb Markets, Inc. </title>
        <cusip>892672106</cusip>
        <identifiers>
          <isin value="US8926721064"/>
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        <balance>2333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>234466.50000000</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>CORPORACION INMOBILIARIA VESTA SAB DE CV</name>
        <lei>4469000001BIRIFZJ959</lei>
        <title>Corp Inmobiliaria Vesta S.A.B. de C.V. </title>
        <cusip>P9781N108</cusip>
        <identifiers>
          <isin value="MX01VE0M0003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BONESUPPORT HOLDING AB</name>
        <lei>549300COLY053IGTLD63</lei>
        <title>BoneSupport Holding AB </title>
        <cusip>W2R933137</cusip>
        <identifiers>
          <isin value="SE0009858152"/>
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        <balance>13182.00000000</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>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SINBON ELECTRONICS CO LTD</name>
        <lei>N/A</lei>
        <title>Sinbon Electronics Company Ltd. </title>
        <cusip>Y7989R103</cusip>
        <identifiers>
          <isin value="TW0003023008"/>
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        <balance>56000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="32.30300000"/>
        <valUSD>513141.19000000</valUSD>
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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>AZELIS GROUP NV</name>
        <lei>699400M9RRMTV264FM70</lei>
        <title>Azelis Group N.V. </title>
        <cusip>B0R5SJ106</cusip>
        <identifiers>
          <isin value="BE0974400328"/>
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        <balance>28330.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86690000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUPRIYA LIFESCIENCE LTD</name>
        <lei>894500RBVJX1EOJP0Y02</lei>
        <title>Supriya Lifescience Ltd. </title>
        <cusip>Y83141112</cusip>
        <identifiers>
          <isin value="INE07RO01027"/>
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        <balance>33622.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.40180000"/>
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        <pctVal>0.377710733992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOULIHAN LOKEY INC</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
        <title>Houlihan Lokey, Inc. </title>
        <cusip>441593100</cusip>
        <identifiers>
          <isin value="US4415931009"/>
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        <balance>3974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>498697.26000000</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>ACTER CO LTD</name>
        <lei>N/A</lei>
        <title>Acter Company LTD </title>
        <cusip>Y00113103</cusip>
        <identifiers>
          <isin value="TW0005536007"/>
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        <balance>15000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="32.30300000"/>
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        <pctVal>0.530961942190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARXIS INC</name>
        <lei>N/A</lei>
        <title>Arxis, Inc. </title>
        <cusip>04339D105</cusip>
        <identifiers>
          <isin value="US04339D1054"/>
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        <balance>7955.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>431956.50000000</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>LIFEDRINK CO INC</name>
        <lei>N/A</lei>
        <title>Lifedrink Co Inc </title>
        <cusip>J38829107</cusip>
        <identifiers>
          <isin value="JP3966680005"/>
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        <balance>21300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
        <valUSD>193498.90000000</valUSD>
        <pctVal>0.239194813574</pctVal>
        <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>SILERGY CORP</name>
        <lei>875500ADUWHZZOWMOA47</lei>
        <title>Silergy Corporation </title>
        <cusip>G8190F102</cusip>
        <identifiers>
          <isin value="KYG8190F1028"/>
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        <balance>43700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.30300000"/>
        <valUSD>558712.81000000</valUSD>
        <pctVal>0.690656155819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASPEED TECHNOLOGY INC</name>
        <lei>N/A</lei>
        <title>ASPEED Technology, Inc. </title>
        <cusip>Y04044106</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
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        <balance>1000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="32.30300000"/>
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        <pctVal>0.555835834821</pctVal>
        <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>CISARUA MOUNTAIN DAIRY TBK PT</name>
        <lei>N/A</lei>
        <title>Cisarua Mountain Dairy PT TBK </title>
        <cusip>Y163EZ106</cusip>
        <identifiers>
          <isin value="ID1000164700"/>
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        <balance>414700.00000000</balance>
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        <currencyConditional curCd="IDR" exchangeRt="18026.00000000"/>
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        <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>
        <name>MOMENTUM GROUP AB</name>
        <lei>549300QOHUWQMD9G3757</lei>
        <title>Momentum Group A.B. </title>
        <cusip>W5659A121</cusip>
        <identifiers>
          <isin value="SE0017562523"/>
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        <balance>21091.00000000</balance>
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        <pctVal>0.388280744904</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>
        <name>SHAWBROOK GROUP PLC</name>
        <lei>21380071539WSMTM4410</lei>
        <title>Shawbrook Group plc </title>
        <cusip>G8072S123</cusip>
        <identifiers>
          <isin value="GB00BV9DPV21"/>
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        <balance>59140.00000000</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>ISTYLE INC</name>
        <lei>529900SRRLS3Q7T1JY30</lei>
        <title>Istyle, Inc. </title>
        <cusip>J25587106</cusip>
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          <isin value="JP3102320003"/>
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        <balance>67600.00000000</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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      <invstOrSec>
        <name>CORPORATIVA FRAGUA SAB DE CV</name>
        <lei>N/A</lei>
        <title>Corporativo Fragua S.A.B. de C.V. </title>
        <cusip>P31444105</cusip>
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          <isin value="MXP321131015"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>157624.00000000</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>CHROMA ATE INC</name>
        <lei>N/A</lei>
        <title>Chroma ATE, Inc. </title>
        <cusip>Y1604M102</cusip>
        <identifiers>
          <isin value="TW0002360005"/>
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        <balance>7000.00000000</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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      <invstOrSec>
        <name>HEALTHEQUITY INC</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HealthEquity, Inc. </title>
        <cusip>42226A107</cusip>
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          <isin value="US42226A1079"/>
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        <balance>2778.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>279494.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <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>20044.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>756861.44000000</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>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>1101377.00000000</balance>
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        <currencyConditional curCd="AED" exchangeRt="3.67340000"/>
        <valUSD>380777.70000000</valUSD>
        <pctVal>0.470700613619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IMDEX LTD</name>
        <lei>529900H31NX5KRKXB865</lei>
        <title>Imdex Ltd </title>
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          <isin value="AU000000IMD5"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KRAKEN ROBOTICS INC</name>
        <lei>529900IX6H61N726FS70</lei>
        <title>Kraken Robotics, Inc. </title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTEGRAL CORP</name>
        <lei>254900LBW5E2GUM0UK59</lei>
        <title>Integral Corporation </title>
        <cusip>J2401C104</cusip>
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          <isin value="JP3152910000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENSIGN GROUP INC (THE)</name>
        <lei>5493003K4HEEA8Q0BC72</lei>
        <title>Ensign Group, Inc. (The) </title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AURAS TECHNOLOGY CO LTD</name>
        <lei>N/A</lei>
        <title>AURAS Technology Co. Ltd. </title>
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          <isin value="TW0003324000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MONOTARO COMPANY LTD</name>
        <lei>5299005JUER5ANXWTC33</lei>
        <title>MonotaRO Company Ltd. </title>
        <cusip>J46583100</cusip>
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          <isin value="JP3922950005"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FEDERAL SIGNAL CORP</name>
        <lei>549300RTXZRPTNP6G884</lei>
        <title>Federal Signal Corporation </title>
        <cusip>313855108</cusip>
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          <isin value="US3138551086"/>
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        <balance>4105.00000000</balance>
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        <curCd>USD</curCd>
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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>TOKYO OHKA KOGYO CO LTD</name>
        <lei>N/A</lei>
        <title>Tokyo Ohka Kogyo Co Ltd </title>
        <cusip>J87430104</cusip>
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          <isin value="JP3571800006"/>
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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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      <invstOrSec>
        <name>KURA SUSHI USA INC</name>
        <lei>N/A</lei>
        <title>Kura Sushi USA, Inc. </title>
        <cusip>501270102</cusip>
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          <isin value="US5012701026"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KINSALE CAPITAL GROUP INC</name>
        <lei>529900QTUQHNZ6HOA508</lei>
        <title>Kinsale Capital Group, Inc. </title>
        <cusip>49714P108</cusip>
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          <isin value="US49714P1084"/>
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        <balance>787.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IDEXX LABORATORIES INC</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
        <title>IDEXX Laboratories, Inc. </title>
        <cusip>45168D104</cusip>
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          <isin value="US45168D1046"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAREX GROUP LTD</name>
        <lei>254900V928MQRIAF8X79</lei>
        <title>Marex Group Ltd. </title>
        <cusip>G5T40M104</cusip>
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          <isin value="BMG5T40M1045"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THERMADOR GROUPE SA</name>
        <lei>969500SSIGMAGT008F11</lei>
        <title>Thermador Groupe </title>
        <cusip>F91651194</cusip>
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          <isin value="FR0013333432"/>
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        <balance>2386.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>DISCOVERIE GROUP PLC</name>
        <lei>213800BMDLQU1VEEAN68</lei>
        <title>discoverIE Group plc </title>
        <cusip>G2887F103</cusip>
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          <isin value="GB0000055888"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASKER HEALTHCARE GROUP AB</name>
        <lei>636700RZEYK9TOWV8F05</lei>
        <title>Asker Healthcare Group A.B. </title>
        <cusip>W0767R108</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DEXCOM INC</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>Dexcom, Inc. </title>
        <cusip>252131107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VIRBAC SA</name>
        <lei>969500QQ1X5XHG649644</lei>
        <title>Virbac S.A.CA </title>
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          <isin value="FR0000031577"/>
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        <invCountry>FR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HILL &amp; SMITH PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>Hill &amp; Smith plc </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SWEDISH LOGISTIC PROPERTY AB</name>
        <lei>254900AWRHP1QNE6OQ19</lei>
        <title>Swedish Logistic Property A.B. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RAINBOW CHILDREN'S MEDICARE LTD</name>
        <lei>894500O094S259NC7H64</lei>
        <title>Rainbow Children's Medicare Ltd. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BEL FUSE INC</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>Bel Fuse, Inc. </title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ADITYA VISION LTD</name>
        <lei>335800SCGYWDDBIW5L36</lei>
        <title>Aditya Vision Ltd. </title>
        <cusip>Y0R1BF114</cusip>
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        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>JFROG LTD</name>
        <lei>2549002N8E00AY49G567</lei>
        <title>JFrog Ltd. </title>
        <cusip>M6191J100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VISIONAL INC</name>
        <lei>N/A</lei>
        <title>Visional, Inc. </title>
        <cusip>J94590106</cusip>
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        <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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        <title>Idun Industrier A.B. </title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>VARUN BEVERAGES LTD</name>
        <lei>33580058NWEMWBDNMD48</lei>
        <title>Varun Beverages Ltd. </title>
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          <isin value="INE200M01039"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>HALMA PLC</name>
        <lei>2138007FRGLUR9KGBT40</lei>
        <title>Halma plc </title>
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          <isin value="GB0004052071"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNS TECH CO LTD</name>
        <lei>N/A</lei>
        <title>FNS Tech Company Ltd. </title>
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          <isin value="KR7083500009"/>
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        <balance>48406.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1443.05000000"/>
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        <pctVal>0.464418061228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <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>
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          <isin value="JP3383300005"/>
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        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.17300000"/>
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        <pctVal>0.283502054060</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>BADGER METER INC</name>
        <lei>5493002JENE20OGTUG20</lei>
        <title>Badger Meter, Inc. </title>
        <cusip>056525108</cusip>
        <identifiers>
          <isin value="US0565251081"/>
        </identifiers>
        <balance>2719.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>365297.65000000</valUSD>
        <pctVal>0.451564857943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-29</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>
