<SEC-DOCUMENT>0001752724-21-247984.txt : 20211122
<SEC-HEADER>0001752724-21-247984.hdr.sgml : 20211122
<ACCEPTANCE-DATETIME>20211122092636
ACCESSION NUMBER:		0001752724-21-247984
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211122
PERIOD START:           	20211231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE GLOBAL VALUE TRUST, INC.
		CENTRAL INDEX KEY:			0001514490
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22532
		FILM NUMBER:		211430463

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		212-508-4500

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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      <regFileNumber>811-22532</regFileNumber>
      <regCik>0001514490</regCik>
      <regLei>254900MA25TE88EMIP63</regLei>
      <regStreet1>745 FIFTH AVENUE</regStreet1>
      <regCity>NEW YORK</regCity>
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      <regZipOrPostalCode>10151</regZipOrPostalCode>
      <regPhone>212-508-4500</regPhone>
      <seriesName>ROYCE GLOBAL VALUE TRUST, INC.</seriesName>
      <seriesLei>254900MA25TE88EMIP63</seriesLei>
      <repPdEnd>2021-12-31</repPdEnd>
      <repPdDate>2021-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totAssets>96561023.33</totAssets>
      <totLiabs>4221310.16</totLiabs>
      <netAssets>92339713.17</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
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        <monthlyTotReturns>
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      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>


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        <name>Mortgage Advice Bureau Holdings Ltd</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FERROGLOBE REP + WRNTY INS TRU</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TGS ASA</name>
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        <name>Nova Ltd</name>
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        <name>Rogers Corp</name>
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        <name>Cochlear Ltd</name>
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        <name>New Work SE</name>
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        <name>VZ Holding AG</name>
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        <name>Warsaw Stock Exchange</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KBR Inc</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR Inc</title>
        <cusip>48242W106</cusip>
        <identifiers>
          <isin value="US48242W1062"/>
        </identifiers>
        <balance>34800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1371120.00000000</valUSD>
        <pctVal>1.484864911238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>API Group Corp</name>
        <lei>213800NZT1VX6PZ7BT53</lei>
        <title>API Group Corp</title>
        <cusip>00187Y100</cusip>
        <identifiers>
          <isin value="US00187Y1001"/>
        </identifiers>
        <balance>63900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1300365.00000000</valUSD>
        <pctVal>1.408240241775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FDM Group Holdings PLC</name>
        <lei>213800YR62D7GUZLMZ71</lei>
        <title>FDM Group Holdings PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BLWDVP51"/>
        </identifiers>
        <balance>46800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>786724.23000000</valUSD>
        <pctVal>0.851989033745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franchise Group Inc</name>
        <lei>549300MWCHSL8BSOMV77</lei>
        <title>Franchise Group Inc</title>
        <cusip>35180X105</cusip>
        <identifiers>
          <isin value="US35180X1054"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>354100.00000000</valUSD>
        <pctVal>0.383475308557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YouGov PLC</name>
        <lei>213800MZGBGCJIPOBB41</lei>
        <title>YouGov PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1VQ6H25"/>
        </identifiers>
        <balance>18600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>317000.35000000</valUSD>
        <pctVal>0.343297958286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>As One Corp</name>
        <lei>N/A</lei>
        <title>As One Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3131300000"/>
        </identifiers>
        <balance>2800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>409541.14000000</valUSD>
        <pctVal>0.443515715980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Lease Corp</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <isin value="US00912X3026"/>
        </identifiers>
        <balance>20123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>791638.82000000</valUSD>
        <pctVal>0.857311326647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GCM Grosvenor Inc</name>
        <lei>N/A</lei>
        <title>GCM Grosvenor Inc</title>
        <cusip>36831E108</cusip>
        <identifiers>
          <isin value="US36831E1082"/>
        </identifiers>
        <balance>109626.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1262891.52000000</valUSD>
        <pctVal>1.367658049440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>James River Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>James River Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG5005R1079"/>
        </identifiers>
        <balance>45900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1731807.00000000</valUSD>
        <pctVal>1.875473661924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TechnoPro Holdings Inc</name>
        <lei>3538001DJ8I5PJQNHU53</lei>
        <title>TechnoPro Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3545240008"/>
        </identifiers>
        <balance>7200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>213887.81000000</valUSD>
        <pctVal>0.231631442915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transaction Capital Ltd</name>
        <lei>213800LKDMT3FP3FQU40</lei>
        <title>Transaction Capital Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000167391"/>
        </identifiers>
        <balance>344100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.05875000"/>
        <valUSD>941490.28000000</valUSD>
        <pctVal>1.019594113603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vontier Corp</name>
        <lei>N/A</lei>
        <title>Vontier Corp</title>
        <cusip>928881101</cusip>
        <identifiers>
          <isin value="US9288811014"/>
        </identifiers>
        <balance>41300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1387680.00000000</valUSD>
        <pctVal>1.502798690142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technology One Ltd</name>
        <lei>875500YEWBJIM91P9N12</lei>
        <title>Technology One Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000TNE8"/>
        </identifiers>
        <balance>40400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38322200"/>
        <valUSD>329392.91000000</valUSD>
        <pctVal>0.356718576105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Momentive Global Inc</name>
        <lei>549300PR9RG3VC9OH575</lei>
        <title>Momentive Global Inc</title>
        <cusip>60878Y108</cusip>
        <identifiers>
          <isin value="US60878Y1082"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1176000.00000000</valUSD>
        <pctVal>1.273558211985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kadant Inc</name>
        <lei>549300K06LNJYBMPYP15</lei>
        <title>Kadant Inc</title>
        <cusip>48282T104</cusip>
        <identifiers>
          <isin value="US48282T1043"/>
        </identifiers>
        <balance>3700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>755170.00000000</valUSD>
        <pctVal>0.817817138558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kennedy-Wilson Holdings Inc</name>
        <lei>549300MOI1T78144X610</lei>
        <title>Kennedy-Wilson Holdings Inc</title>
        <cusip>489398107</cusip>
        <identifiers>
          <isin value="US4893981070"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>627600.00000000</valUSD>
        <pctVal>0.679664229457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JSE Ltd</name>
        <lei>213800MZ1VUQEBWRFO39</lei>
        <title>JSE Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000079711"/>
        </identifiers>
        <balance>53000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.05875000"/>
        <valUSD>367975.24000000</valUSD>
        <pctVal>0.398501606045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TKC Corp</name>
        <lei>N/A</lei>
        <title>TKC Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3539400006"/>
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        <balance>25500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>801620.35000000</valUSD>
        <pctVal>0.868120901051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lindsay Corp</name>
        <lei>549300ZFO0QG5H8TPI61</lei>
        <title>Lindsay Corp</title>
        <cusip>535555106</cusip>
        <identifiers>
          <isin value="US5355551061"/>
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        <balance>3910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>593498.90000000</valUSD>
        <pctVal>0.642734181886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eckoh PLC</name>
        <lei>213800Z885E2BBU1CR76</lei>
        <title>Eckoh PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0033359141"/>
        </identifiers>
        <balance>103927.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>79133.77000000</valUSD>
        <pctVal>0.085698522643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
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        <balance>39000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>266342.97000000</valUSD>
        <pctVal>0.288438160414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AutoCanada Inc</name>
        <lei>549300BPCHUK5M1WZS45</lei>
        <title>AutoCanada Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA05277B2093"/>
        </identifiers>
        <balance>20400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>747162.48000000</valUSD>
        <pctVal>0.809145333410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WNS Holdings Ltd</name>
        <lei>529900RM7QHUD3W9DM42</lei>
        <title>WNS Holdings Ltd</title>
        <cusip>92932M101</cusip>
        <identifiers>
          <isin value="US92932M1018"/>
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        <balance>10500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>858900.00000000</valUSD>
        <pctVal>0.930152336967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEM Holding SA</name>
        <lei>5067008AF2B2C5O7TJ43</lei>
        <title>LEM Holding SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0022427626"/>
        </identifiers>
        <balance>150.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.93195000"/>
        <valUSD>345716.66000000</valUSD>
        <pctVal>0.374396506261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kardex Holding AG</name>
        <lei>529900JKKMQ07D6QZ480</lei>
        <title>Kardex Holding AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0100837282"/>
        </identifiers>
        <balance>2400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.93195000"/>
        <valUSD>675629.64000000</valUSD>
        <pctVal>0.731678296158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genuit Group PLC</name>
        <lei>2138005IF1N2RKJ6KO18</lei>
        <title>Genuit Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BKRC5K31"/>
        </identifiers>
        <balance>68300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>637820.15000000</valUSD>
        <pctVal>0.690732219219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DiscoverIE Group PLC</name>
        <lei>213800BMDLQU1VEEAN68</lei>
        <title>DiscoverIE Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0000055888"/>
        </identifiers>
        <balance>60800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>855120.38000000</valUSD>
        <pctVal>0.926059168524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Keystone Law Group PLC</name>
        <lei>213800RTARHELL51S215</lei>
        <title>Keystone Law Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BZ020557"/>
        </identifiers>
        <balance>95940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1072816.21000000</valUSD>
        <pctVal>1.161814535881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IPH Ltd</name>
        <lei>529900KRTADQ17ANK140</lei>
        <title>IPH Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000IPH9"/>
        </identifiers>
        <balance>253881.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38322200"/>
        <valUSD>1670103.31000000</valUSD>
        <pctVal>1.808651177988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOK Financial Corp</name>
        <lei>GRI2NT5QHYW751NMR949</lei>
        <title>BOK Financial Corp</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <isin value="US05561Q2012"/>
        </identifiers>
        <balance>6350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>568642.50000000</valUSD>
        <pctVal>0.615815753026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMAX Corp</name>
        <lei>5493002KS2T1Q0X7VZ21</lei>
        <title>IMAX Corp</title>
        <cusip>45245E109</cusip>
        <identifiers>
          <isin value="CA45245E1097"/>
        </identifiers>
        <balance>42100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>799058.00000000</valUSD>
        <pctVal>0.865345984483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Benefit One Inc</name>
        <lei>N/A</lei>
        <title>Benefit One Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3835630009"/>
        </identifiers>
        <balance>13700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>646858.48000000</valUSD>
        <pctVal>0.700520347955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Assured Guaranty Ltd</name>
        <lei>549300BBOQUJEPH87M14</lei>
        <title>Assured Guaranty Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG0585R1060"/>
        </identifiers>
        <balance>10800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505548.00000000</valUSD>
        <pctVal>0.547487080742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stadio Holdings Ltd</name>
        <lei>3789007C8FB26515D966</lei>
        <title>Stadio Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000248662"/>
        </identifiers>
        <balance>3541372.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.05875000"/>
        <valUSD>745455.78000000</valUSD>
        <pctVal>0.807297049566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Karooooo Ltd</name>
        <lei>N/A</lei>
        <title>Karooooo Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SGXZ19450089"/>
        </identifiers>
        <balance>11409.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.05875000"/>
        <valUSD>336699.50000000</valUSD>
        <pctVal>0.364631303738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sansan Inc</name>
        <lei>N/A</lei>
        <title>Sansan Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3332540008"/>
        </identifiers>
        <balance>6700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>644849.54000000</valUSD>
        <pctVal>0.698344750987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Esker SA</name>
        <lei>969500VMAA9YBAGPU774</lei>
        <title>Esker SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000035818"/>
        </identifiers>
        <balance>1800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>550390.63000000</valUSD>
        <pctVal>0.596049750540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Restore PLC</name>
        <lei>213800CE3EOGYML9AY08</lei>
        <title>Restore PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B5NR1S72"/>
        </identifiers>
        <balance>180700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1193672.30000000</valUSD>
        <pctVal>1.292696564697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESCO Technologies Inc</name>
        <lei>5493007JJLP5MEWVDH10</lei>
        <title>ESCO Technologies Inc</title>
        <cusip>296315104</cusip>
        <identifiers>
          <isin value="US2963151046"/>
        </identifiers>
        <balance>5500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>423500.00000000</valUSD>
        <pctVal>0.458632570387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diodes Inc</name>
        <lei>549300XP2X1ARVH3BX23</lei>
        <title>Diodes Inc</title>
        <cusip>254543101</cusip>
        <identifiers>
          <isin value="US2545431015"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>634130.00000000</valUSD>
        <pctVal>0.686735942998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dish TV India Ltd</name>
        <lei>2138007Q88BMK1Q3FJ33</lei>
        <title>Dish TV India Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE836F01026"/>
        </identifiers>
        <balance>2577000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.22750000"/>
        <valUSD>718851.19000000</valUSD>
        <pctVal>0.778485404948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chr Hansen Holding A/S</name>
        <lei>549300MKPW8ZF3E8MW37</lei>
        <title>Chr Hansen Holding A/S</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DK0060227585"/>
        </identifiers>
        <balance>1800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.42000000"/>
        <valUSD>146994.07000000</valUSD>
        <pctVal>0.159188354559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fukui Computer Holdings Inc</name>
        <lei>N/A</lei>
        <title>Fukui Computer Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3803800006"/>
        </identifiers>
        <balance>10800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>419194.44000000</valUSD>
        <pctVal>0.453969831190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOMRA Systems ASA</name>
        <lei>549300J726JCFJU3VT89</lei>
        <title>Tomra Systems ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0005668905"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.74175000"/>
        <valUSD>313245.65000000</valUSD>
        <pctVal>0.339231777148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIA Engineering Ltd</name>
        <lei>3358009DFG4JFX1O8H85</lei>
        <title>AIA Engineering Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="INE212H01026"/>
        </identifiers>
        <balance>35100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="74.22750000"/>
        <valUSD>921949.62000000</valUSD>
        <pctVal>0.998432406111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Karnov Group AB</name>
        <lei>549300P7312749LJS754</lei>
        <title>Karnov Group AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0012323715"/>
        </identifiers>
        <balance>161481.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.75440000"/>
        <valUSD>984280.91000000</valUSD>
        <pctVal>1.065934554277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NSD Co Ltd</name>
        <lei>N/A</lei>
        <title>NSD Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3712600000"/>
        </identifiers>
        <balance>12200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29500000"/>
        <valUSD>222918.47000000</valUSD>
        <pctVal>0.241411265367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carl Zeiss Meditec AG</name>
        <lei>529900GRL4MZ8NMOOK95</lei>
        <title>Carl Zeiss Meditec AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0005313704"/>
        </identifiers>
        <balance>3400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>653573.95000000</valUSD>
        <pctVal>0.707792917654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Innospec Inc</name>
        <lei>213800SQBACNY5IWJO68</lei>
        <title>Innospec Inc</title>
        <cusip>45768S105</cusip>
        <identifiers>
          <isin value="US45768S1050"/>
        </identifiers>
        <balance>6228.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>524522.16000000</valUSD>
        <pctVal>0.568035292717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fisher &amp; Paykel Healthcare Corp Ltd</name>
        <lei>N/A</lei>
        <title>Fisher &amp; Paykel Healthcare Corp Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZFAPE0001S2"/>
        </identifiers>
        <balance>17000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.44854100"/>
        <valUSD>373797.98000000</valUSD>
        <pctVal>0.404807386949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMCD NV</name>
        <lei>724500NSJPNFJPDAUP02</lei>
        <title>IMCD NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0010801007"/>
        </identifiers>
        <balance>5500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>1044221.31000000</valUSD>
        <pctVal>1.130847469796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Major Drilling Group International Inc</name>
        <lei>549300O1MNHCX2FUBC21</lei>
        <title>Major Drilling Group International Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA5609091031"/>
        </identifiers>
        <balance>168000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>1120795.83000000</valUSD>
        <pctVal>1.213774433040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lindblad Expeditions Holdings Inc</name>
        <lei>549300GSPW24GZE6R597</lei>
        <title>Lindblad Expeditions Holdings Inc</title>
        <cusip>535219109</cusip>
        <identifiers>
          <isin value="US5352191093"/>
        </identifiers>
        <balance>21500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313685.00000000</valUSD>
        <pctVal>0.339707574597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cognex Corp</name>
        <lei>549300JQTYZCLC43S226</lei>
        <title>Cognex Corp</title>
        <cusip>192422103</cusip>
        <identifiers>
          <isin value="US1924221039"/>
        </identifiers>
        <balance>4837.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388024.14000000</valUSD>
        <pctVal>0.420213715940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FormFactor Inc</name>
        <lei>549300YCEEO6SZD1ZR61</lei>
        <title>FormFactor Inc</title>
        <cusip>346375108</cusip>
        <identifiers>
          <isin value="US3463751087"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>373300.00000000</valUSD>
        <pctVal>0.404268095692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sarantis SA</name>
        <lei>21380078FJXYHFE8KP46</lei>
        <title>Sarantis SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GRS204003008"/>
        </identifiers>
        <balance>64500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>664649.37000000</valUSD>
        <pctVal>0.719787128617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RWS Holdings PLC</name>
        <lei>213800YGBGTTSKUVK111</lei>
        <title>RWS Holdings PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BVFCZV34"/>
        </identifiers>
        <balance>45100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>380083.24000000</valUSD>
        <pctVal>0.411614057431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Helios Technologies Inc</name>
        <lei>5493000BCJSMIDRNTI78</lei>
        <title>Helios Technologies Inc</title>
        <cusip>42328H109</cusip>
        <identifiers>
          <isin value="US42328H1095"/>
        </identifiers>
        <balance>7506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>616317.66000000</valUSD>
        <pctVal>0.667445932894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transcat Inc</name>
        <lei>54930081E40TSSHUOS40</lei>
        <title>Transcat Inc</title>
        <cusip>893529107</cusip>
        <identifiers>
          <isin value="US8935291075"/>
        </identifiers>
        <balance>24577.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1584724.96000000</valUSD>
        <pctVal>1.716190039579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OEM International AB</name>
        <lei>549300Z7DLN54J8M4J79</lei>
        <title>OEM International AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0015810577"/>
        </identifiers>
        <balance>59425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.75440000"/>
        <valUSD>1094952.76000000</valUSD>
        <pctVal>1.185787482341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diploma PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>Diploma PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
        </identifiers>
        <balance>8200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>308324.78000000</valUSD>
        <pctVal>0.333902683271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PSG Group Ltd</name>
        <lei>378900CD0BEE79F35A34</lei>
        <title>PSG Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ZAE000013017"/>
        </identifiers>
        <balance>114900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.05875000"/>
        <valUSD>565983.65000000</valUSD>
        <pctVal>0.612936331043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STRATEC SE</name>
        <lei>529900ZZJWANAFSPGV30</lei>
        <title>STRATEC SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000STRA555"/>
        </identifiers>
        <balance>3300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>466885.51000000</valUSD>
        <pctVal>0.505617240916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NZX Ltd</name>
        <lei>N/A</lei>
        <title>NZX Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZNZXE0001S7"/>
        </identifiers>
        <balance>330300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.44854100"/>
        <valUSD>386180.34000000</valUSD>
        <pctVal>0.418216958600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LifeWorks Inc</name>
        <lei>N/A</lei>
        <title>LifeWorks Inc</title>
        <cusip>53227W105</cusip>
        <identifiers>
          <isin value="CA53227W1059"/>
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        <balance>36500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>929934.47000000</valUSD>
        <pctVal>1.007079660609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Learning Technologies Group PLC</name>
        <lei>21380039DW5LJ4FIC214</lei>
        <title>Learning Technologies Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B4T7HX10"/>
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        <balance>342800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>992527.41000000</valUSD>
        <pctVal>1.074865164647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gruppo MutuiOnline SpA</name>
        <lei>8156004E40D6A02C5046</lei>
        <title>Gruppo MutuiOnline SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0004195308"/>
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        <balance>2900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>143087.29000000</valUSD>
        <pctVal>0.154957477219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Midas Holdings Ltd</name>
        <lei>529900WQVJ0ZE1ILB637</lei>
        <title>Midas Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SG1P73919000"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.35780000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CompuGroup Medical SE &amp; Co KgaA</name>
        <lei>529900CUXZGOCJZR7O57</lei>
        <title>CompuGroup Medical SE &amp; Co KgaA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A288904"/>
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        <balance>3300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>271738.25000000</valUSD>
        <pctVal>0.294281020236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bolsa Mexicana de Valores SAB de CV</name>
        <lei>894500CS2D6RLGW61A19</lei>
        <title>Bolsa Mexicana de Valores SAB de CV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MX01BM1B0000"/>
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        <balance>120600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.64150000"/>
        <valUSD>231016.35000000</valUSD>
        <pctVal>0.250180926569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SThree PLC</name>
        <lei>2138003NEBX5VRP3EX50</lei>
        <title>SThree PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B0KM9T71"/>
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        <balance>146600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1143940.84000000</valUSD>
        <pctVal>1.238839498985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Descartes Systems Group Inc/The</name>
        <lei>875500NEPA7JI5EOMN45</lei>
        <title>Descartes Systems Group Inc/The</title>
        <cusip>249906108</cusip>
        <identifiers>
          <isin value="CA2499061083"/>
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        <balance>23300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1893358.00000000</valUSD>
        <pctVal>2.050426555380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIRCOR International Inc</name>
        <lei>5493007701O01N3FQM69</lei>
        <title>CIRCOR International Inc</title>
        <cusip>17273K109</cusip>
        <identifiers>
          <isin value="US17273K1097"/>
        </identifiers>
        <balance>28300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>934183.00000000</valUSD>
        <pctVal>1.011680638730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stella-Jones Inc</name>
        <lei>5493007LOVNNLYJ6KZ35</lei>
        <title>Stella-Jones Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA85853F1053"/>
        </identifiers>
        <balance>28100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>946206.38000000</valUSD>
        <pctVal>1.024701450239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Quaker Chemical Corp</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>Quaker Chemical Corp</title>
        <cusip>747316107</cusip>
        <identifiers>
          <isin value="US7473161070"/>
        </identifiers>
        <balance>2710.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>644221.20000000</valUSD>
        <pctVal>0.697664285369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Upland Software Inc</name>
        <lei>549300NS277POYJ63W89</lei>
        <title>Upland Software Inc</title>
        <cusip>91544A109</cusip>
        <identifiers>
          <isin value="US91544A1097"/>
        </identifiers>
        <balance>24900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>832656.00000000</valUSD>
        <pctVal>0.901731196053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Interparfums SA</name>
        <lei>969500SARWF33OPQED48</lei>
        <title>Interparfums SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0004024222"/>
        </identifiers>
        <balance>3102.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>194310.03000000</valUSD>
        <pctVal>0.210429536035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bravida Holding AB</name>
        <lei>549300H88IJGPNNL3T61</lei>
        <title>Bravida Holding AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0007491303"/>
        </identifiers>
        <balance>68900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.75440000"/>
        <valUSD>925445.06000000</valUSD>
        <pctVal>1.002217819646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Onex Corp</name>
        <lei>894500LB8PNE5C7CEN88</lei>
        <title>Onex Corp</title>
        <cusip>68272K103</cusip>
        <identifiers>
          <isin value="CA68272K1030"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>424159.17000000</valUSD>
        <pctVal>0.459346423590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FARO Technologies Inc</name>
        <lei>529900MFEFNOFP3YR823</lei>
        <title>FARO Technologies Inc</title>
        <cusip>311642102</cusip>
        <identifiers>
          <isin value="US3116421021"/>
        </identifiers>
        <balance>7250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>477122.50000000</valUSD>
        <pctVal>0.516703467685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dometic Group AB</name>
        <lei>549300STIPMK5VSA7Y59</lei>
        <title>Dometic Group AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0007691613"/>
        </identifiers>
        <balance>15500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.75440000"/>
        <valUSD>233009.21000000</valUSD>
        <pctVal>0.252339109577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pushpay Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Pushpay Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZPPHE0001S6"/>
        </identifiers>
        <balance>583000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NZD" exchangeRt="1.44854100"/>
        <valUSD>740166.48000000</valUSD>
        <pctVal>0.801568961598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haemonetics Corp</name>
        <lei>549300ZEL6TXZS6F5F95</lei>
        <title>Haemonetics Corp</title>
        <cusip>405024100</cusip>
        <identifiers>
          <isin value="US4050241003"/>
        </identifiers>
        <balance>16900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1192971.00000000</valUSD>
        <pctVal>1.291937086488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>22300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>518921.00000000</valUSD>
        <pctVal>0.561969473572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOTVS SA</name>
        <lei>N/A</lei>
        <title>TOTVS SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRTOTSACNOR8"/>
        </identifiers>
        <balance>97885.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.44575000"/>
        <valUSD>648881.88000000</valUSD>
        <pctVal>0.702711604491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altus Group Ltd/Canada</name>
        <lei>54930041VO1EIY4IV355</lei>
        <title>Altus Group Ltd/Canada</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA02215R1073"/>
        </identifiers>
        <balance>11200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>546470.87000000</valUSD>
        <pctVal>0.591804816410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Times Co/The</name>
        <lei>529900J1WEMMIW7BOH57</lei>
        <title>New York Times Co/The</title>
        <cusip>650111107</cusip>
        <identifiers>
          <isin value="US6501111073"/>
        </identifiers>
        <balance>12100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>596167.00000000</valUSD>
        <pctVal>0.645623621228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ashmore Group PLC</name>
        <lei>549300U3L59WB4YI2X12</lei>
        <title>Ashmore Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B132NW22"/>
        </identifiers>
        <balance>101000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>459114.04000000</valUSD>
        <pctVal>0.497201067924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamos Gold Inc</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
        </identifiers>
        <balance>132200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>950846.36000000</valUSD>
        <pctVal>1.029726352137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TravelSky Technology Ltd</name>
        <lei>5299007TAWP4DZ6QFG73</lei>
        <title>TravelSky Technology Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE1000004J3"/>
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        <balance>402000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78465000"/>
        <valUSD>774816.64000000</valUSD>
        <pctVal>0.839093617903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Odontoprev SA</name>
        <lei>N/A</lei>
        <title>Odontoprev SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRODPVACNOR4"/>
        </identifiers>
        <balance>312000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.44575000"/>
        <valUSD>943032.64000000</valUSD>
        <pctVal>1.021264424185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Countryside Properties PLC</name>
        <lei>213800J3U1EMU8XMB493</lei>
        <title>Countryside Properties PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYPHNG03"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>676880.36000000</valUSD>
        <pctVal>0.733032772967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FirstService Corp</name>
        <lei>5493000XUDIV75BCF118</lei>
        <title>FirstService Corp</title>
        <cusip>33767E202</cusip>
        <identifiers>
          <isin value="CA33767E2024"/>
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        <balance>1400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252672.00000000</valUSD>
        <pctVal>0.273633078689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marlowe PLC</name>
        <lei>213800ZWSR4SBOM6B608</lei>
        <title>Marlowe PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BD8SLV43"/>
        </identifiers>
        <balance>132500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>1497348.37000000</valUSD>
        <pctVal>1.621564891850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Biotage AB</name>
        <lei>529900SR87NBUKX74L58</lei>
        <title>Biotage AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0000454746"/>
        </identifiers>
        <balance>42100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.75440000"/>
        <valUSD>1150333.02000000</valUSD>
        <pctVal>1.245761959301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morningstar Inc</name>
        <lei>529900YGNQPOVAXQ7F29</lei>
        <title>Morningstar Inc</title>
        <cusip>617700109</cusip>
        <identifiers>
          <isin value="US6177001095"/>
        </identifiers>
        <balance>5640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1460929.20000000</valUSD>
        <pctVal>1.582124472609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ProAssurance Corp</name>
        <lei>54930015E5J57R675E89</lei>
        <title>ProAssurance Corp</title>
        <cusip>74267C106</cusip>
        <identifiers>
          <isin value="US74267C1062"/>
        </identifiers>
        <balance>83900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1995142.00000000</valUSD>
        <pctVal>2.160654318177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ossur HF</name>
        <lei>213800K2AVTAFWJ4DP64</lei>
        <title>Ossur HF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IS0000000040"/>
        </identifiers>
        <balance>101500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.42000000"/>
        <valUSD>709771.05000000</valUSD>
        <pctVal>0.768651997752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CDON AB</name>
        <lei>5493006F7ZGT71653W96</lei>
        <title>CDON AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0015191911"/>
        </identifiers>
        <balance>7300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.75440000"/>
        <valUSD>299700.54000000</valUSD>
        <pctVal>0.324562996473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MaxCyte Inc</name>
        <lei>54930053YHXULRFCU991</lei>
        <title>MaxCyte Inc</title>
        <cusip>57777K106</cusip>
        <identifiers>
          <isin value="US57777K1060"/>
        </identifiers>
        <balance>56000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>683760.00000000</valUSD>
        <pctVal>0.740483131825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>a2 Milk Co Ltd/The</name>
        <lei>529900PVC9CV0KFA2U62</lei>
        <title>a2 Milk Co Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NZATME0002S8"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38322200"/>
        <valUSD>271792.42000000</valUSD>
        <pctVal>0.294339684052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carel Industries SpA</name>
        <lei>815600115DA6E507AE33</lei>
        <title>Carel Industries SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005331019"/>
        </identifiers>
        <balance>35800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86329700"/>
        <valUSD>968021.64000000</valUSD>
        <pctVal>1.048326453232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fixed Income Clearing Corp</name>
        <lei>549300H47WTHXPU08X20</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="85748R009"/>
        </identifiers>
        <balance>4062423.89000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4062423.89000000</valUSD>
        <pctVal>4.399433083056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Fixed Income Clearing Corp" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.00000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>4165200.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4143724.20000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CentralNic Group PLC</name>
        <lei>213800M4IINBWMXEKV82</lei>
        <title>CentralNic Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BCCW4X83"/>
        </identifiers>
        <balance>136073.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>212165.30000000</valUSD>
        <pctVal>0.229766037511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of NT Butterfield &amp; Son Ltd/The</name>
        <lei>549300V8RVM0EMTDPF28</lei>
        <title>Bank of NT Butterfield &amp; Son Ltd/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG0772R2087"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>532650.00000000</valUSD>
        <pctVal>0.576837399331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sprott Inc</name>
        <lei>254900QHJAD5TP2JNM15</lei>
        <title>Sprott Inc</title>
        <cusip>852066208</cusip>
        <identifiers>
          <isin value="CA8520662088"/>
        </identifiers>
        <balance>34360.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26660000"/>
        <valUSD>1263339.02000000</valUSD>
        <pctVal>1.368142672995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intertek Group PLC</name>
        <lei>2138003GAT25WW1RN369</lei>
        <title>Intertek Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0031638363"/>
        </identifiers>
        <balance>9300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>620866.86000000</valUSD>
        <pctVal>0.672372523896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Element Solutions Inc</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>Element Solutions Inc</title>
        <cusip>28618M106</cusip>
        <identifiers>
          <isin value="US28618M1062"/>
        </identifiers>
        <balance>41600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>901888.00000000</valUSD>
        <pctVal>0.976706520995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAR Technology Corp</name>
        <lei>549300HYPTHBJQINVG57</lei>
        <title>PAR Technology Corp</title>
        <cusip>698884103</cusip>
        <identifiers>
          <isin value="US6988841036"/>
        </identifiers>
        <balance>22241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1368043.91000000</valUSD>
        <pctVal>1.481533636000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Forrester Research Inc</name>
        <lei>549300UUSFXYLJ80Z897</lei>
        <title>Forrester Research Inc</title>
        <cusip>346563109</cusip>
        <identifiers>
          <isin value="US3465631097"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>492600.00000000</valUSD>
        <pctVal>0.533464944918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Halma PLC</name>
        <lei>2138007FRGLUR9KGBT40</lei>
        <title>Halma PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004052071"/>
        </identifiers>
        <balance>18700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74217000"/>
        <valUSD>713325.72000000</valUSD>
        <pctVal>0.772501554869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEI Investments Co</name>
        <lei>5LJTIFADGZ6XH1RVOC11</lei>
        <title>SEI Investments Co</title>
        <cusip>784117103</cusip>
        <identifiers>
          <isin value="US7841171033"/>
        </identifiers>
        <balance>26750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1586275.00000000</valUSD>
        <pctVal>1.717868667276</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>
    <explntrNotes>
      <explntrNote note="Security Litigation and gains or losses on FX Currency and Gains from Advisor are currently excluded from the gain or loss calculations when applicable." noteItem="B.5.d"/>
      <explntrNote note="Unrealized gain or loss on foreign income receivables and payables are not included when applicable" noteItem="B.5.d"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-10-26</ncom:dateSigned>
      <ncom:nameOfApplicant>ROYCE GLOBAL VALUE TRUST, INC.</ncom:nameOfApplicant>
      <ncom:signature>John Schwartz</ncom:signature>
      <ncom:signerName>John Schwartz</ncom:signerName>
      <ncom:title>Associate General Counsel</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>NPORT_6653_45001873_0921.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">SCHEDULE OF INVESTMENTS<BR>
ROYCE GLOBAL VALUE TRUST<BR>
SEPTEMBER 30, 2021 (UNAUDITED)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>SHARES</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>VALUE</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>COMMON STOCKS </B>&ndash; <B>99.9%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Australia </B>&ndash; <B>3.1%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Cochlear <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">631,769</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">IPH <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">253,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,670,103</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Steadfast Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">53,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">186,633</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Technology One <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,400</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">329,393</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">2,817,898</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Bermuda </B>&ndash; <B>3.0%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Assured Guaranty <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">505,548</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Bank of N.T. Butterfield &amp; Son</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">532,650</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">James River Group Holdings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">45,900</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,731,807</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">2,770,005</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Brazil </B>&ndash; <B>1.7%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">OdontoPrev</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">312,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">943,033</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">TOTVS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">97,885</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">648,882</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,591,915</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Canada </B>&ndash; <B>11.6%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Alamos Gold Cl. A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">132,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">950,846</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Altus Group</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">546,471</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">AutoCanada <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">747,163</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Centerra Gold</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">39,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">266,343</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Descartes Systems Group (The) <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A><SUP>,</SUP><A HREF="#a004_v1"><SUP>4</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">23,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,893,358</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">FirstService</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">252,672</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">IMAX Corporation <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">799,058</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">LifeWorks</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">36,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">929,935</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Major Drilling Group International <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">168,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,120,796</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Onex Corporation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">424,159</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Pan American Silver <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">518,921</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Sprott</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">34,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,263,339</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Stella-Jones</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,100</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">946,206</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">10,659,267</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>China </B>&ndash; <B>0.8%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">TravelSky Technology <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">402,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">774,817</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">774,817</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Denmark </B>&ndash; <B>0.2%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Chr. Hansen Holding <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,800</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,994</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">146,994</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>France </B>&ndash; <B>0.8%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Esker <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">550,391</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Interparfums <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,102</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">194,310</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">744,701</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Germany </B>&ndash; <B>2.5%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Carl Zeiss Meditec <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">653,574</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">CompuGroup Medical <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">271,738</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">New Work <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">883,496</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; width: 70%">STRATEC <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">3,300</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 12%">466,885</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">2,275,693</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Greece </B>&ndash; <B>0.7%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Sarantis <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">64,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">664,649</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">664,649</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Iceland </B>&ndash; <B>0.8%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Ossur <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">101,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">709,771</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">709,771</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>India </B>&ndash; <B>2.7%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">AIA Engineering <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">921,950</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Dish TV India <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,577,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">718,851</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">WNS Holdings ADR <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">858,900</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">2,499,701</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Israel </B>&ndash; <B>1.6%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Nova <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">583,053</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Tel Aviv Stock Exchange <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">164,600</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">871,441</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,454,494</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Italy </B>&ndash; <B>1.2%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Carel Industries <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">968,022</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Gruppo MutuiOnline <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,900</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">143,087</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,111,109</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Japan </B>&ndash; <B>3.6%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">As One <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">409,541</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Benefit One <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">646,859</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Fukui Computer Holdings <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">419,194</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">NSD <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">222,918</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Sansan <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">644,850</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">TechnoPro Holdings <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">213,888</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">TKC Corporation <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">25,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">801,620</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">3,358,870</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Mexico </B>&ndash; <B>0.4%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Becle</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">136,002</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Bolsa Mexicana de Valores</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">120,600</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">231,016</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">367,018</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Netherlands </B>&ndash; <B>1.1%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">IMCD <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,044,221</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,044,221</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>New Zealand </B>&ndash; <B>1.9%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">a2 Milk <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">271,792</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Fisher &amp; Paykel Healthcare <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">373,798</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">NZX <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">330,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">386,180</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Pushpay Holdings <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">583,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">740,167</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,771,937</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Norway </B>&ndash; <B>1.6%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Protector Forsikring <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">70,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">702,874</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">TGS <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">45,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">482,762</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Tomra Systems <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">313,246</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,498,882</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Poland </B>&ndash; <B>0.3%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Warsaw Stock Exchange <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">29,100</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">303,647</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">303,647</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Singapore </B>&ndash; <B>1.6%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Karooooo <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">336,699</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Midas Holdings <A HREF="#a003_v1"><SUP>3</SUP></A><SUP>,</SUP><A HREF="#a005_v1"><SUP>5</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">XP Power <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16,300</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,130,464</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,467,163</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>South Africa </B>&ndash; <B>2.8%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">JSE <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">53,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">367,975</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">PSG Group <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">114,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">565,984</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Stadio Holdings <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,541,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">745,456</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Transaction Capital <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">344,100</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">941,490</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">2,620,905</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Sweden </B>&ndash; <B>5.1%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Biotage <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,150,333</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Bravida Holding <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">68,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">925,445</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">CDON <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">299,700</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Dometic Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">233,009</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Karnov Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">161,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">984,281</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">OEM International Cl. B <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">59,425</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,094,953</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">4,687,721</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Switzerland </B>&ndash; <B>1.4%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Kardex Holding <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">675,630</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">LEM Holding <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">345,717</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">VZ Holding <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,900</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">287,482</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">1,308,829</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>United Kingdom </B>&ndash; <B>13.5%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Ashmore Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">101,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">459,114</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">CentralNic Group <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">136,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">212,165</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Countryside Properties <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">676,880</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Diploma <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">308,325</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">DiscoverIE Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">60,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">855,121</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Eckoh <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">103,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">79,134</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">FDM Group Holdings <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">46,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">786,724</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Ferroglobe (Warranty Insurance Trust) <A HREF="#a003_v1"><SUP>3</SUP></A><SUP>,</SUP><A HREF="#a005_v1"><SUP>5</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">41,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Genuit Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">68,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">637,820</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Halma <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">713,326</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Intertek Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">620,867</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Keystone Law Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">95,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,072,816</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Learning Technologies Group <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">342,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">992,528</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Marlowe <A HREF="#a001_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">132,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,497,348</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Mortgage Advice Bureau Holdings <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">36,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">554,485</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Restore <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">180,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,193,672</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">RWS Holdings <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">45,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">380,083</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">SThree <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">146,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,143,941</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">YouGov <A HREF="#a001_v1"><SUP>1</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18,600</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">317,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">12,501,349</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>United States </B>&ndash; <B>35.9%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Air Lease Cl. A <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">791,639</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">APi Group <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">63,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,300,365</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">BOK Financial <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">568,642</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">CIRCOR International <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">934,183</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">CMC Materials <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,127,554</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; width: 70%">Cognex Corporation <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">4,837</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">388,024</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Colfax <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A><SUP>,</SUP><A HREF="#a004_v1"><SUP>4</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">982,260</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Diodes <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">634,130</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Element Solutions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">41,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">901,888</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">ESCO Technologies <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">423,500</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">FARO Technologies <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">477,122</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">FormFactor <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">373,300</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Forrester Research <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">492,600</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Franchise Group Cl. A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">354,100</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">GCM Grosvenor Cl. A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">109,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,262,892</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Haemonetics Corporation <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,192,971</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Helios Technologies <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">616,318</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Innospec <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">524,522</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Kadant <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">755,170</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">KBR <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">34,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,371,120</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Kennedy-Wilson Holdings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">627,600</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Lindblad Expeditions Holdings <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">313,685</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Lindsay Corporation <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">593,499</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">MaxCyte <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">56,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">683,760</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Mesa Laboratories <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a004_v1"><SUP>4</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,106,638</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Momentive Global <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,176,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Morningstar <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,460,929</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">National Instruments <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">761,847</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">New York Times Cl. A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">596,167</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">PAR Technology <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,368,044</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">ProAssurance Corporation <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">83,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,995,142</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Quaker Chemical <A HREF="#a002_v1"><SUP>2</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">644,221</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Rogers Corporation <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">932,400</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">SEI Investments <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a004_v1"><SUP>4</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">26,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,586,275</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Transcat <A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,584,725</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Upland Software <A HREF="#a002_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#a003_v1"><SUP>3</SUP></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">832,656</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Vontier Corporation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">41,300</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,387,680</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">33,123,568</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>TOTAL COMMON STOCKS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">(Cost $64,830,680)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">92,275,124</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>REPURCHASE AGREEMENT </B>&ndash; <B>4.4%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">Fixed Income Clearing Corporation, <BR>
0.00% dated 9/30/21, due 10/1/21, <BR>
maturity value $4,062,424 (collateralized <BR>
by obligations of various U.S. Government <BR>
Agencies, 1.25% due 9/30/28, valued at $4,143,724) (Cost $4,062,424)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right">4,062,424</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>TOTAL INVESTMENTS </B>&ndash; <B>104.3%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">(Cost $68,893,104)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">96,337,548</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><B>LIABILITIES LESS CASH <BR>
AND OTHER ASSETS</B> &ndash; <B>(4.3)%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,997,852</TD>
    <TD>)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>NET ASSETS </B>&ndash; <B>100.0%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt solid"><B>$</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><B>92,339,696</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.65pt; text-align: justify">ADR &ndash; American Depository
Receipt&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><SUP>1</SUP><A NAME="a001_v1"></A></TD><TD STYLE="text-align: justify">These securities are defined as Level 2 securities due to the application of fair value factors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><SUP>2</SUP><A NAME="a002_v1"></A></TD><TD STYLE="text-align: justify">All or a portion of these securities were pledged as collateral in connection with the Fund&rsquo;s
revolving credit agreement at September 30, 2021. Total market value of pledged securities at September 30, 2021, was $10,539,737.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><SUP>3</SUP><A NAME="a003_v1"></A></TD><TD STYLE="text-align: justify">Non-income producing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><SUP>4</SUP><A NAME="a004_v1"></A></TD><TD STYLE="text-align: justify">At September 30, 2021, a portion of these securities were rehypothecated in connection with the
Fund&rsquo;s revolving credit agreement in the aggregate amount of $2,484,356.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><SUP>5</SUP><A NAME="a005_v1"></A></TD><TD STYLE="text-align: justify">Securities for which market quotations are not readily available represent 0.0% of net assets.
These securities have been valued at their fair value under procedures approved by the Fund&rsquo;s Board of Directors. These securities
are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Securities of Global/International Funds
are categorized by the country of their headquarters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>TAX INFORMATION: </B>The cost of total
investments for Federal income tax purposes was $68,923,634. At September 30, 2021, net unrealized appreciation for all securities
was $27,413,914, consisting of aggregate gross unrealized appreciation of $30,377,192 and aggregate gross unrealized depreciation
of $2,963,278. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on
securities sold.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Valuation of Investments: &nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Investment transactions are accounted for
on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m.
Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq&rsquo;s Electronic Bulletin
Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each
security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which
market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed
income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities,
using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily
at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily
available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund&rsquo;s
Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount
which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved
in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the
Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and
the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable,
the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant
non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary
correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities,
futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is
employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments
in money market funds are valued at net asset value per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Various inputs are used in determining
the value of the Fund&rsquo;s investments, as noted above. These inputs are summarized in the three broad levels below:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%"></TD><TD STYLE="vertical-align: top; white-space: nowrap; width: 8%; text-align: right">Level 1&nbsp;&ndash;&nbsp;</TD><TD STYLE="text-align: justify">quoted prices in active markets for identical
securities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.65pt; text-align: justify; text-indent: -0.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%"></TD><TD STYLE="vertical-align: top; white-space: nowrap; width: 8%; text-align: right">Level 2&nbsp;&ndash;&nbsp;</TD><TD STYLE="text-align: justify">other significant observable inputs (including
quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes
all Level 2 securities. Level 2 securities are foreign securities that were fair valued and are noted in the Schedule of Investments.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.65pt; text-align: justify; text-indent: -0.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%"></TD><TD STYLE="white-space: nowrap; vertical-align: top; width: 8%; text-align: right">Level 3&nbsp;&ndash;&nbsp;</TD><TD STYLE="text-align: justify">significant unobservable inputs (including
last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information
regarding other securities, information received from the company and/or published documents, including SEC filings and financial
statements, or other publicly available information).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.65pt; text-align: justify; text-indent: -0.75in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with investing in those securities. <BR>
The following is a summary
of the inputs used to value the Fund&rsquo;s investments as of September 30, 2021. For a detailed breakout of common stocks by
country, please refer to the Schedule of Investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Level 1</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Level 2</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Level 3</B></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Common Stocks</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD STYLE="text-align: right">$49,953,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$42,321,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$92,275,124</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Repurchase Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,062,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,062,424</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Level 3 Reconciliation:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Balance as of </B><BR>
<B>12/31/20</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Purchases</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Sales</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Realized </B><BR>
<B>Gain (Loss)</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Unrealized </B><BR>
<B>Gain (Loss)</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Balance as of </B><BR>
<B>9/30/21</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%">Common Stocks</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center">$0</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center">$&ndash;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center">$&ndash;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">$&ndash;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">$&ndash;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">$0</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Repurchase Agreements: </B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund may enter into repurchase agreements
with institutions that the Fund&rsquo;s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements
to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity
of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the
repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or
insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying
securities. The remaining contractual maturity of the repurchase agreement held by the Fund at September 30, 2021 is overnight
and continuous.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Borrowings: </B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund is party to a revolving credit
agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee
of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement.
The credit agreement has a 179-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral
in an amount up to two times the loan balance outstanding, or as otherwise required by applicable regulatory standards, and has
granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding.
If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the
Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may
necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain
ratings downgrades of its corporate parent, which would result in the Fund&rsquo;s entire loan balance becoming immediately due
and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune
times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days&rsquo; prior written notice to the Fund in the
event the Fund&rsquo;s net asset value per share as of the close of business on the last business day of any calendar month declines
by thirty-five percent (35%) or more from the Fund&rsquo;s net asset value per share as of the close of business on the last business
day of the immediately preceding calendar month.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The credit agreement also permits, subject
to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding.
The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right
under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled
security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the
event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by
the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection
with the rehypothecation of portfolio securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The maximum amount the Fund could borrow
under the credit agreement during the year ended December 31, 2020 was $8,000,000. Such maximum borrowing amount was subsequently
reduced from $8,000,000 to $4,000,000 through an amendment to the credit agreement dated as of January 6, 2021. The Fund has the
right to further reduce the maximum amount it can borrow under the credit agreement upon one (1) business day&rsquo;s prior written
notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit
agreement, which amount may not exceed $15,000,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021, the Fund has outstanding
borrowings of $4,000,000. During the nine months ended September 30, 2021, the Fund borrowed an average daily balance of $4,073,260.
As of September 30, 2021, the aggregate value of rehypothecated securities was $2,484,356.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Other information regarding the Fund is
available in the Fund&rsquo;s most recent Report to Stockholders. This information is available through Royce Investment Partners
(www.royceinvest.com) and on the Securities and Exchange Commission&rsquo;s website (www.sec.gov).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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